<SEC-DOCUMENT>0001217160-16-000531.txt : 20160524
<SEC-HEADER>0001217160-16-000531.hdr.sgml : 20160524
<ACCEPTANCE-DATETIME>20160523201549
ACCESSION NUMBER:		0001217160-16-000531
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20160510
FILED AS OF DATE:		20160524
DATE AS OF CHANGE:		20160523

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:		161670575

	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>fortunaq12016fs6k.htm
<DESCRIPTION>FORTUNA 6-K FOR MAY 2016
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Fortuna Silver Mines Form 6-K</TITLE>
<META NAME="author" CONTENT="SGT">
<META NAME="date" CONTENT="05/23/2016">
</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; 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>May 2016</U></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>May 10, 2016</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 March 31, 2016</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>
<P style="margin:0px"><BR>
</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>fortunaq12016_fs.htm
<DESCRIPTION>INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2016
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Fortuna Interim Financial Statements</TITLE>
<META NAME="author" CONTENT="Grace Soo">
<META NAME="date" CONTENT="05/22/2016">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:12pt; margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:12.2px"><BR></P>
<P style="margin-top:0px; margin-bottom:12.2px"><img src="fortunaq12016_fs002.gif" alt="[fortunaq12016_fs002.gif]" align=top height=84 width=384></P>
<P style="margin-top:0px; margin-bottom:12.2px"><BR></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">March 31, 2016</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>May 9, 2016</B></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>
<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>
</TABLE>
<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 /><TD width=104 /><TD width=28.133 /><TD width=114.4 /><TD width=28.133 /><TD width=114.733 /></TR>
<TR><TD style="margin-top:0px" valign=top colspan=6><P style="margin:0px" align=center><B>FORTUNA SILVER MINES INC.</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top colspan=6><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 colspan=6><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 colspan=6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=285.4 colspan=4><P style="margin:0px" align=right><B>Three months ended March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104><P style="margin:0px" align=center><B>Notes</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114.4><P style="margin:0px" align=right><B>2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114.733><P style="margin:0px" align=right>2015</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px">Sales</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=104><P style="margin:0px" align=center><B>16</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.4><P style="margin:0px; padding-right:4.8px" align=right><B>42,692</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.733><P style="margin:0px; padding-right:4.8px" align=right>39,804</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px">Cost of sales</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104><P style="margin:0px" align=center><B>18</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114.4><P style="margin:0px; padding-right:4.8px" align=right><B>27,138</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114.733><P style="margin:0px; padding-right:4.8px" align=right>27,223</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px"><B>Mine operating earnings</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.4><P style="margin:0px; padding-right:4.8px" align=right><B>15,554</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.733><P style="margin:0px; padding-right:4.8px" align=right>12,581</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px"><B>Other expenses</B></P>
</TD><TD style="margin-top:0px" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding-left:16.8px">Selling, general and administrative expenses</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=104><P style="margin:0px" align=center><B>9 a), 9 b)</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.4><P style="margin:0px; padding-right:4.8px" align=right><B>9,732</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.733><P style="margin:0px; padding-right:4.8px" align=right>5,489</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:16.8px">Exploration and evaluation costs</P>
</TD><TD style="margin-top:0px" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114.4><P style="margin:0px; padding-right:4.8px" align=right><B>100</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114.733><P style="margin:0px; padding-right:4.8px" align=right>45</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding-left:16.8px">Foreign exchange gain</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.4><P style="margin:0px" align=right><B>(383)</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.733><P style="margin:0px" align=right>(914)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000" valign=top><P style="margin:0px"><B>Operating income</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=114.4><P style="margin:0px; padding-right:4.8px" align=right><B>6,105</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=114.733><P style="margin:0px; padding-right:4.8px" align=right>7,961</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px"><B>Finance items</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin-top:3.333px; margin-bottom:0px; padding-left:16.8px">Interest income</P>
</TD><TD style="margin-top:0px" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114.4><P style="margin-top:3.333px; margin-bottom:0px; padding-right:4.8px" align=right><B>78</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114.733><P style="margin-top:3.333px; margin-bottom:0px; padding-right:4.8px" align=right>97</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding-left:16.8px">Interest (expense) income</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.4><P style="margin:0px" align=right><B>(594)</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.733><P style="margin:0px; padding-right:4.8px" align=right>112</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000" valign=top><P style="margin:0px"><B>Net finance (expense) income</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=114.4><P style="margin:0px" align=right><B>(516)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=114.733><P style="margin:0px; padding-right:4.8px" align=right>209</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=114.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=114.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px"><B>Income before tax</B></P>
</TD><TD style="margin-top:0px" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114.4><P style="margin:0px; padding-right:4.8px" align=right><B>5,589</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114.733><P style="margin:0px; padding-right:4.8px" align=right>8,170</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px"><B>Income taxes</B></P>
</TD><TD style="margin-top:0px" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding-left:17.067px">Current income tax</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.4><P style="margin:0px; padding-right:4.8px" align=right><B>3,943</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.733><P style="margin:0px; padding-right:4.8px" align=right>3,600</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding-left:17.067px">Deferred income tax</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114.4><P style="margin:0px" align=right><B>(932)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114.733><P style="margin:0px; padding-right:4.8px" align=right>716</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=114.4><P style="margin:0px; padding-right:4.8px" align=right><B>3,011</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=114.733><P style="margin:0px; padding-right:4.8px" align=right>4,316</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px"><B>Net income for the period</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=28.133><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114.4><P style="margin:0px; padding-right:4.8px" align=right><B>2,578</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=28.133><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114.733><P style="margin:0px; padding-right:4.8px" align=right>3,854</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=104><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=114.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px"><B>Earnings per share - Basic </B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=104><P style="margin:0px; padding-left:20.933px"><B>13 f) i</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=28.133><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114.4><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=28.133><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114.733><P style="margin:0px; padding-right:4.8px" align=right>0.03</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:2px solid #000000" valign=top><P style="margin:0px"><B>Earnings per share - Diluted</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:2px solid #000000" valign=top width=104><P style="margin:0px; padding-left:20.933px"><B>13 f) ii</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:2px solid #000000" valign=top width=28.133><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:2px solid #000000" valign=top width=114.4><P style="margin:0px; padding-right:4.8px" align=right><B>0.02</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:2px solid #000000" valign=top width=28.133><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:2px solid #000000" valign=top width=114.733><P style="margin:0px; padding-right:4.8px" align=right>0.03</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px"><B>Weighted average number of shares outstanding - Basic</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=104><P style="margin:0px; padding-left:20.933px"><B>13 f) i</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114.4><P style="margin:0px; padding-right:4.8px" align=right><B>129,333,332</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114.733><P style="margin:0px; padding-right:4.8px" align=right>128,809,493</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:2px solid #000000" valign=top><P style="margin:0px"><B>Weighted average number of shares outstanding - Diluted</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:2px solid #000000" valign=top width=104><P style="margin:0px; padding-left:20.933px"><B>13 f) ii</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:2px solid #000000" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:2px solid #000000" valign=top width=114.4><P style="margin:0px; padding-right:4.8px" align=right><B>129,903,931</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:2px solid #000000" valign=top width=28.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:2px solid #000000" valign=top width=114.733><P style="margin:0px; padding-right:4.8px" align=right>129,956,554</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: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"><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 /><TD width=76.533 /><TD width=30.467 /><TD width=120.333 /><TD width=30.467 /><TD width=128 /></TR>
<TR><TD style="margin-top:0px" valign=bottom colspan=6><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=6><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=6><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=6><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; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=309.267 colspan=4><P style="margin:0px; font-size:11pt" align=right><B>Three months ended March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom><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=76.533><P style="margin:0px; font-size:11pt" align=center><B>Notes</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=30.467><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=120.333><P style="margin:0px; font-size:11pt" align=right><B>2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=30.467><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=128><P style="margin:0px; font-size:11pt" align=right>2015</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=bottom><P style="margin:0px; font-size:11pt"><B>Net income for the period</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=76.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=30.467><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=120.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2,578</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=30.467><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=128><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3,854</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-size:11pt"><B>Other comprehensive loss</B></P>
</TD><TD style="margin-top:0px" valign=top width=76.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=30.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=120.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=30.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=128><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom><P style="margin:0px; font-size:11pt"><B>Items that may be classified subsequently to net income</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=76.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=30.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=120.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=30.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=128><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-left:40.8px; font-size:11pt">Net change in fair value of hedging instruments, net of nil</P>
<P style="margin:0px; padding-left:40.8px; font-size:11pt">taxes</P>
</TD><TD style="margin-top:0px" valign=top width=76.533><P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:11pt" align=center><B>3</B></P>
</TD><TD style="margin-top:0px" valign=top width=30.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=120.333><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:0.933px; font-size:11pt" align=right><B>(579)</B></P>
</TD><TD style="margin-top:0px" valign=top width=30.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=128><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom><P style="margin:0px; padding-left:40.8px; font-size:11pt">Unrealized loss on translation of net investment, net of nil</P>
<P style="margin:0px; padding-left:40.8px; font-size:11pt">taxes</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=76.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=30.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=120.333><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=30.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=128><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right>(2,324)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom><P style="margin:0px; padding-left:40.8px; font-size:11pt">Unrealized gain on translation to presentation currency</P>
<P style="margin:0px; padding-left:40.8px; font-size:11pt">on foreign operations, net of nil taxes</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=76.533><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=30.467><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=120.333><P style="margin:0px" align=right><BR></P>
<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=30.467><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><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,430</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=bottom><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=76.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=30.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=120.333><P style="margin:0px; font-size:11pt" align=right><B>(579)</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=30.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=128><P style="margin:0px; font-size:11pt" align=right>(894)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom><P style="margin:0px; font-size:11pt"><B>Total comprehensive income for the period</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=76.533><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=30.467><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=120.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,999</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=30.467><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=128><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2,960</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: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=59.533 /><TD width=31.067 /><TD width=108.333 /><TD width=31.067 /><TD width=115.667 /></TR>
<TR><TD style="margin-top:0px" valign=top colspan=6><P style="margin:0px" align=center><B>FORTUNA SILVER MINES INC.</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top colspan=6><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=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=top colspan=6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=286.133 colspan=4><P style="margin:0px" align=right><B>Three months ended March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=59.533><P style="margin:0px" align=center><B>Notes</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108.333><P style="margin:0px" align=right><B>2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=115.667><P style="margin:0px" align=right>2015</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding-left:4.8px"><B>OPERATING ACTIVITIES</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=108.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=115.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:16.8px">Net income for the period</P>
</TD><TD style="margin-top:0px" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=108.333><P style="margin:0px; padding-right:4.8px" align=right><B>2,578</B></P>
</TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=115.667><P style="margin:0px; padding-right:4.8px" align=right>3,854</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding-left:16.8px">Items not involving cash</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=108.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=115.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:28.8px">Depletion, depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108.333><P style="margin:0px; padding-right:4.8px" align=right><B>6,259</B></P>
</TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=115.667><P style="margin:0px; padding-right:4.8px" align=right>6,410</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding-left:28.8px">Accretion of provisions</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=108.333><P style="margin:0px; padding-right:4.8px" align=right><B>145</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=115.667><P style="margin:0px; padding-right:0.933px" align=right>(208)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:28.8px">Income taxes</P>
</TD><TD style="margin-top:0px" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108.333><P style="margin:0px; padding-right:4.8px" align=right><B>3,011</B></P>
</TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=115.667><P style="margin:0px; padding-right:4.8px" align=right>4,316</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding-left:28.8px">Share-based payments</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=108.333><P style="margin:0px; padding-right:4.8px" align=right><B>4,023</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=115.667><P style="margin:0px; padding-right:4.8px" align=right>518</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:28.8px">Accrued interest on long term loans receivable and payable</P>
</TD><TD style="margin-top:0px" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108.333><P style="margin:0px" align=right><B>(7)</B></P>
</TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=115.667><P style="margin:0px; padding-right:0.933px" align=right>(3)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding-left:28.8px">Other</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=108.333><P style="margin:0px; padding-right:4.8px" align=right><B>2</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=115.667><P style="margin:0px; padding-right:4.8px" align=right>3</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108.333><P style="margin:0px; padding-right:4.8px" align=right><B>16,011</B></P>
</TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=115.667><P style="margin:0px; padding-right:4.8px" align=right>14,890</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding-left:16.8px">Changes in non-cash working capital items</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=108.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=115.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:28.8px">Accounts receivable and other assets</P>
</TD><TD style="margin-top:0px" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108.333><P style="margin:0px; padding-right:4.8px" align=right><B>(16,024)</B></P>
</TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=115.667><P style="margin:0px; padding-right:0.933px" align=right>(92)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding-left:28.8px">Prepaid expenses</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=108.333><P style="margin:0px; padding-right:4.8px" align=right><B>141</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=115.667><P style="margin:0px; padding-right:0.933px" align=right>(80)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:28.8px">Inventories</P>
</TD><TD style="margin-top:0px" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108.333><P style="margin:0px; padding-right:4.8px" align=right><B>712</B></P>
</TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=115.667><P style="margin:0px; padding-right:4.8px" align=right>789</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding-left:28.8px">Trade and other payables</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=108.333><P style="margin:0px; padding-right:4.8px" align=right><B>4,990</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=115.667><P style="margin:0px; padding-right:4.8px" align=right>2.638</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding-left:28.8px">Provisions</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108.333><P style="margin:0px" align=right><B>(82)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=115.667><P style="margin:0px; padding-right:0.933px" align=right>(1)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding-left:4.8px"><B>Cash provided by operating activities before interest and income taxes</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=108.333><P style="margin:0px; padding-right:4.8px" align=right><B>5,748</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=115.667><P style="margin:0px; padding-right:4.8px" align=right>18,144</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:28.8px">Income taxes paid</P>
</TD><TD style="margin-top:0px" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108.333><P style="margin:0px" align=right><B>(5,665)</B></P>
</TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=115.667><P style="margin:0px; padding-right:0.933px" align=right>(9,641)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding-left:28.8px">Interest expense paid</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=108.333><P style="margin:0px" align=right><B>(431)</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=115.667><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding-left:28.8px">Interest income received</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108.333><P style="margin:0px; padding-right:4.8px" align=right><B>15</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=115.667><P style="margin:0px; padding-right:4.8px" align=right>88</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding-left:4.8px"><B>Net cash (used in) provided by operating activities</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=108.333><P style="margin:0px" align=right><B>(333)</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=115.667><P style="margin:0px; padding-right:4.8px" align=right>8,591</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=115.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding-left:4.8px"><B>INVESTING ACTIVITIES</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=108.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=115.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:16.8px">Purchase of short term investments</P>
</TD><TD style="margin-top:0px" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108.333><P style="margin:0px" align=right><B>(3,810)</B></P>
</TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=115.667><P style="margin:0px; padding-right:0.933px" align=right>(18,969)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding-left:16.8px">Redemptions of short term investments</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=108.333><P style="margin:0px; padding-right:4.8px" align=right><B>8,241</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=115.667><P style="margin:0px; padding-right:4.8px" align=right>18,264</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:16.8px">Expenditures on mineral properties, plant and equipment</P>
</TD><TD style="margin-top:0px" valign=top width=59.533><P style="margin:0px" align=center><B>16</B></P>
</TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108.333><P style="margin:0px" align=right><B>(16,115)</B></P>
</TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=115.667><P style="margin:0px; padding-right:0.933px" align=right>(6,076)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding-left:16.8px">Deposits on long term assets, net</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=108.333><P style="margin:0px; padding-right:4.8px" align=right><B>2,260</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=115.667><P style="margin:0px; padding-right:0.933px" align=right>(2,329)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding-left:4.8px"><B>Net cash used in investing activities</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108.333><P style="margin:0px" align=right><B>(9,424)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=115.667><P style="margin:0px; padding-right:0.933px" align=right>(9,110)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=108.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=115.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:4.8px"><B>FINANCING ACTIVITIES</B></P>
</TD><TD style="margin-top:0px" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=115.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding-left:16.8px">Proceeds from bank loan</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=108.333><P style="margin:0px" align=right><B>(6)</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=115.667><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding-left:16.8px">Net proceeds on issuance of common shares</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108.333><P style="margin:0px; padding-right:4.8px" align=right><B>1,810</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=115.667><P style="margin:0px; padding-right:4.8px" align=right>1,002</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding-left:4.8px"><B>Net cash provided by financing activities</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=108.333><P style="margin:0px; padding-right:4.8px" align=right><B>1,804</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=115.667><P style="margin:0px; padding-right:4.8px" align=right>1,002</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=115.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding-left:4.8px">Effect of exchange rate changes on cash and cash equivalents</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=108.333><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=115.667><P style="margin:0px; padding-right:0.933px" align=right>(370)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=115.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding-left:4.8px"><B>(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=108.333><P style="margin:0px" align=right><B>(7,953)</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=115.667><P style="margin:0px; padding-right:4.8px" align=right>483</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=115.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; padding-left:4.8px">Cash and cash equivalents - beginning of period</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=108.333><P style="margin:0px; padding-right:4.8px" align=right><B>72,218</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=115.667><P style="margin:0px; padding-right:4.8px" align=right>42,867</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=115.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding-left:4.8px"><B>CASH AND CASH EQUIVALENTS - END OF PERIOD</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=59.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=108.333><P style="margin:0px; padding-right:4.8px" align=right><B>64,265</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=31.067><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=top width=115.667><P style="margin:0px; padding-right:4.8px" align=right>42,980</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=89.933 /><TD width=30.2 /><TD width=137 /><TD width=30.2 /><TD width=133.533 /></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>CONDENSED 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=89.933><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=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=137><P style="margin:0px" align=right><B>March 31,</B></P>
<P style="margin:0px" align=right><B>2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=133.533><P style="margin:0px" align=right>December 31,</P>
<P style="margin:0px" align=right>2015</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom><P style="margin:0px; padding-left:4.8px"><B>ASSETS</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=137><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=133.533><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=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=137><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=133.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom><P style="margin:0px; padding-left:4.8px">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=137><P style="margin:0px" align=right><B>64,265</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=133.533><P style="margin:0px" align=right>72,218</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=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=137><P style="margin:0px" align=right><B>31,600</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=133.533><P style="margin:0px" align=right>36,031</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom><P style="margin:0px; padding-left:4.8px">Accounts receivable and other assets</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=89.933><P style="margin:0px" align=center><B>4</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=137><P style="margin:0px" align=right><B>23,508</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=133.533><P style="margin:0px" align=right>7,068</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=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=137><P style="margin:0px" align=right><B>729</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=133.533><P style="margin:0px" align=right>780</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom><P style="margin:0px; padding-left:4.8px">Prepaid expenses</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=137><P style="margin:0px" align=right><B>1,371</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=133.533><P style="margin:0px" align=right>1,512</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=89.933><P style="margin:0px" align=center><B>5</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=137><P style="margin:0px" align=right><B>9,631</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=133.533><P style="margin:0px" align=right>10,434</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9; 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:#E2EFD9; border-top:1px solid #000000" valign=bottom width=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-top:1px solid #000000" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-top:1px solid #000000" valign=bottom width=137><P style="margin:0px" align=right><B>131,104</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-top:1px solid #000000" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-top:1px solid #000000" valign=bottom width=133.533><P style="margin:0px" align=right>128,043</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=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=137><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=133.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom><P style="margin:0px; padding-left:4.8px">Deposits on long-term assets</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=89.933><P style="margin:0px" align=center><B>6</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=137><P style="margin:0px" align=right><B>6,276</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=133.533><P style="margin:0px" align=right>8,716</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=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=137><P style="margin:0px" align=right><B>1,061</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=133.533><P style="margin:0px" align=right>492</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9; 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:#E2EFD9; border-bottom:1px solid #000000" valign=bottom width=89.933><P style="margin:0px" align=center><B>7</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=bottom width=137><P style="margin:0px" align=right><B>253,724</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=bottom width=133.533><P style="margin:0px" align=right>242,403</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=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=30.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=137><P style="margin:0px" align=right><B>392,165</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=30.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=133.533><P style="margin:0px" align=right>379,654</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=137><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=133.533><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=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=137><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=133.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom><P style="margin:0px; padding-left:4.8px"><B>CURRENT LIABILITIES</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=137><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=133.533><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=89.933><P style="margin:0px" align=center><B>8, 9 c)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=137><P style="margin:0px" align=right><B>40,012</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=133.533><P style="margin:0px" align=right>28,970</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom><P style="margin:0px; padding-left:4.8px">Derivative liabilities</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=89.933><P style="margin:0px" align=center><B>3</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=137><P style="margin:0px" align=right><B>924</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=133.533><P style="margin:0px" align=right>351</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=89.933><P style="margin:0px" align=center><B>12</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=137><P style="margin:0px" align=right><B>567</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=133.533><P style="margin:0px" align=right>453</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom><P style="margin:0px; padding-left:4.8px">Income tax payable</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=137><P style="margin:0px" align=right><B>1,831</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=133.533><P style="margin:0px" align=right>3,605</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom><P style="margin:0px; padding-left:4.8px">Current portion of other liabilities</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.933><P style="margin:0px" align=center><B>11</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=137><P style="margin:0px" align=right><B>1,333</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=133.533><P style="margin:0px" align=right>772</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom><P style="margin:0px; padding-left:4.8px">Total current liabilities</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=137><P style="margin:0px" align=right><B>44,667</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=133.533><P style="margin:0px" align=right>34,151</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:4.8px"><B>NON-CURRENT LIABILITIES</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=137><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=133.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom><P style="margin:0px; padding-left:4.8px">Bank loan</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=89.933><P style="margin:0px" align=center><B>10</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=137><P style="margin:0px" align=right><B>39,531</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=133.533><P style="margin:0px" align=right>39,486</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:4.8px">Other liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=89.933><P style="margin:0px" align=center><B>11</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=137><P style="margin:0px" align=right><B>2,889</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=133.533><P style="margin:0px" align=right>4,620</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom><P style="margin:0px; padding-left:4.8px">Provisions</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=89.933><P style="margin:0px" align=center><B>12</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=137><P style="margin:0px" align=right><B>12,072</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=133.533><P style="margin:0px" align=right>12,052</P>
</TD></TR>
<TR><TD style="margin-top:0px; 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; border-bottom:1px solid #000000" valign=bottom width=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=137><P style="margin:0px" align=right><B>24,814</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=133.533><P style="margin:0px" align=right>25,177</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom><P style="margin:0px; padding-left:4.8px">Total liabilities</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=137><P style="margin:0px" align=right><B>123,973</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=133.533><P style="margin:0px" align=right>115,486</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:4.8px"><B>EQUITY</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=137><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=133.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom><P style="margin:0px; padding-left:4.8px">Share capital</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=137><P style="margin:0px" align=right><B>206,567</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=133.533><P style="margin:0px" align=right>203,953</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:4.8px">Equity reserve</P>
</TD><TD style="margin-top:0px" valign=bottom width=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=137><P style="margin:0px" align=right><B>13,580</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=133.533><P style="margin:0px" align=right>14,169</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom><P style="margin:0px; padding-left:4.8px">Accumulated other comprehensive income</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=137><P style="margin:0px" align=right><B>229</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=133.533><P style="margin:0px" align=right>808</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom><P style="margin:0px; padding-left:4.8px">Retained earnings</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=137><P style="margin:0px" align=right><B>47,816</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=133.533><P style="margin:0px" align=right>45,238</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=bottom><P style="margin:0px; padding-left:4.8px">Total equity</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=bottom width=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=bottom width=137><P style="margin:0px" align=right><B>268,192</B></P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=bottom width=133.533><P style="margin:0px" align=right>264,168</P>
</TD></TR>
<TR><TD style="margin-top:0px; 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; border-bottom:2px solid #000000" valign=bottom width=89.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=30.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=137><P style="margin:0px" align=right><B>392,165</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=30.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=133.533><P style="margin:0px" align=right>379,654</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=89.933><P style="margin:0px" align=center><B>17</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=137><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=133.533><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>Subsequent event</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=89.933><P style="margin:0px" align=center><B>19</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=137><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=30.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=133.533><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; font-size:11pt">&nbsp;</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 /><TD width=72.2 /><TD width=70 /><TD width=60.333 /><TD width=60.333 /><TD width=60.333 /><TD width=86.333 /><TD width=72.6 /><TD width=0.667 /><TD width=69.333 /></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=552.133 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=142.2 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=60.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=207 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>(Loss) Income (&#147;AOCI&#148;)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=73.267 colspan=2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=69.333><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=72.2><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=70><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=60.333><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=bottom width=60.333><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=60.333><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=86.333><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>(Loss) Income</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.6><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=70 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:#E2EFD9" valign=bottom><P style="margin:0px; font-size:8pt">Balance - December 31, 2015</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=72.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>129,240,567</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=70><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;203,953</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;14,169</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;(307)</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,115</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=86.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=72.6><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;45,238</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=70 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;264,168</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=72.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>740,310</P>
</TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,810</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>.</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=86.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.6><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=70 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,810</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" 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:#E2EFD9" valign=bottom width=72.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=70><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>804</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=60.333><P style="margin:0px; font-size:8pt" align=right>(804)</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=60.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=86.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=72.6><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=70 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=72.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>215</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>.</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=86.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.6><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=70 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>215</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom><P style="margin:0px; font-size:8pt">Net income for the period</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=72.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=70><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>.</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=86.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=72.6><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>2,578</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=70 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>2,578</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-size:8pt">Net change in fair value of hedging instruments</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.333><P style="margin:0px; font-size:8pt" align=right>(579)</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=86.333><P style="margin:0px; font-size:8pt" align=right>(579)</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.6><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=70 colspan=2><P style="margin:0px; font-size:8pt" align=right>(579)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9; border-top:1px solid #000000; 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; background-color:#E2EFD9; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=72.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=70><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=60.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=60.333><P style="margin:0px; font-size:8pt" align=right>(579)</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=60.333><P style="margin:0px; padding-left:-9.6px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=86.333><P style="margin:0px; font-size:8pt" align=right>(579)</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=72.6><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>2,578</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=70 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,999</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom><P style="margin:0px; font-size:8pt"><B>Balance &#150; March 31, 2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=72.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>129,980,877</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=70><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>$ &nbsp;206,567</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>$ &nbsp;&nbsp;13,580</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=60.333><P style="margin:0px; font-size:8pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(886)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=60.333><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; border-bottom:2px solid #000000" valign=bottom width=86.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=72.6><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>$ &nbsp;&nbsp;&nbsp;47,816</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=70 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>$ &nbsp;&nbsp;268,192</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9; 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; background-color:#E2EFD9; border-bottom:1.333px solid #000000" valign=bottom width=72.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1.333px solid #000000" valign=bottom width=70><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1.333px solid #000000" valign=bottom width=60.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1.333px solid #000000" valign=bottom width=60.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1.333px solid #000000" valign=bottom width=60.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1.333px solid #000000" valign=bottom width=86.333><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1.333px solid #000000" valign=bottom width=72.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1.333px solid #000000" valign=bottom width=70 colspan=2><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; font-size:8pt">Balance - December 31, 2014</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>128,537,742</P>
</TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;201,057</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;13,800</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.333><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" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;2,010</P>
</TD><TD style="margin-top:0px" valign=bottom width=86.333><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" valign=bottom width=72.6><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;&nbsp;55,846</P>
</TD><TD style="margin-top:0px" valign=bottom width=70 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;272,713</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom><P style="margin:0px; font-size:8pt">Exercise of stock options</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=72.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>308,100</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=70><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,002</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=86.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=72.6><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=70 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,002</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=72.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>403</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.333><P style="margin:0px; font-size:8pt" align=right>(403)</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=86.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.6><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=70 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:#E2EFD9" valign=bottom><P style="margin:0px; font-size:8pt">Share-based payments expense</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=72.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=70><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>288</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=86.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=72.6><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=70 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>288</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=72.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=70><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=86.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.6><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>3,854</P>
</TD><TD style="margin-top:0px" valign=bottom width=70 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>3,854</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom><P style="margin:0px; font-size:8pt">Unrealized loss on translation of net investment</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=72.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=70><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=60.333><P style="margin:0px; font-size:8pt" align=right>(2,324)</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=86.333><P style="margin:0px; font-size:8pt" align=right>(2,324)</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=72.6><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=bottom width=70 colspan=2><P style="margin:0px; font-size:8pt" align=right>(2,324)</P>
</TD></TR>
<TR><TD style="margin-top:0px; 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; border-bottom:1px solid #000000" valign=bottom width=72.2><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=bottom width=70><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=bottom width=60.333><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=bottom width=60.333><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=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,430</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,430</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.6><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=bottom width=70 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; background-color:#E2EFD9; 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; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=bottom width=72.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=bottom width=70><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=bottom width=60.333><P style="margin:0px; font-size:8pt" align=right>(894)</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=bottom width=86.333><P style="margin:0px; font-size:8pt" align=right>(894)</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=bottom width=72.6><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>3,854</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9; border-bottom:1px solid #000000" valign=bottom width=70 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>2,961</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom><P style="margin:0px; font-size:8pt">Balance &#150; March 31, 2015</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=72.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>128,845,842</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=70><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;202,462</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;13,685</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=60.333><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; border-bottom:2px solid #000000" valign=bottom width=60.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;1,116</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=86.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,116</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=72.6><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;&nbsp;59,701</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=70 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;276,964</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: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 MONTHS ENDED MARCH 31, 2016 AND 2015</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; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Corporate Information</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<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>
<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 March 31, 2016. &nbsp;The Board of Directors approved these financial statements for issue on May 9, 2016. &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 month period ended March 31, 2016 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, 2015, 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, 2015, and have been consistently applied in the preparation of these Financial Statements. &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>Basis of Consolidation </B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>These Financial Statements include the accounts of the Company and its subsidiaries. All significant inter-company transactions, balances, revenues, and expenses have been eliminated upon consolidation.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Subsidiaries are entities controlled by the Company. &nbsp;Control exists when the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from the entity&#146;s activities. &nbsp;Control is normally achieved through ownership, directly or indirectly, of more than 50% of the voting power. &nbsp;Control can also be achieved through power over more than half the voting rights by virtue of an agreement with other investors or through the exercise of de facto control. &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 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 MONTHS ENDED MARCH 31, 2016 AND 2015</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; 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>Basis of Consolidation (continued)</B></P>
<P style="margin:0px; font-size:11pt; clear:left" align=justify>&nbsp;</P>
<P style="margin:0px; font-size:11pt" align=justify>For non-wholly owned subsidiaries, the net assets attributable to outside equity shareholders are presented as &#147;non-controlling interests&#148; in the equity section of the consolidated statements of financial position. Net income for the period that is attributable to non-controlling interests is calculated based on the ownership of the minority shareholders in the subsidiary.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Subsidiaries are included in the consolidated financial results of the Company from the effective date of acquisition or control and up to the effective date of disposition or loss of control. &nbsp;The principal subsidiaries of the Company and their geographic locations at March 31, 2016 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=330 /><TD width=126 /><TD width=72 /><TD width=138 /><TD width=139.2 /><TD width=106.4 /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=330><P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B>Name</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=126><P style="margin:0px"><B>Entity Type at</B></P>
<P style="margin:0px"><B>March 31,</B></P>
<P style="margin:0px"><B>2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=72><P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><B>Location</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=138><P style="margin:0px" align=center><B>Economic Interest at</B></P>
<P style="margin:0px" align=center><B>March 31,</B></P>
<P style="margin:0px" align=center><B>2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=139.2><P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><B>Principal Activity</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=106.4><P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>Method</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=330><P style="margin:0px" align=justify>Minera Bateas S.A.C. (&#147;Bateas&#148;)</P>
</TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px" align=justify>Subsidiary</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px" align=justify>Peru</P>
</TD><TD style="margin-top:0px" valign=top width=138><P style="margin:0px" align=center>100%</P>
</TD><TD style="margin-top:0px" valign=top width=139.2><P style="margin:0px" align=justify>Caylloma Mine</P>
</TD><TD style="margin-top:0px" valign=top width=106.4><P style="margin:0px" align=justify>Consolidation</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=330><P style="margin:0px" align=justify>Fortuna Silver Mines Peru S.A.C. (&#147;FSM Peru&#148;)</P>
</TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px" align=justify>Subsidiary</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px" align=justify>Peru</P>
</TD><TD style="margin-top:0px" valign=top width=138><P style="margin:0px" align=center>100%</P>
</TD><TD style="margin-top:0px" valign=top width=139.2><P style="margin:0px" align=justify>Service company</P>
</TD><TD style="margin-top:0px" valign=top width=106.4><P style="margin:0px" align=justify>Consolidation</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=330><P style="margin:0px" align=justify>Compania Minera Cuzcatlan S.A. de C.V. (&#147;Cuzcatlan&#148;)</P>
</TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px" align=justify>Subsidiary</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px" align=justify>Mexico</P>
</TD><TD style="margin-top:0px" valign=top width=138><P style="margin:0px" align=center>100%</P>
</TD><TD style="margin-top:0px" valign=top width=139.2><P style="margin:0px" align=justify>San Jose Mine</P>
</TD><TD style="margin-top:0px" valign=top width=106.4><P style="margin:0px" align=justify>Consolidation</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=330><P style="margin:0px" align=justify>Fortuna Silver Mexico, S.A. de CV. (&#147;FS Mexico&#148;)</P>
</TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px" align=justify>Subsidiary</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px" align=justify>Mexico</P>
</TD><TD style="margin-top:0px" valign=top width=138><P style="margin:0px" align=center>100%</P>
</TD><TD style="margin-top:0px" valign=top width=139.2><P style="margin:0px" align=justify>Exploration company</P>
</TD><TD style="margin-top:0px" valign=top width=106.4><P style="margin:0px" align=justify>Consolidation</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=330><P style="margin:0px" align=justify>Fortuna Silver (Barbados) Inc. (&#147;Barbados&#148;)</P>
</TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px" align=justify>Subsidiary</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px" align=justify>Barbados</P>
</TD><TD style="margin-top:0px" valign=top width=138><P style="margin:0px" align=center>100%</P>
</TD><TD style="margin-top:0px" valign=top width=139.2><P style="margin:0px" align=justify>Holding company</P>
</TD><TD style="margin-top:0px" valign=top width=106.4><P style="margin:0px" align=justify>Consolidation</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=330><P style="margin:0px" align=justify>Continuum Resources Ltd. (&#147;Continuum&#148;)</P>
</TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px" align=justify>Subsidiary</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px" align=justify>Canada</P>
</TD><TD style="margin-top:0px" valign=top width=138><P style="margin:0px" align=center>100%</P>
</TD><TD style="margin-top:0px" valign=top width=139.2><P style="margin:0px" align=justify>Holding company</P>
</TD><TD style="margin-top:0px" valign=top width=106.4><P style="margin:0px" align=justify>Consolidation</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>As at March 31, 2016, the Company has no joint arrangements or associates.</P>
<A NAME="para_34"></A><A NAME="para_35"></A><A NAME="para_36"></A><A NAME="para_37"></A><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>c)</B></P>
<P style="margin:0px; padding-left:47.267px; 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$. This change has been prospectively applied from the date of change, April 1, 2015.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>As at April 1, 2015, the parent entity and certain holding companies have translated all monetary assets and liabilities into the US$ 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"><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 MONTHS ENDED MARCH 31, 2016 AND 2015</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; 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>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>Prior to April 1, 2015, for entities with a functional currency different from the presentation currency of the Company, translation to the presentation currency was required. &nbsp;Assets and liabilities were translated at the rate of exchange at the financial position date. &nbsp;Revenue and expenses were translated at the average rate for the period. All resulting exchange differences were recognized in other comprehensive income. &nbsp;These previously recognized foreign exchange differences were not reclassified from equity to profit or loss until disposal of the operations.</P>
<P style="margin:0px" align=justify><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" align=justify><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>d)</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:4.4px; width:28.4px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.4px; 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 is the functional currency for its Canadian, Peruvian, 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. &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:4.4px; width:28.4px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.4px; text-indent:-2px; font-size:11pt" align=justify>In concluding when self-constructed items of property, plant and equipment are capable of operating in the manner intended by management have been completed. </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:4.4px; width:28.4px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.4px; 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: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>Page 9</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 MONTHS ENDED MARCH 31, 2016 AND 2015</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"><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; 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:4.4px; width:28.4px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.4px; 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:4.4px; width:28.4px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.4px; text-indent:-2px; font-size:11pt" align=justify>The identification of impairment indicators and cash generating units.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:4.4px; width:28.4px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.4px; 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:4.4px; width:28.4px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.4px; 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:4.4px; width:28.4px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.4px; 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:4.4px; width:28.4px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.4px; 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:4.4px; width:28.4px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.4px; 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:4.4px; width:28.4px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.4px; 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:4.4px; width:28.4px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.4px; text-indent:-2px; font-size:11pt" align=justify>the determination of whether intangible and tangible 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:4.4px; width:28.4px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.4px; text-indent:-2px; font-size:11pt" align=justify>the assessment of indications of impairment of each mineral property and related determination of the recoverable amount and write-down of those properties where applicable;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:4.4px; width:28.4px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.4px; 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:4.4px; width:28.4px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.4px; 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:4.4px; width:28.4px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.4px; 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:4.4px; width:28.4px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.4px; 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:4.4px; width:28.4px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.4px; 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: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>Page 10</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 MONTHS ENDED MARCH 31, 2016 AND 2015</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><I>ii.</I></B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B><I>Estimates (continued)</I></B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:4.4px; width:28.4px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.4px; 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>
<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 Change including Initial Adoption of Accounting Standards</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company has adopted the following accounting standards along with any consequential amendments, effective January 1, 2016:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B><I>IAS 1 Presentation of Financial Statements (Amendment), IFRS 11 Joint Arrangements</I></B> <B><I>(Amendment) and IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets (Amendment).</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company has adopted the above amendments which do not have a significant impact on the Company&#146;s Financial Statements.</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>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>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"><B><I>IAS 7 Statement of Cash Flows (Amendment)</I></B></P>
<P style="margin:0px; font-size:11pt" align=justify>The amendment to<I> </I>IAS 7<I> Statement of Cash Flows</I> requires companies to provide information about changes in their financing liabilities, including changes from cash flows and non-cash changes (such as foreign exchange gains or losses), that helps with understanding changes in a company&#146;s debt. The following changes in liabilities arising from financing activities are to be disclosed: (i) changes from financing cash flows; (ii) changes arising from obtaining or losing control of subsidiaries or other businesses; (iii) the effect of changes in foreign exchange rates; (iv) changes in fair values; and (v) other changes. &nbsp;A reconciliation between the opening and closing balances in the statement of financial position for liabilities arising from financing activities, and disclosed separately from changes in other assets and liabilities, may be used to fulfill the requirements. &nbsp;The amendments are effective for annual periods starting on or after January 1, 2017, with earlier application being permitted. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B><I>IAS 12 Income Taxes (Amendment)</I></B></P>
<P style="margin:0px; font-size:11pt" align=justify>The amendment to <I>IAS 12 Income taxes, </I>for<I> </I>recognition of Deferred Tax Assets for Unrealized Losses (Amendments to IAS 12), requires the recognition of deferred tax assets for unrealized losses related to debt instruments measured at fair value. &nbsp;The amendments are effective for annual periods starting on or after January 1, 2017, with earlier application being permitted. &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 11</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 MONTHS ENDED MARCH 31, 2016 AND 2015</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>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" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><B><I>IFRS 15 Revenue from Contracts with Customers (including amendments)</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 amendments include clarifications on the guidance on identifying performance obligations, accounting for licenses of intellectual property, and the principal versus agent assessment for gross and net revenue presentation. The standard supersedes IAS 18 <I>Revenue</I>, IAS 11 <I>Construction Contracts</I> 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, 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 </I></B></P>
<P style="margin:0px; font-size:11pt" align=justify>On July 24, 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 standard is 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" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B><I>IFRS 16 Leases</I></B></P>
<P style="margin:0px; font-size:11pt" align=justify>On January 13, 2016, the IASB issued IFRS 16 <I>Leases</I> of which requires lessees to recognise assets and liabilities for most leases. For lessors, there is little change to the existing accounting in IAS 17 <I>Leases</I>. The new standard will be effective for annual periods beginning on or after January 1, 2019. Early application is permitted, provided the new revenue standard, IFRS 15 <I>Revenue from Contracts with Customers</I>, has been applied, or is applied at the same date as IFRS 16.</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>g)</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 three months ended March 31, 2016 and 2015. &nbsp;Foreign exchange gain is now reported separate from selling, general and administrative expenses with no effect on the net income for the three months ended March 31, 2016 and 2015.</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=31.8 /><TD width=88.2 /><TD width=31.8 /><TD width=94.2 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=246 colspan=4><P style="margin:0px; font-size:11pt" align=right><B>Three months ended March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom 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=120 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=126 colspan=2><P style="margin:0px; font-size:11pt" align=right>2015</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432><P style="margin:0px; padding-left:4.8px; font-size:11pt">Selling, general and administrative expenses, as previously reported</P>
</TD><TD style="margin-top:0px" valign=top width=31.8><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=88.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>9,349</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=31.8><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4,575</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432><P style="margin:0px; padding-left:4.8px; font-size:11pt">less: foreign exchange gain</P>
</TD><TD style="margin-top:0px" valign=top width=31.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88.2><P style="margin:0px; font-size:11pt" align=right><B>(383)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=31.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.2><P style="margin:0px; font-size:11pt" align=right>(914)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=432><P style="margin:0px; padding-left:4.8px; font-size:11pt">Selling, general and administrative expenses</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=31.8><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=88.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>9,732</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=31.8><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=94.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>5,489</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 12</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 MONTHS ENDED MARCH 31, 2016 AND 2015</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>3.</B></P>
<P style="margin:0px; padding-left:48px; 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=133.2 /><TD width=21.733 /><TD width=97.6 /><TD width=22.4 /><TD width=97.6 /><TD width=22.4 /><TD width=97.6 /><TD width=22.4 /><TD width=97.6 /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=133.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=239.333 colspan=4><P style="margin:0px; font-size:11pt" align=right><B>March 31, 2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=240 colspan=4><P style="margin:0px; font-size:11pt" align=right>December 31, 2015</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=133.2><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=97.6><P style="margin:0px; font-size:11pt" align=right><B>Assets</B></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=97.6><P style="margin:0px; font-size:11pt" align=right><B>Liabilities</B></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=97.6><P style="margin:0px; font-size:11pt" align=right>Assets</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=97.6><P style="margin:0px; font-size:11pt" align=right>Liabilities</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=133.2><P style="margin:0px; font-size:11pt">Interest rate swap</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=97.6><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=22.4><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=97.6><P style="margin:0px; font-size:11pt" align=right><B>924</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=22.4><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=97.6><P style="margin:0px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=22.4><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=97.6><P style="margin:0px; font-size:11pt" align=right>351</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><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>The interest rate swap is carried on the statement of financial position 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>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 10). &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>As at March 31, 2016, the fair value of the interest rate swap was $924 (2015: $351) and includes $37 (2015: $44) of accrued interest on the bank loan. &nbsp;As the hedge was effective, the change in the fair value of the interest rate swap resulted in $579 (2015: $307) fair value loss was recognized in other comprehensive income. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B>4.</B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B>Accounts Receivable and Other Assets </B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt">The current accounts receivables and other assets are comprised of the following:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=342 /><TD width=24 /><TD width=132 /><TD width=24 /><TD width=124.2 /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=342><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=156 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>March 31, 2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=148.2 colspan=2><P style="margin:0px; font-size:11pt" align=right>December 31, 2015</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=342><P style="margin:0px; padding-left:4.8px; font-size:11pt">Trade receivables from concentrate sales</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right><B>$</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>21,527</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=124.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>5,172</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=342><P style="margin:0px; padding-left:4.8px; font-size:11pt">Advances and other receivables</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,395</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=124.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,350</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=342><P style="margin:0px; padding-left:4.8px; font-size:11pt">GST and value added tax receivable</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=132><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>586</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=124.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>546</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=342><P style="margin:0px; padding-left:4.8px; font-size:11pt">Accounts receivable and other assets</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right><B>$</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>23,508</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>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=124.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>7,068</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 13</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#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 (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>As at March 31, 2016, the Company had $21,527 (2015: $5,172) trade receivables from concentrate sales which were comprised of $19,622 (2015: $6,186) from provisional sales, negative $180 (2015: negative $236) from mark-to-market adjustments, $531 (2015: negative $761) from price adjustments, and $1,554 (2015: negative $17) from assay adjustments.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>As at March 31, 2016, the Company had $681 trade receivables (2015: $nil) which were over 90 days and with no impairment. &nbsp;The Company&#146;s allowance for doubtful accounts is $nil for all reporting periods. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt">The aging analysis of these trade receivables from concentrate sales is as follows:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=306 /><TD width=30 /><TD width=126 /><TD width=24 /><TD width=126 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=306><P style="margin:0px; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=156 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>March 31, 2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=150 colspan=2><P style="margin:0px; font-size:11pt" align=right>December 31, 2015</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=306><P style="margin:0px; padding-left:4.8px; font-size:11pt">0-30 days</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:11pt" align=right><B>$</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>18,674</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>5,172</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>861</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>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=306><P style="margin:0px; padding-left:4.8px; font-size:11pt">61-90 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>1,311</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>-</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">over 90 days</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>681</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>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; 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-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-bottom:2px solid #000000" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>21,527</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>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>5,172</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>5.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt" align=justify><B>Inventories</B></P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=306 /><TD width=30 /><TD width=126 /><TD width=24 /><TD width=126 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=306><P style="margin:0px; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=156 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>March 31, 2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=150 colspan=2><P style="margin:0px; font-size:11pt" align=right>December 31, 2015</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=306><P style="margin:0px; padding-left:4.8px; font-size:11pt">Concentrate stock piles</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:11pt" align=right><B>$</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>844</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,457</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=306><P style="margin:0px; padding-left:4.8px; font-size:11pt">Ore stock piles</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,786</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,912</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=306><P style="margin:0px; padding-left:4.8px; font-size:11pt">Materials and supplies</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>7,001</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>7,065</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=306><P style="margin:0px; padding-left:4.8px; font-size:11pt">Total inventories</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30><P style="margin:0px; font-size:11pt" align=right><B>$</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>9,631</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>10,434</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>For the three months ended March 31, 2016, $17,245 (2015: $18,481) of inventory was expensed in cost of sales. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>6.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Deposits on Long Term Assets</B></P>
<P style="margin:0px; font-size:11pt; clear:left">&nbsp;</P>
<P style="margin:0px; font-size:11pt">Deposits on long term assets are comprised of the following: </P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=306 /><TD width=30 /><TD width=126 /><TD width=24 /><TD width=126 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=306><P style="margin:0px; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=156 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>March 31, 2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=150 colspan=2><P style="margin:0px; font-size:11pt" align=right>December 31, 2015</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=306><P style="margin:0px; padding-left:4.8px; font-size:11pt">Long term receivables</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:11pt" align=right><B>$</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>28</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>28</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=306><P style="margin:0px; padding-left:4.8px; font-size:11pt">Deposits on equipment</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>5,688</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>8,183</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=306><P style="margin:0px; padding-left:4.8px; font-size:11pt">Deposits paid to contractors</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>560</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>505</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=306><P style="margin:0px; padding-left:4.8px; font-size:11pt">Deposits on long term assets</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30><P style="margin:0px; font-size:11pt" align=right><B>$</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>6,276</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>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>8,716</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 14</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#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>7.</B></P>
<P style="margin:0px; padding-left:48px; 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=210 /><TD width=19.8 /><TD width=70.2 /><TD width=19.733 /><TD width=82.267 /><TD width=23.933 /><TD width=68.2 /><TD width=23.533 /><TD width=76.333 /><TD width=19.733 /><TD width=65.533 /><TD width=19.733 /><TD width=51 /><TD width=21.6 /><TD width=52.6 /><TD width=19.733 /><TD width=53.867 /><TD width=19.733 /><TD width=62.067 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=210><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=90 colspan=2><P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:8pt" align=center><B>Mineral</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>Properties</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>Non-</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>(Tlacolula)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=102 colspan=2><P style="margin:0px; font-size:8pt" align=center><B>Mineral</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>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=92.133 colspan=2><P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:8pt" align=center><B>Machinery 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=99.867 colspan=2><P style="margin:0px; font-size:8pt" align=center><B>Land, Buildings, and 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=85.267 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=70.733 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=74.2 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=73.6 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=81.8 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=210><P style="margin:0px; padding-left:1.933px; font-size:8pt"><B>Period ended March 31, 2016</B></P>
</TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=70.2><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=82.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.333><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=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=51><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.6><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=53.867><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=62.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=210><P style="margin:0px; padding-left:1.933px; font-size:8pt">Opening carrying amount, January 1, 2016</P>
</TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,533</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=82.267><P style="margin:0px; padding-right:4.8px; font-size:8pt" align=right>127,187</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=68.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>9,862</P>
</TD><TD style="margin-top:0px" valign=top width=23.533><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=76.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>54,252</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>8,684</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=51><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>206</P>
</TD><TD style="margin-top:0px" valign=top width=21.6><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=52.6><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,887</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=53.867><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>38,792</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=62.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>242,403</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=210><P style="margin:0px; padding-left:1.933px; font-size:8pt">Additions</P>
</TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=70.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>56</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=82.267><P style="margin:0px; padding-right:4.8px; font-size:8pt" align=right>4,932</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>314</P>
</TD><TD style="margin-top:0px" valign=top width=23.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>4</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>77</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=51><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>113</P>
</TD><TD style="margin-top:0px" valign=top width=21.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.6><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,251</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=53.867><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>10,691</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=62.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>17,438</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=210><P style="margin:0px; padding-left:1.933px; font-size:8pt">Depreciation</P>
</TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=70.2><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=82.267><P style="margin:0px; font-size:8pt" align=right>(3,255)</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.2><P style="margin:0px; font-size:8pt" align=right>(567)</P>
</TD><TD style="margin-top:0px" valign=top width=23.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.333><P style="margin:0px; font-size:8pt" align=right>(1,685)</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>(539)</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=51><P style="margin:0px; font-size:8pt" align=right>(36)</P>
</TD><TD style="margin-top:0px" valign=top width=21.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.6><P style="margin:0px; font-size:8pt" align=right>(35)</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=53.867><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=62.067><P style="margin:0px; font-size:8pt" align=right>(6,117)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=210><P style="margin:0px; padding-left:1.933px; font-size:8pt">Reclassification</P>
</TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=70.2><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=82.267><P style="margin:0px; font-size:8pt" align=right>(51)</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>11</P>
</TD><TD style="margin-top:0px" valign=top width=23.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>18,044</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>9,291</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=51><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>7</P>
</TD><TD style="margin-top:0px" valign=top width=21.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.6><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=53.867><P style="margin:0px; font-size:8pt" align=right>(27,302)</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=62.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=210><P style="margin:0px; padding-left:1.933px; font-size:8pt"><B>Closing carrying amount, March 31, 2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.8><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=70.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>1,589</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>128,813</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=23.933><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>9,620</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=23.533><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=76.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>70,615</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</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>17,513</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=51><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>290</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.6><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=52.6><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>3,103</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=53.867><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>22,181</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>253,724</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=210><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=70.2><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=82.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.333><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=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=51><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.6><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=53.867><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=62.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=210><P style="margin:0px; padding-left:1.933px; font-size:8pt"><B>As at March 31, 2016</B></P>
</TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=70.2><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=82.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.333><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=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=51><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.6><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=53.867><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=62.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=210><P style="margin:0px; padding-left:1.933px; font-size:8pt">Cost</P>
</TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,589</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=82.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>202,620</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=68.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>24,996</P>
</TD><TD style="margin-top:0px" valign=top width=23.533><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=76.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>96,766</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>22,439</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=51><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>830</P>
</TD><TD style="margin-top:0px" valign=top width=21.6><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=52.6><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>5,916</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=53.867><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>22,181</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=62.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>377,337</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=210><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=19.8><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=70.2><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=82.267><P style="margin:0px; font-size:8pt" align=right>(73,807)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=23.933><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=68.2><P style="margin:0px; font-size:8pt" align=right>(15,376)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=23.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=76.333><P style="margin:0px; font-size:8pt" align=right>(26,151)</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>(4,926)</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=51><P style="margin:0px; font-size:8pt" align=right>(540)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=21.6><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=52.6><P style="margin:0px; font-size:8pt" align=right>(2,813)</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=53.867><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=62.067><P style="margin:0px; font-size:8pt" align=right>(123,613)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=210><P style="margin:0px; padding-left:1.933px; font-size:8pt"><B>Closing carrying amount, March 31, 2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.8><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=70.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>1,589</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=82.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>128,813</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.933><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>9,620</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.533><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=76.333><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>70,615</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</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>17,513</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=51><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>290</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.6><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=52.6><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>3,103</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=53.867><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>22,181</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>253,724</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 15</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 MONTHS ENDED MARCH 31, 2016 AND 2015</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>7.</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=234.067 /><TD width=19.733 /><TD width=52 /><TD width=19.733 /><TD width=69.733 /><TD width=23.933 /><TD width=66.8 /><TD width=19.733 /><TD width=71.533 /><TD width=19.733 /><TD width=65.4 /><TD width=19.733 /><TD width=53.8 /><TD width=21.6 /><TD width=52.533 /><TD width=19.733 /><TD width=53.8 /><TD width=19.733 /><TD width=56.2 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=234.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=71.733 colspan=2><P style="margin:0px; font-size:8pt" align=center><B>Mineral</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>Properties</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>Non-</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>(Tlacolula)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.467 colspan=2><P style="margin:0px; font-size:8pt" align=center><B>Mineral</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>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=90.733 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>Machinery</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>and Equipment</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=91.267 colspan=2><P style="margin:0px; font-size:8pt" align=center><B>Land, Buildings, and 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=85.133 colspan=2><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=73.533 colspan=2><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=74.133 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=73.533 colspan=2><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=75.933 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=234.067><P style="margin:0px; padding-left:1.933px; font-size:8pt"><B>Year ended December 31, 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=52><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=69.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.8><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=71.533><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=65.4><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=53.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.533><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=53.8><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=56.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234.067><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=52><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>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.733><P style="margin:0px; padding-right:4.8px; font-size:8pt" align=right>139,191</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=66.8><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>$</P>
</TD><TD style="margin-top:0px" valign=top width=71.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>67,678</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.4><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>$</P>
</TD><TD style="margin-top:0px" valign=top width=53.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>151</P>
</TD><TD style="margin-top:0px" valign=top width=21.6><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=52.533><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>$</P>
</TD><TD style="margin-top:0px" valign=top width=53.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>3,251</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=56.2><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=234.067><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=52><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>185</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=69.733><P style="margin:0px; padding-right:4.8px; font-size:8pt" align=right>17,128</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,011</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=71.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>128</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=65.4><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,924</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=53.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>179</P>
</TD><TD style="margin-top:0px" valign=top width=21.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,577</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=53.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>36,343</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=56.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>58,475</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234.067><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=52><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=69.733><P style="margin:0px; padding-right:4.8px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.8><P style="margin:0px; font-size:8pt" align=right>(37)</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=71.533><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=65.4><P style="margin:0px; font-size:8pt" align=right>(4)</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=53.8><P style="margin:0px; font-size:8pt" align=right>(2)</P>
</TD><TD style="margin-top:0px" valign=top width=21.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.533><P style="margin:0px; font-size:8pt" align=right>(10)</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=53.8><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=56.2><P style="margin:0px; font-size:8pt" align=right>(59)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234.067><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=52><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=69.733><P style="margin:0px; font-size:8pt" align=right>(13,934)</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.8><P style="margin:0px; font-size:8pt" align=right>(2,827)</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=71.533><P style="margin:0px; font-size:8pt" align=right>(6,205)</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=65.4><P style="margin:0px; font-size:8pt" align=right>(1,233)</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=53.8><P style="margin:0px; font-size:8pt" align=right>(122)</P>
</TD><TD style="margin-top:0px" valign=top width=21.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.533><P style="margin:0px; font-size:8pt" align=right>(367)</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=53.8><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=56.2><P style="margin:0px; font-size:8pt" align=right>(24,688)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234.067><P style="margin:0px; padding-left:1.933px; font-size:8pt">Impairment charge</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=52><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=69.733><P style="margin:0px; font-size:8pt" align=right>(15,032)</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.8><P style="margin:0px; font-size:8pt" align=right>(1,630)</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=71.533><P style="margin:0px; font-size:8pt" align=right>(7,983)</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=65.4><P style="margin:0px; font-size:8pt" align=right>(166)</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=53.8><P style="margin:0px; padding-left:-9.6px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=21.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.533><P style="margin:0px; font-size:8pt" align=right>(189)</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=53.8><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=56.2><P style="margin:0px; font-size:8pt" align=right>(25,000)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234.067><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=52><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=69.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.8><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=71.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>647</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=65.4><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>155</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=53.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=21.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.533><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=53.8><P style="margin:0px; font-size:8pt" align=right>(802)</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=56.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=234.067><P style="margin:0px; padding-left:1.933px; font-size:8pt">Adjustment on currency translation</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=52><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=69.733><P style="margin:0px; font-size:8pt" align=right>(166)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=23.933><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=66.8><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=71.533><P style="margin:0px; font-size:8pt" align=right>(7)</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=65.4><P style="margin:0px; font-size:8pt" align=right>(1)</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=53.8><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=21.6><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=52.533><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=53.8><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=56.2><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=234.067><P style="margin:0px; padding-left:1.933px; font-size:8pt"><B>Closing carrying amount, December 31, 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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=52><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>1,533</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=69.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>127,187</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=23.933><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=66.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>9,862</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=71.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>54,252</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=65.4><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>8,684</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=53.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>206</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.6><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=52.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>1,887</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=53.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>38,792</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=56.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>242,403</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234.067><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=52><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=69.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.8><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=71.533><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=65.4><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=53.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.533><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=53.8><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=56.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234.067><P style="margin:0px; padding-left:1.933px; font-size:8pt"><B>As at December 31, 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=52><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=69.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.8><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=71.533><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=65.4><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=53.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.533><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=53.8><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=56.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234.067><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=52><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,533</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>197,739</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=66.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>24,678</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=71.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>78,718</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.4><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>13,071</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=53.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>711</P>
</TD><TD style="margin-top:0px" valign=top width=21.6><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=52.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>4,732</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=53.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>38,792</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=56.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>359,974</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=234.067><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=52><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=69.733><P style="margin:0px; font-size:8pt" align=right>(70,552)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=23.933><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=66.8><P style="margin:0px; font-size:8pt" align=right>(14,816)</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=71.533><P style="margin:0px; font-size:8pt" align=right>(24,466)</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=65.4><P style="margin:0px; font-size:8pt" align=right>(4,387)</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=53.8><P style="margin:0px; font-size:8pt" align=right>(505)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=21.6><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=52.533><P style="margin:0px; font-size:8pt" align=right>(2,845)</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=53.8><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=56.2><P style="margin:0px; font-size:8pt" align=right>(117,571)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=234.067><P style="margin:0px; padding-left:1.933px; font-size:8pt"><B>Closing carrying amount, December 31, 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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=52><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>1,533</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>127,187</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.933><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>9,862</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=71.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>54,252</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.4><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>8,684</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=53.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>206</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.6><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=52.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>1,887</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=53.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>38,792</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=56.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>242,403</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 9. 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">$50 in cash by January 19, 2015; and,</P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 16</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#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>7.</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-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">$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" 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%. &nbsp;Radius has the right to terminate the agreement if the option is not exercised by January 31, 2017.</P>
<P style="margin:0px; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-size:11pt" align=justify>As at March 31, 2016, the Company had issued an aggregate of 34,589 (2015: 34,589) common shares of the Company to Radius, with a fair market value of $150 (2015: $150), and paid $200 (2015: $200) in cash according to the terms of the option agreement. &nbsp;Joint venture has not been formed as of yet.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>8.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Trade and Other Payables</B></P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=300 /><TD width=24 /><TD width=120 /><TD width=22.733 /><TD width=121.267 /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=300><P style="margin:0px; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=144 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>March 31, 2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=144 colspan=2><P style="margin:0px; font-size:11pt" align=right>December 31, 2015</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Trade accounts payable</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right><B>$</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>21,453</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>18,177</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>8,381</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>6,607</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>132</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>471</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>243</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">Due to related party (Note 9. 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>24</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</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Deferred share unit payable (Note 13. 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>4,697</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">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>2,149</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>1,117</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>784</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>462</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>1,531</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>1,370</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>618</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>758</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>40,012</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>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=121.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>28,970</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>9.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Related Party Transactions</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>a)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Purchase of Goods and Services</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt">The Company entered into the following related party transactions:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 17</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#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>9.</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>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=294 /><TD width=31.2 /><TD width=94.8 /><TD width=25.267 /><TD width=94.733 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=294><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=246 colspan=4><P style="margin:0px; font-size:11pt" align=right><B>Three months ended March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=294><P style="margin:0px; font-size:11pt"><B>Transactions with related parties</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=120 colspan=2><P style="margin:0px; font-size:11pt" align=right>2015</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=294><P style="margin:0px; font-size:11pt">Salaries and wages <FONT style="font-size:10pt"><SUP>1,2</SUP></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=31.2><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=94.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>50</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.267><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=94.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>32</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=294><P style="margin:0px; font-size:11pt">Other general and administrative expenses <FONT style="font-size:10pt"><SUP>2</SUP></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=31.2><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=94.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>79</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.267><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=94.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>51</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=294><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=31.2><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=94.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>129</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.267><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=94.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>83</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9.5pt" align=justify><SUP>1 </SUP><FONT style="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-size:9.5pt" align=justify><SUP>2 </SUP><FONT style="font-size:9pt">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" align=justify>In 2016, the Company paid $nil (2015: $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 7. 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:<FONT style="font-size:10pt"> </FONT></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=366 /><TD width=31.2 /><TD width=94.8 /><TD width=25.267 /><TD width=94.733 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=366><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=246 colspan=4><P style="margin:0px; font-size:11pt" align=right><B>Three months ended March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=366><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 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=120 colspan=2><P style="margin:0px; font-size:11pt" align=right>2015</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=366><P style="margin:0px; font-size:11pt">Salaries and other short term employee benefits</P>
</TD><TD style="margin-top:0px" valign=top width=31.2><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=94.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>868</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.267><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=94.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,243</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=366><P style="margin:0px; font-size:11pt">Directors fees</P>
</TD><TD style="margin-top:0px" valign=top width=31.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=94.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>91</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=94.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>98</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=366><P style="margin:0px; font-size:11pt">Consulting fees</P>
</TD><TD style="margin-top:0px" valign=top width=31.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=94.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>33</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=94.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>36</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=366><P style="margin:0px; font-size:11pt">Share-based payments</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=31.2><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=94.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>5,445</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=25.267><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=94.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>729</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=366><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=31.2><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=94.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>6,437</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=25.267><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=94.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2,106</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">Consulting fees includes fees paid to two non-executive directors in both 2016 and 2015.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>c)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Period End Balances Arising From Purchases of Goods/Services</B></P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=324 /><TD width=21.733 /><TD width=134.267 /><TD width=21.733 /><TD width=122.267 /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=324><P style="margin:0px; font-size:11pt"><B>Amounts due to related party</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=156 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>March 31, 2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=144 colspan=2><P style="margin:0px; font-size:11pt" align=right>December 31, 2015</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=324><P style="margin:0px; font-size:11pt">Owing to a company with a common director <FONT style="font-size:10pt"><SUP>3</SUP></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=134.267><P style="margin:0px; font-size:11pt" align=right><B>24</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>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=122.267><P style="margin:0px; font-size:11pt" align=right>8</P>
</TD></TR>
</TABLE>
<P style="margin:0px; padding-left:48px; text-indent:-48px"><SUP>3</SUP> Owing to Gold Group Management Inc. (&#147;Gold Group&#148;) who has a director in common with the Company</P>
<A NAME="OLE_LINK12"></A><P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 18</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#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>10.</B></P>
<P style="margin:0px; padding-left:48px; 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=86.267 /><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=86.267><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>March 31,</B></P>
<P style="margin:0px; font-size:11pt" align=right><B>2016</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>2015</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>$</P>
</TD><TD style="margin-top:0px" valign=top width=86.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>40,000</B></P>
</TD><TD style="margin-top:0px" valign=top width=107.8><P style="margin:0px; font-size:11pt" align=right>April 1, 2019</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</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>40,000</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=86.267><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>(469)</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; font-size:11pt" align=right>(514)</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=86.267><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=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>39,531</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>39,486</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=86.267><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=86.267><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=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>39,531</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>39,486</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. &nbsp;Refer to Note 14.</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" 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; font-size:11pt" align=right>$</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>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=72><P style="margin:0px; font-size:11pt" align=right><B>40,000</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 19</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#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>11.</B></P>
<P style="margin:0px; padding-left:48px; 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; padding-right:4.8px; font-size:11pt" align=right><B>March 31,</B></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2016</B></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>December 31,</P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2015</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>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2,955</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,884</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</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><B>45</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>44</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 13. 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; 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=96><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2,279</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; padding-right:4.8px; font-size:11pt" align=right><B>351</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>453</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</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><B>871</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>732</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; padding-right:4.8px; font-size:11pt" align=right><B>4,222</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>5,392</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; border-bottom:1px solid #000000" 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; 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><B>1,333</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>772</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; padding-right:4.8px; font-size:11pt" align=right><B>1,333</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>772</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=96><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2,889</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</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>4,620</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>Obligations under Finance Lease</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=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>
<P style="margin:0px; font-size:11pt"><B>Obligations under Finance Lease</B></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>March 31,</B></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2016</B></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>December 31,</P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2015</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding-left:4.8px; font-size:11pt">Not later than 1 year</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,395</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>809</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">Less: future finance charges on finance lease</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>(62)</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; font-size:11pt" align=right>(37)</P>
</TD></TR>
<TR><TD style="margin-top:0px; 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-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><B>1,333</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>772</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding-left:4.8px; font-size:11pt">Later than 1 year but less than 5 years</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; padding-right:4.8px; font-size:11pt" align=right><B>1,649</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>1,132</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: future finance charges on finance lease</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>(27)</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; font-size:11pt" align=right>(20)</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; padding-right:4.8px; font-size:11pt" align=right><B>1,622</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>1,112</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">Present value of finance lease payments</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; padding-right:4.8px; font-size:11pt" align=right><B>2,955</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>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=96><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,884</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 20</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#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; padding-left:48px; 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 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 March 31, 2016</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>2030</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>$</P>
</TD><TD style="margin-top:0px" valign=top width=102.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>8,414</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right>$</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>5,357</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>13,771</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>7</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>8</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>4.05%</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>5.94%</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>3.41%</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, 2014</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>7,187</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>$</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=96.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>5,511</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</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>12,698</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>1,165</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>471</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>1,636</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>344</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>(34)</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>310</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>(1,061)</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>(806)</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>(1,867)</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>(127)</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>(145)</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>(272)</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, 2015</P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=102.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>7,508</P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right>$</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>4,997</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>12,505</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Less: current portion</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102.2><P style="margin:0px; font-size:11pt" align=right>(335)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96.2><P style="margin:0px; font-size:11pt" align=right>(118)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px; font-size:11pt" align=right>(453)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Non current &#150; December 31, 2015</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right>$</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>7,173</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>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4,879</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</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>12,052</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, 2015</P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=102.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>7,508</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right>$</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>4,997</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>12,505</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; font-size:11pt" align=right><B>(34)</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>(31)</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>(65)</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>76</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>69</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>145</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; padding-right:4.8px; font-size:11pt" align=right><B>191</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>(55)</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>136</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>(47)</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>(35)</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>(82)</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; March 31, 2016</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>7,694</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=96.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>4,945</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</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>12,639</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>(457)</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>(110)</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>(567)</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; March 31, 2016</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>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>7,237</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right>$</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>4,835</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>12,072</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"><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 MONTHS ENDED MARCH 31, 2016 AND 2015</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>
<A NAME="para_136"></A><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>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; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>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 March 31, 2016, the number of common shares available for issuance under the Plan is 2,817,098. &nbsp;&nbsp;&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:</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=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>March 31, 2016</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, 2015</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</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>price (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>3,105</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>3.66</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2,944</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3.25</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>-</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; padding-right:4.8px; font-size:11pt" align=right>902</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>4.79</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>(740)</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>3.36</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:11pt" align=right>(741)</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>3.40</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:2px solid #000000; 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-top:2px solid #000000; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2,365</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>3.76</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3,105</P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3.66</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>1,914</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>3.52</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,874</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</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>3.01</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During the three months ended March 31, 2016, 740,310 stock options with an exercise prices ranging from CAD$1.75 to CAD$3.38 per share were exercised.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During the three months ended March 31, 2016, the Company recorded a share-based payment charge of $215 (2015: $288) in respect to options granted and vested.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 22</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#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>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>
<P style="margin:0px; font-size:11pt" align=justify>The assumptions used to estimate the fair value of the stock options granted during the three months ended March 31, 2015 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=150 /></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=150><P style="margin:0px; font-size:11pt" align=right>Three months ended</P>
<P style="margin:0px; font-size:11pt" align=right>March 31,</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:2px solid #000000" valign=top width=150><P style="margin:0px; font-size:11pt" align=right>2015</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=150><P style="margin:0px; font-size:11pt" align=right>0.45%</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=150><P style="margin:0px; font-size:11pt" align=right>61.22%</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=150><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=150><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=150><P style="margin:0px; font-size:11pt" align=right>5.25%</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, in 2015, was CAD$4.86.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=138 /><TD width=126 /><TD width=132.4 /><TD width=24.733 /><TD width=102.8 /><TD width=106.067 /><TD width=27.2 /><TD width=95 /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=138><P style="margin:0px; font-size:11pt">Exercise price</P>
<P style="margin:0px; font-size:11pt">in CAD$</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</P>
<P style="margin:0px; font-size:11pt" align=right>(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</P>
<P style="margin:0px; font-size:11pt" align=right>options CAD$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=106.067><P style="margin:0px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right>Exercisable</P>
<P style="margin:0px; font-size:11pt" align=right>stock options</P>
<P style="margin:0px; font-size:11pt" align=right>(in 000's)</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=122.2 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right>Weighted average</P>
<P style="margin:0px; font-size:11pt" align=right>exercise price on</P>
<P style="margin:0px; font-size:11pt" align=right>exercisable stock</P>
<P style="margin:0px; font-size:11pt" align=right>options CAD$</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; font-size:11pt">$0.85 to $0.99</P>
</TD><TD style="margin-top:0px" valign=bottom width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>262</P>
</TD><TD style="margin-top:0px" valign=bottom width=132.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2.5</P>
</TD><TD style="margin-top:0px" valign=bottom width=24.733><P style="margin:0px; font-size:11pt" align=right>$</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>104</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>0.3</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>1.55</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>104</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>1.55</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>0.8</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>139</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>0.2</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>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>139</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>2.7</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>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>1,100</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>4.50</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>0.9</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 $6.67</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2,365</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=132.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2.2</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24.733><P style="margin:0px; font-size:11pt" align=right>$</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>3.76</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>1,914</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>$</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=95><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3.52</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt">&nbsp;<FONT style="font-family:Times New Roman">The weighted average remaining life of vested share purchase options at March 31, 2016 was 1.8 years (December 31, 2015: 1.0 years).</FONT></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 23</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#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>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>a)</B></P>
<P style="margin:0px; padding-left:48px; 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 three months ended March 31, 2016, the Company granted 187,500 (2015: 187,890) DSU with a market value of CAD$900 (2015: CAD$900), 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>As at March 31, 2016, there are 1,203,919 (2015: 1,016,419) DSU outstanding with a fair value of $4,697 (2015: $2,279). &nbsp;Refer to Note 8 and Note 11.</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>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>
<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 three months ended March 31, 2016, the Company granted 769,946 (2015: 385,740) RSU with a market value of CAD$3,696 (2015: CAD$1,848), at the date of grant, to an executive director and officer (317,276), officers (374,998), and employees (77,672), 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" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During the three months ended March 31, 2016, the Company paid $684 (2015: $260) on 175,871 (2015: 65,814) RSUs to an executive director and officer, officers, and employees. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>As at March 31, 2016, there were 1,609,921 (2015: 1,015,846) RSUs outstanding with a fair value of $2,500 (2015: $1,570). &nbsp;Refer to Note 8 and Note 11.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>c)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>PSUs</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The cash settled PSUs are performance-based awards for the achievement of specified performance metrics by specified deadlines, which vest in installments over a three year period.&nbsp; Any PSUs for which the performance metrics have not been achieved shall automatically be forfeited and cancelled.&nbsp; The PSUs for which the performance metrics have been achieved will vest and the PSU payment will be an amount equal to the fair market value of the Company&#146;s common share on the five trading days immediately prior to the vesting date multiplied by the number of PSUs held.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 24</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#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>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>e)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>PSUs (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During the three months ended March 31, 2016, the Company granted nil (2015: 1,236,620) PSU with a market value of CAD$nil (2015: $5,923), at the date of grant, to an executive director and officer (nil) and officers (nil), 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>During the three months ended March 31, 2016, the Company paid $961 (2015: $nil) on 247,324 (2015: nil) PSUs to an executive director and officer, and officers.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>As at March 31, 2016, a total of 989,296 (2015: 1,236,620) PSUs are outstanding with a fair value of $1,655 (2015: $1,194). Refer to Note 8 and Note 11.</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"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=336 /><TD width=24 /><TD width=100.933 /><TD width=25.067 /><TD width=112.933 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=336><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=262.933 colspan=4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>Three months ended March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=336><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=124.933 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=138 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2015</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=336><P style="margin:0px; font-size:11pt">Income attributable to equity owners</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=100.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2,578</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=112.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3,854</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=336><P style="margin:0px; font-size:11pt">Weighted average number of shares (in '000's)</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=100.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>129,333</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=112.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>128,809</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=336><P style="margin:0px; font-size:11pt">Earnings per share - basic</P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=top width=100.933><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=25.067><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=112.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.03</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; padding-left:48px; text-indent:-2px; font-size:11pt"><B><I>Diluted</I></B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt">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=336 /><TD width=24 /><TD width=102 /><TD width=26 /><TD width=112 /></TR>
<TR><TD style="margin-top:0px" valign=top width=336><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=264 colspan=4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>Three months ended March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=336><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=126 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=138 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2015</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=336><P style="margin:0px; font-size:11pt">Income attributable to equity owners</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=102><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2,578</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=26><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=112><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3,854</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=336><P style="margin:0px; font-size:11pt">Weighted average number of shares ('000's)</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=102><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>129,333</B></P>
</TD><TD style="margin-top:0px" valign=top width=26><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=112><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>128,809</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=336><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=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=102><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>571</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=26><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=112><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,148</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=336><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=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=102><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>129,904</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=26><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=112><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>129,957</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=336><P style="margin:0px; font-size:11pt">Earnings per share - diluted</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=102><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:2px solid #000000" valign=top width=26><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=112><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.03</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 25</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#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>13.</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-top:12.2px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; clear:left; float:left"><B><I>ii)</I></B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B><I>Diluted (continued)</I></B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>For the three months ended March 31, 2016, excluded from the calculation were 951,053 (2015: 49,084) anti-dilutive options with exercise prices ranging from CAD$4.79 to CAD$6.67 (2015: 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>14.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><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 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 its capital structure and adjusts 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 management of the Company believes that the capital resources of the Company as at March 31, 2016, 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 March 31, 2016, the Company is in compliance with the credit facility covenants. &nbsp;&nbsp;</P>
<P style="margin:0px" align=justify><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 period.</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>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>
<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"><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 MONTHS ENDED MARCH 31, 2016 AND 2015</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>15.</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>a)</B></P>
<P style="margin:0px; padding-left:48px; 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>
<P style="margin:0px; font-size:11pt" align=justify>During the three months ended March 31, 2016, 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: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>Assets and Liabilities Measured At Fair Value on a Recurring Basis</I></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=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 March 31, 2016</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>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:4.8px" align=right><B>64,265</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px" align=right><B>$</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>64,265</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>31,600</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>31,600</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=348><P style="margin:0px">Trade receivable from concentrate sales <SUP>1</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=108><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=102><P style="margin:0px; padding-right:4.8px" align=right><B>21,527</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>21,527</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=348><P style="margin:0px">Derivative liabilities <SUP>2</SUP></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" align=right><B>(924)</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" align=right><B>(924)</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=108><P style="margin:0px; padding-right:4.8px" align=right><B>95,865</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px" align=right><B>$</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>20,603</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>116,468</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<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. 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>
<P style="margin:0px; font-size:9pt" align=justify><SUP>2</SUP> Derivative liabilities includes interest rate swaps. The fair value of the derivative liabilities reflect observable LIBOR and thereby classified within Level 2 of the fair value hierarchy. <A NAME="OLE_LINK1"></A><A NAME="OLE_LINK2"></A><A NAME="OLE_LINK6"></A><A NAME="OLE_LINK7"></A></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 27</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 MONTHS ENDED MARCH 31, 2016 AND 2015</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>15.</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>i.</I></B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B><I>Assets and Liabilities Measured at Fair Value on a Recurring Basis (continued)</I></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=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, 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>72,218</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>72,218</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>36,031</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>36,031</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=348><P style="margin:0px">Trade receivable from concentrate sales <SUP>1</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=108><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=102><P style="margin:0px; padding-right:4.8px" align=right><B>5,172</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>5,172</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=348><P style="margin:0px">Derivative liabilities <SUP>2</SUP></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:0px">&nbsp;</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" align=right><B>(351)</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:0px">&nbsp;</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" align=right><B>(351)</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>108,249</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:4.8px" align=right><B>4,821</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=26.067><P style="margin:0px" align=right><B>$</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>113,070</B></P>
</TD></TR>
</TABLE>
<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"><B><I>Fair Value of Financial Assets and Liabilities other than Level 1</I></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=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" valign=bottom width=270><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=258 colspan=4><P style="margin:0px; padding-right:4.8px" align=center><B>March 31, 2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=252 colspan=4><P style="margin:0px; padding-right:4.8px" align=center>December 31, 2015</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=270><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px 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:1.333px 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:1.333px 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:1.333px 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>21,527</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>21,527</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right>5,172</P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>5,172</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px">Advances and other receivables <FONT style="font-size:9.5pt"><SUP>3</SUP></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right><B>1.395</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>1,395</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right>1,350</P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>1,350</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=270><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right><B>$</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>22,922</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>$</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>22,922</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right>$</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>6,522</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>$</P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>6,522</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px"><B>Financial liabilities</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px">Derivative liabilities <FONT style="font-size:9.5pt"><SUP>1</SUP></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right><B>924</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>924</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right>351</P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>351</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=270><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right><B>$</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>924</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>$</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>924</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right>$</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>351</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>351</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><SUP>1 </SUP>Derivative liabilities includes interest rate swaps. The fair value of the derivative liabilities 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 are recorded at amortized costs. The fair value of other assets are, due to its shot term nature, classified within Level 2 of the fair value hierarchy, and the balances include the current portion of other assets.</P>
<A NAME="OLE_LINK4"></A><A NAME="OLE_LINK5"></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 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 MONTHS ENDED MARCH 31, 2016 AND 2015</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>15.</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>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, 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 March 31, 2016, 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=270.067 /><TD width=21.733 /><TD width=64.533 /><TD width=39.933 /><TD width=64.533 /><TD width=21.733 /><TD width=71.867 /><TD width=21.733 /><TD width=58.6 /><TD width=39.933 /><TD width=64.533 /><TD width=21.733 /><TD width=71.867 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=284.333 colspan=6><P style="margin:0px; font-size:11pt" align=center><B>March 31, 2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=278.4 colspan=6><P style="margin:0px; font-size:11pt" align=center>December 31, 2015</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=270.067><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=86.267 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=104.467 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=93.6 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=80.333 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=104.467 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=93.6 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=270.067><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>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>11,424</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><P style="margin:0px; padding-left:9.6px; font-size:11pt">S/.</P>
</TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>1,602</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=71.867><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>29,425</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>10,023</P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><P style="margin:0px; padding-left:9.6px; font-size:11pt">S/.</P>
</TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>983</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.867><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>46,405</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.067><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=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>140</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><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>3,213</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=71.867><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>11,079</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=58.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>83</P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><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>4,035</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=71.867><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>6,805</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.067><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=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=39.933><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>2,431</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=71.867><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=58.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><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>2,663</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=71.867><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=270.067><P style="margin:0px; font-size:11pt">Deposits on long term 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=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=39.933><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=71.867><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>101,955</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=58.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><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=71.867><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>31,899</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.067><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=64.533><P style="margin:0px; font-size:11pt" align=right><B>(10,628)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><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>(11,994)</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=71.867><P style="margin:0px; padding-left:-9.6px; font-size:11pt" align=right><B>(139,119)</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=58.6><P style="margin:0px; font-size:11pt" align=right>(2,921)</P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><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>(10,931)</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=71.867><P style="margin:0px; font-size:11pt" align=right>(163,699)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.067><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=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=39.933><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>(1,523)</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=71.867><P style="margin:0px; font-size:11pt" align=right><B>(1,913)</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=58.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><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>(1,143)</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=71.867><P style="margin:0px; font-size:11pt" align=right>(2,028)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.067><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=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=39.933><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; font-size:11pt" align=right><B>(209)</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=71.867><P style="margin:0px; font-size:11pt" align=right><B>(30,769)</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=58.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><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>(15)</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=71.867><P style="margin:0px; font-size:11pt" align=right>(61,960)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.067><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=64.533><P style="margin:0px; font-size:11pt" align=right><B>(1,585)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><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=71.867><P style="margin:0px; font-size:11pt" align=right><B>(754)</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=58.6><P style="margin:0px; font-size:11pt" align=right>(4,805)</P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><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=71.867><P style="margin:0px; font-size:11pt" align=right>(754)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=270.067><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=64.533><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=39.933><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=64.533><P style="margin:0px; font-size:11pt" align=right><B>(24,079)</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=71.867><P style="margin:0px; font-size:11pt" align=right><B>(84,162)</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=58.6><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=39.933><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=64.533><P style="margin:0px; font-size:11pt" align=right>(24,475)</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=71.867><P style="margin:0px; font-size:11pt" align=right>(83,978)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=270.067><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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right><B>(649)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=39.933><P style="margin:0px; padding-left:9.6px; font-size:11pt"><B>S/.</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right><B>(30,559)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=71.867><P style="margin:0px; font-size:11pt" align=right><B>(114,258)</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>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=58.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>2,380</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=39.933><P style="margin:0px; padding-left:9.6px; font-size:11pt">S/.</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right>(28,883)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=71.867><P style="margin:0px; font-size:11pt" align=right>(227,310)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=270.067><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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right><B>(500)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=39.933><P style="margin:0px; padding-left:9.6px; font-size:11pt"><B>$</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>(9,182)</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=71.867><P style="margin:0px; font-size:11pt" align=right><B>(6,566)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=58.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>1,716</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=39.933><P style="margin:0px; padding-left:9.6px; font-size:11pt">$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right>(8,463)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=71.867><P style="margin:0px; font-size:11pt" align=right>(13,211)</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 March 31, 2016, 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 to net income before tax of $1,806 (2015: $2,217).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The sensitivity analyses in the above table should be used with caution as the results are theoretical, based on management&#146;s best assumptions using material and practicable data which may generate results that are not necessarily indicative of future performance. &nbsp;In addition, in deriving this analysis, the Company has made assumptions based on the structure and relationship of variables as at the balance sheet date which may differ due to fluctuations throughout the year with all other variables assumed to remain constant. &nbsp;Actual changes in one variable may contribute to changes in another variable, which may amplify or offset the effect on earnings.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 29</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#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>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 March 31, 2016 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; border-bottom:1px solid #000000" valign=top width=288><P style="margin:0px; padding:0px">&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>March 31, 2016</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, 2015</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>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; font-size:11pt" align=right><B>64,265</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; font-size:11pt" align=right>72,218</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>31,600</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>36,031</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>23,508</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>7,068</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>729</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>780</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=132><P style="margin:0px; font-size:11pt" align=right><B>120,102</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</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>116,097</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><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 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"><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>
<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 MONTHS ENDED MARCH 31, 2016 AND 2015</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>15.</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" align=justify><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" 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-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=center><B>Expected payments due by period as at March 31, 2016</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>40,012</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>40,012</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>40,000</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>40,000</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>924</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>924</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>1,831</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>1,831</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>1,395</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>2,916</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>4,311</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>511</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>474</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>985</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>562</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>900</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>1,196</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>11,113</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>13,771</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>45,235</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</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>44,290</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=72.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,196</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=18.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</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>11,113</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>101,834</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;Refer to Note 17. 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 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>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 $5 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 $40 million interest rate swap, effective for April 1, 2015 as a cash flow hedge to the credit facility (refer to Note 10 and Note 15. d)). &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 31</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#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>15.</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 $248, $192, $6,976, $673, 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 three months ended March 31, 2016, the impact of price adjustments was an income of $1,233 (2015: income $345).</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>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 months ended March 31, 2016 and 2015 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 32</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 MONTHS ENDED MARCH 31, 2016 AND 2015</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>16.</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=318 /><TD width=25.8 /><TD width=73.667 /><TD width=29.733 /><TD width=65.667 /><TD width=29.6 /><TD width=72.2 /><TD width=28 /><TD width=64.067 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=318><P style="margin:0px"><B>Reportable Segments</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top 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=top width=29.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.667><P style="margin:0px" align=right><B>Bateas</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=29.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top 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=top width=28><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.067><P style="margin:0px" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-right:4.8px"><B>Three months ended March 31, 2016</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><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=25.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right><B>14,829</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>27,863</B></P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right><B>42,692</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><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=25.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>27,863</B></P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right><B>27,863</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><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=25.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right><B>10,161</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right><B>10,161</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><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=25.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right><B>4,668</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right><B>4,668</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px"><B>Cost of sales*</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right><B>11,313</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>15,825</B></P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right><B>27,138</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px"><B>Depletion, depreciation and amortization**</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right><B>87</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right><B>1,817</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>4,355</B></P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right><B>6,259</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px"><B>Selling, general and administrative expenses*</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right><B>7,887</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right><B>590</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>1,255</B></P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right><B>9,732</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px"><B>Exploration and evaluation costs</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right><B>62</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>38</B></P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right><B>100</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px"><B>Foreign exchange (gain) loss</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px" align=right><B>(545)</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px" align=right><B>(3)</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>165</B></P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px" align=right><B>(383)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px"><B>Interest income</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right><B>39</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right><B>32</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>7</B></P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right><B>78</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px"><B>Interest expense</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right><B>428</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right><B>97</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>69</B></P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-left:-9.6px; padding-right:4.8px" align=right><B>594</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px"><B>(Loss) income before tax</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:0.933px" align=right><B>(7,793)</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right><B>2,864</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>10,518</B></P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right><B>5,589</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px"><B>Current income tax</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right><B>70</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right><B>774</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>3,099</B></P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right><B>3,943</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px"><B>Deferred income tax</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px" align=right><B>(73)</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px" align=right><B>(496)</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px" align=right><B>(363)</B></P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px" align=right><B>(932)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px"><B>Income taxes</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px" align=right><B>(3)</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right><B>278</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>2,736</B></P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right><B>3,011</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px"><B>(Loss) income for the period</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px" align=right><B>(7,791)</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right><B>2,586</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>7,783</B></P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right><B>2,578</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px"><B>Capital expenditures***</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right><B>2</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right><B>1,808</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>14,305</B></P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right><B>16,115</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=318 /><TD width=25.8 /><TD width=73.667 /><TD width=29.733 /><TD width=65.667 /><TD width=29.6 /><TD width=72.2 /><TD width=28 /><TD width=64.067 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=318><P style="margin:0px"><B>Reportable Segments</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top 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=top width=29.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.667><P style="margin:0px" align=right><B>Bateas</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=29.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top 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=top width=28><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.067><P style="margin:0px" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-right:4.8px">Three months ended March 31, 2015</P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><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=25.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right>14,604</P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right>25,200</P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right>39,804</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><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=25.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right>25,200</P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right>25,200</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><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=25.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right>10,617</P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right>10,617</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:28.8px; padding-right:4.8px">Zinc concentrates</P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right>3,987</P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right>3,987</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px">Cost of sales*</P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right>11,901</P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right>15,322</P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right>27,223</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px">Depletion, depreciation and amortization**</P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right>334</P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right>2,084</P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right>3,992</P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right>6,410</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px">Selling, general and administrative expenses*</P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right>3,747</P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right>612</P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right>1,130</P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right>5,489</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px">Foreign exchange (gain) loss</P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px" align=right>(522)</P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right>78</P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px" align=right>(470)</P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px" align=right>(914)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px">Interest income</P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right>29</P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right>35</P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right>33</P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right>97</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px">Interest expense</P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right>97</P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right>70</P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px" align=right>(279)</P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px" align=right>(112)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px">(Loss) income before tax</P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:0.933px" align=right>(3,338)</P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right>1,978</P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right>9,530</P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right>8,170</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px">Current income tax</P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right>44</P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right>976</P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right>2,580</P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right>3,600</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px">Deferred income tax</P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px" align=right>(31)</P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right>549</P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right>198</P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right>716</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px">Income taxes</P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right>14</P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right>1,524</P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right>2,778</P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right>4,316</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px">(Loss) income for the period</P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:0.933px" align=right>(3,351)</P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right>453</P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right>6,752</P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right>3,854</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding-left:16.8px; padding-right:4.8px">Capital expenditures***</P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding-right:4.8px" align=right>14</P>
</TD><TD style="margin-top:0px" valign=top width=29.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.667><P style="margin:0px; padding-right:4.8px" align=right>1,229</P>
</TD><TD style="margin-top:0px" valign=top width=29.6><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=72.2><P style="margin:0px; padding-right:4.8px" align=right>4,833</P>
</TD><TD style="margin-top:0px" valign=top width=28><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.067><P style="margin:0px; padding-right:4.8px" align=right>6,076</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:24px; font-size:9.5pt">* cost of sales and selling, general and administrative expenses includes depletion, depreciation and amortization</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 33</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 MONTHS ENDED MARCH 31, 2016 AND 2015</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>16.</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 March 31, 2016</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>338</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=29.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.8><P style="margin:0px; padding-right:4.8px" align=right><B>43,656</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=29.667><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>209,730</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=71.933><P style="margin:0px; padding-right:4.8px" align=right><B>253,724</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=286.867><P style="margin:0px; padding-left:16.8px; padding-right:4.8px"><B>Total assets</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=25.867><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=73.667><P style="margin:0px; padding-right:4.8px" align=right><B>49,991</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=29.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.8><P style="margin:0px; padding-right:4.8px" align=right><B>90,259</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=29.667><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>251,915</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=71.933><P style="margin:0px; padding-right:4.8px" align=right><B>392,165</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=286.867><P style="margin:0px; padding-left:16.8px; padding-right:4.8px"><B>Total liabilities</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=25.867><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=73.667><P style="margin:0px; padding-right:4.8px" align=right><B>52,840</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=29.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.8><P style="margin:0px; padding-right:4.8px" align=right><B>18,617</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=29.667><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>52,516</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=71.933><P style="margin:0px; padding-right:4.8px" align=right><B>123,973</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=286.867><P style="margin:0px; padding-right:4.8px">As at December 31, 2015</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=29.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=29.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=71.933><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=286.867><P style="margin:0px; padding-left:16.8px; padding-right:4.8px">Mineral properties, plant and equipment</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.867><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=73.667><P style="margin:0px; padding-right:4.8px" align=right>371</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=75.8><P style="margin:0px; padding-right:4.8px" align=right>42,072</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.667><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.2><P style="margin:0px; padding-right:4.8px" align=right>199,960</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.067><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.933><P style="margin:0px; padding-right:4.8px" align=right>242,403</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=286.867><P style="margin:0px; padding-left:16.8px; padding-right:4.8px">Total assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.867><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=73.667><P style="margin:0px; padding-right:4.8px" align=right>51,061</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=75.8><P style="margin:0px; padding-right:4.8px" align=right>86,159</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.667><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.2><P style="margin:0px; padding-right:4.8px" align=right>242,434</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.067><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.933><P style="margin:0px; padding-right:4.8px" align=right>379,654</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=286.867><P style="margin:0px; padding-left:16.8px; padding-right:4.8px">Total liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.867><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=73.667><P style="margin:0px; padding-right:4.8px" align=right>47,681</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=75.8><P style="margin:0px; padding-right:4.8px" align=right>17,015</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.667><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.2><P style="margin:0px; padding-right:4.8px" align=right>50,790</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>115,486</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The segment information by geographical region for the three months ended March 31, 2016 and 2015 are 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=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 March 31, 2016</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>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right><B>14,829</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right><B>27,863</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right><B>42,692</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:28.8px; padding-right:4.8px"><B>Silver-gold concentrates</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right><B>$</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>27,863</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right><B>27,863</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:28.8px; padding-right:4.8px"><B>Silver-lead concentrates</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right><B>$</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>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right><B>10,161</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right><B>$</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>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right><B>10,161</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:28.8px; padding-right:4.8px"><B>Zinc concentrates</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right><B>$</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>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right><B>4,668</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right><B>$</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>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right><B>4,668</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-right:4.8px">Three months ended March 31, 2015</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:16.8px; padding-right:4.8px">Sales to external customers by product</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right>$</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>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right>14,604</P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right>25,200</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right>39,804</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:28.8px; padding-right:4.8px">Silver-gold concentrates</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right>$</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>25,200</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right>25,200</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:28.8px; padding-right:4.8px">Silver-lead concentrates</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right>$</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>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right>10,617</P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right>$</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>$</P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right>10,617</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:28.8px; padding-right:4.8px">Zinc concentrates</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right>$</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>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right>3,987</P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right>$</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>3,987</P>
</TD></TR>
</TABLE>
<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=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: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 March 31, 2016</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>1,851</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right><B>43,907</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right><B>214,242</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right><B>260,000</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:-1.2px; padding-right:4.8px">As at December 31, 2015</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:28.8px; padding-right:4.8px">Non current assets</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding-right:4.8px" align=right>1,897</P>
</TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right>42,561</P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right>206,661</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right>251,119</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 34</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#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>16.</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>
<P style="margin:0px; font-size:11pt" align=justify>For the three months ended March 31, 2016, there were four (2015: six) customers, respectively, represented 100% of total sales to external customers 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=138 /><TD width=35.6 /><TD width=72.4 /><TD width=72 /><TD width=3.667 /><TD width=22.733 /><TD width=75.6 /><TD width=66 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; font-size:11pt" align=center><B>External Sales</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>by Customer</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=348 colspan=7><P style="margin:0px; font-size:11pt" align=center><B>Three months ended March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=138><P style="margin:0px; font-size:11pt" align=center><B>and Region</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=183.667 colspan=4><P style="margin:0px; font-size:11pt" align=center><B>2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=164.333 colspan=3><P style="margin:0px; font-size:11pt" align=center>2015</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; font-size:11pt" align=right>Customer &nbsp;&nbsp;1</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.6><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>10,366</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-size:11pt" align=right><B>70%</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.4 colspan=2><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=75.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>10,617</P>
</TD><TD style="margin-top:0px" valign=bottom width=66><P style="margin:0px; font-size:11pt" align=right>73%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; font-size:11pt" align=right>Customer &nbsp;&nbsp;2</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.4><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=72><P style="margin:0px; font-size:11pt" align=right><B>0%</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.4 colspan=2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.6><P style="margin:0px; font-size:11pt" align=right>(11)</P>
</TD><TD style="margin-top:0px" valign=bottom width=66><P style="margin:0px; font-size:11pt" align=right>0%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; font-size:11pt" align=right>Customer &nbsp;&nbsp;3</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.4><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=72><P style="margin:0px; font-size:11pt" align=right><B>0%</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.4 colspan=2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.6><P style="margin:0px; font-size:11pt" align=right>(18)</P>
</TD><TD style="margin-top:0px" valign=bottom width=66><P style="margin:0px; font-size:11pt" align=right>0%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; font-size:11pt" align=right>Customer &nbsp;&nbsp;4</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.4><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=72><P style="margin:0px; font-size:11pt" align=right><B>0%</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.4 colspan=2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4,016</P>
</TD><TD style="margin-top:0px" valign=bottom width=66><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=bottom width=138><P style="margin:0px; font-size:11pt" align=right>Customer &nbsp;&nbsp;5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=35.6><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=72.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>4,463</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><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=bottom width=26.4 colspan=2><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=75.6><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=66><P style="margin:0px; font-size:11pt" align=right>0%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=138><P style="margin:0px; padding-right:10.933px; font-size:11pt" align=right>Bateas/Peru</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=35.6><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=72.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>14,829</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=72><P style="margin:0px; font-size:11pt" align=right><B>100%</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=26.4 colspan=2><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=75.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>14,604</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=66><P style="margin:0px; font-size:11pt" align=right>100%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=138><P style="margin:0px; padding-right:10.933px; font-size:11pt" align=right>% of total sales</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=35.6><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=72.4><P style="margin:0px; font-size:11pt" align=right><B>35%</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=72><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=26.4 colspan=2><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=75.6><P style="margin:0px; font-size:11pt" align=right>37%</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=66><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; font-size:11pt" align=right>Customer &nbsp;&nbsp;1</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.6><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>14,804</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-size:11pt" align=right><B>53%</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.4 colspan=2><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=75.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>25,105</P>
</TD><TD style="margin-top:0px" valign=bottom width=66><P style="margin:0px; font-size:11pt" align=right>100%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=138><P style="margin:0px; font-size:11pt" align=right>Customer &nbsp;&nbsp;2</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=35.6><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=72.4><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=72><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=bottom width=26.4 colspan=2><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=75.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>95</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=66><P style="margin:0px; font-size:11pt" align=right>0%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=138><P style="margin:0px; font-size:11pt" align=right>Customer &nbsp;&nbsp;3</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=35.6><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=72.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>13,059</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-size:11pt" align=right><B>47%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=26.4 colspan=2><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=75.6><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=66><P style="margin:0px; font-size:11pt" align=right>0%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=138><P style="margin:0px; padding-right:10.933px; font-size:11pt" align=right>Cuzcatlan/Mexico</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=35.6><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>27,863</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-size:11pt" align=right><B>100%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=26.4 colspan=2><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>25,200</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=66><P style="margin:0px; font-size:11pt" align=right>100%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=138><P style="margin:0px; padding-right:10.933px; font-size:11pt" align=right>% of total sales</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=35.6><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=72.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>65%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><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=26.4 colspan=2><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=75.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>63%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=66><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=bottom width=138><P style="margin:0px; padding-right:10.933px; font-size:11pt" align=right>Consolidated</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=35.6><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=72.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>42,692</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=72><P style="margin:0px; font-size:11pt" align=right><B>100%</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=26.4 colspan=2><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=75.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>39,804</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=66><P style="margin:0px; font-size:11pt" align=right>100%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=138><P style="margin:0px; padding-right:10.933px; font-size:11pt" align=right>% of total sales</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=35.6><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=72.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>100%</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=72><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=26.4 colspan=2><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=75.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>100%</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=66><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><A NAME="_Toc234655853"></A></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>17.</B></P>
<P style="margin:0px; padding-left:48px; 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 updated in August 2015, with total closure costs of $7,770, consisting of progressive closure activities of $3,604, final closure activities of $3,594, and post-closure activities of $573. Under the rules of closure, for the purpose of determining the annual financial collateral in the form of a letter of guarantee the final closure and post-closure activities constitute one amount of $4,166, the same to be allocated annually constituting the following guarantees by year: 2016, $2,495; 2017, $3,179; 2018, $3,908; 2019, $4,705; and 2020, $5,641, according to the approved life in the study of mine closure.</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 $2,495 (2015: $2,495), 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, 2016.</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 $3 (2015: $3), on behalf of Bateas, in favor of the Peruvian Energy and Mining Ministry to collateralize Bateas&#146;s regulatory compliance with an electric transmission line project. This bank letter of guarantee expires on November 30, 2016. &nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 35</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#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>17.</B></P>
<P style="margin:0px; 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>a)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Bank Letter of Guarantee (continued)</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">Scotiabank Peru, a third party, has established a bank letter of guarantee in the amount of $55 (2015: $55), 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">&nbsp;&nbsp;</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" align=center>&nbsp;</P>
<P style="margin:0px; font-size:11pt" align=justify>As at March 31, 2016, $3,970 of capital commitments not disclosed elsewhere in the financial statements, and forecasted to be expended within one year, included $500 for the dry stack tailing dam and $3,083 for the plant expansion at the San Jose property, and $54 for an energy improvement project and $333 for the plant expansion at the Caylloma 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 5,200 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 which 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 $30 per month, and the average monthly charge for 2016 is $300. &nbsp;</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Operating leases includes leases for office premises and for computer and other equipment used in the normal course of business. &nbsp;Refer to Note 15. d).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt">As at March 31, 2016, the expected payments due by period are as follows: </P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 36</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#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>17.</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"><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=108 /><TD width=18.933 /><TD width=113.067 /><TD width=22.8 /><TD width=121.2 /></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=402 colspan=6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center><B>Expected payments due by period as at March 31, 2016</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=126 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=132 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=144 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>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>66</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=113.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>200</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=121.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>266</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=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>337</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=113.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>56</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=121.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>393</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=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>7</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=113.067><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=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=121.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>7</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=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>410</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=113.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>256</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=121.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>666</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=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>98</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=113.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;29</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=121.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>127</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=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3</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=113.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;130</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=121.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>133</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>101</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=113.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;159</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=121.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>260</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Machinery &#150; Mexico</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=113.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;59</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=121.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>59</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Total machinery</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=108><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;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=113.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;59</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=121.2><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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>511</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=113.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;474</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=121.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>985</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>d)</B></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt"><B>Tax Contingencies </B></P>
<P style="margin:0px; font-size:11pt; clear:left"><B>&nbsp;</B></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 and 2011 in the amounts of $1,043 and $664, respectively, for a total of $1,707. The Company is appealing the assessments and believes that the appeal will favor the Company. The Company has provided a guarantee by way of a letter bond in the amount of $792. This bank letter of guarantee expires on September 8, 2016. &nbsp;</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During 2015, the Company&#146;s foreign trade operations for tax years 2011 to 2014 were under review by the Mexican Tax Administration Service (SAT) and facing an administrative customs procedure (PAMA) for specific temporary&nbsp;import documents (pediments). On October 27, 2015, SAT issued a resolution regarding the Company&#146;s foreign trade operations for tax years 2011 to 2014. SAT denied certain claims, resulting in assessments (i) of updated and surcharge taxes, including a&nbsp;$26&nbsp;general import tax, a $78 VAT, and a $4 custom management tax, and (ii) of fines of $64,&nbsp;for a total of $172&nbsp;(the &#147;tax credit&#148;).&nbsp;On December 11, 2015, the Company&nbsp;established a security bond through Afianzadora Sofimex S.A. in the amount of $211 in favor of PAMA to collateralize the tax credit of $172.&nbsp;This security bond has to be updated on December 10, 2016.&nbsp;On&nbsp;January 21, 2016, the Company presented its arguments before the Mexican Federal Court for the nullification and voidance of the tax credit (the &#147;Company claim&#148;). The Company claim is expected to be resolved by May 31, 2017.</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>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. 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. Certain conditions may exist as of the date the financial statements are issued that may result in a loss to the Company. In the opinion of management, none of these matters is 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 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 MONTHS ENDED MARCH 31, 2016 AND 2015</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>18.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Cost of Sales</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt">The cost of sales for the three months ended March 31, 2016 and 2015 are comprised of the following:</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=187.2 /><TD width=84 /><TD width=90 /><TD width=84 /><TD width=16.2 /><TD width=85.8 /><TD width=84 /><TD width=78 /></TR>
<TR><TD style="margin-top:0px" valign=top width=187.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=522 colspan=7><P style="margin:0px; font-size:11pt" align=center><B>Three months ended March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=187.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=258 colspan=3><P style="margin:0px; font-size:11pt" align=center><B>2016</B></P>
</TD><TD style="margin-top:0px" valign=top width=16.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=247.8 colspan=3><P style="margin:0px; font-size:11pt" align=center>2015</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=187.2><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=84><P style="margin:0px; font-size:11pt" align=right><B>Caylloma</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><B>San Jose</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px; font-size:11pt" align=right><B>Total</B></P>
</TD><TD style="margin-top:0px" valign=top width=16.2><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=85.8><P style="margin:0px; font-size:11pt" align=right>Caylloma</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px; font-size:11pt" align=right>San Jose</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>Total</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=187.2><P style="margin:0px; font-size:11pt">Direct mining costs<SUP>1</SUP></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;9,145</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;10,527</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;19,672</B></P>
</TD><TD style="margin-top:0px" valign=top width=16.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=85.8><P style="margin:0px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,415</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;10,697</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:11pt" align=right>$ &nbsp;&nbsp;20,112</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=187.2><P style="margin:0px; font-size:11pt">Workers&#146; participation</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; font-size:11pt" align=right><B>173</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:11pt" align=right><B>717</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; font-size:11pt" align=right><B>890</B></P>
</TD><TD style="margin-top:0px" valign=top width=16.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=85.8><P style="margin:0px; font-size:11pt" align=right>226</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; font-size:11pt" align=right>557</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:11pt" align=right>783</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=187.2><P style="margin:0px; font-size:11pt">Depletion and depreciation</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; font-size:11pt" align=right><B>1,811</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:11pt" align=right><B>4,304</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; font-size:11pt" align=right><B>6,115</B></P>
</TD><TD style="margin-top:0px" valign=top width=16.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=85.8><P style="margin:0px; font-size:11pt" align=right>2,075</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; font-size:11pt" align=right>3,945</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:11pt" align=right>6,020</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=187.2><P style="margin:0px; font-size:11pt">Royalty expenses</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=84><P style="margin:0px; font-size:11pt" align=right><B>184</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=90><P style="margin:0px; font-size:11pt" align=right><B>277</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=84><P style="margin:0px; font-size:11pt" align=right><B>461</B></P>
</TD><TD style="margin-top:0px" valign=top width=16.2><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=85.8><P style="margin:0px; font-size:11pt" align=right>185</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=84><P style="margin:0px; font-size:11pt" align=right>123</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>308</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=187.2><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=84><P style="margin:0px; font-size:11pt" align=right><B>$ &nbsp;11,313</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><B>$ &nbsp;&nbsp;&nbsp;15,825</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;27,138</B></P>
</TD><TD style="margin-top:0px" valign=top width=16.2><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=85.8><P style="margin:0px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;11,901</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;15,322</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>$ &nbsp;&nbsp;27,223</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><SUP>1 </SUP>Direct mining costs includes salaries and other short term benefits, contractor charges, energy, consumables and production related costs.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>19.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Subsequent event up to May 9, 2016</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Subsequent to May 9, 2016, 594,518 share purchase options, with an exercise prices ranging from CAD$1.55 to CAD$4.30, were exercised resulting in issued and outstanding shares of 130,575,395. </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>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>fortunaq12016_mda.htm
<DESCRIPTION>MANAGEMENT DISCUSSION AND ANALYSIS
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<TITLE>Management Discussion and Analysis</TITLE>
<META NAME="author" CONTENT="Grace Soo">
<META NAME="date" CONTENT="05/22/2016">
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<P style="margin:0px" align=center><img src="fortunaq12016_mda001.jpg" alt="[fortunaq12016_mda001.jpg]" align=middle height=107.933 width=891.867></P>
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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>FIRST QUARTER ENDED MARCH 31, 2016</B></P>
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<A NAME="_Toc320024892"></A><P style="margin:0px; font-size:11pt" align=center><B><I>As of May 9, 2016</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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<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>
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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 first quarter ended March 31, 2016</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 May 9, 2016 and should be read in conjunction with the Company&#146;s audited consolidated financial statements for the year ended December 31, 2015, its unaudited condensed interim consolidated financial statements for the three month period ended March 31, 2016 (&#147;Q1 2016&#148;), and the related notes contained therein. 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 (loss) income; operating cash flow per share before changes in working capital, income taxes, and interest income; and adjusted 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;GAAP&#148; or &#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" align=justify><BR></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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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=85.2 /></TR>
<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=85.2><P style="margin:0px; font-size:11pt" align=right><B>Page</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; font-size:11pt" align=justify>Business of the Company</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=85.2><P style="margin:0px; font-size:11pt" align=right>2</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=justify>First Quarter 2016 Highlights</P>
</TD><TD style="margin-top:0px" valign=top width=85.2><P style="margin:0px; font-size:11pt" align=right>2</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; font-size:11pt" align=justify>Results of Operations</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=85.2><P style="margin:0px; font-size:11pt" align=right>5</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=justify>Quarterly Information</P>
</TD><TD style="margin-top:0px" valign=top width=85.2><P style="margin:0px; font-size:11pt" align=right>10</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; font-size:11pt" align=justify>First Quarter 2016 Financial Results</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=85.2><P style="margin:0px; font-size:11pt" align=right>11</P>
</TD></TR>
<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=85.2><P style="margin:0px; font-size:11pt" align=right>15</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; font-size:11pt" align=justify>First Quarter 2016 Liquidity and Capital Resources</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=85.2><P style="margin:0px; font-size:11pt" align=right>22</P>
</TD></TR>
<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=85.2><P style="margin:0px; font-size:11pt" align=right>27</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" 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:#E2EFD9" valign=top width=85.2><P style="margin:0px; font-size:11pt" align=right>28</P>
</TD></TR>
<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=85.2><P style="margin:0px; font-size:11pt" align=right>28</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" 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:#E2EFD9" valign=top width=85.2><P style="margin:0px; font-size:11pt" align=right>30</P>
</TD></TR>
<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=85.2><P style="margin:0px; font-size:11pt" align=right>34</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; font-size:11pt" align=justify>New Accounting Standards</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=85.2><P style="margin:0px; font-size:11pt" align=right>35</P>
</TD></TR>
<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=85.2><P style="margin:0px; font-size:11pt" align=right>36</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" 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:#E2EFD9" valign=top width=85.2><P style="margin:0px; font-size:11pt" align=right>36</P>
</TD></TR>
<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=85.2><P style="margin:0px; font-size:11pt" align=right>36</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" valign=top><P style="margin:0px; font-size:11pt" align=justify>Controls and Procedures</P>
</TD><TD style="margin-top:0px; background-color:#E2EFD9" valign=top width=85.2><P style="margin:0px; font-size:11pt" align=right>36</P>
</TD></TR>
<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=85.2><P style="margin:0px; font-size:11pt" align=right>37</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E2EFD9" 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:#E2EFD9" valign=top width=85.2><P style="margin:0px; font-size:11pt" align=right>37</P>
</TD></TR>
<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=85.2><P style="margin:0px; font-size:11pt" align=right>39</P>
</TD></TR>
</TABLE>
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<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 - 1</P>
</TD></TR>
</TABLE>
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<A NAME="_Toc368568745"></A><A NAME="_Toc446582380"></A><P style="margin:0px"><BR></P>
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<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>
<P style="margin:0px" align=justify><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" align=justify><BR></P>
<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 S.A. de C.V. (&#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 C.V. (&#147;FS Mexico&#148;). &nbsp;</P>
<A NAME="_Toc320024895"></A><A NAME="_Toc368569070"></A><A NAME="_Toc371684179"></A><P style="margin:0px"><BR></P>
<A NAME="_Toc413144268"></A><A NAME="_Toc446582381"></A><P style="margin:0px; font-size:11pt" align=justify><B>First Quarter 2016 Highlights</B></P>
<A NAME="_Toc348541880"></A><A NAME="_Toc348542085"></A><A NAME="_Toc348683667"></A><A NAME="_Toc349913898"></A><A NAME="_Toc349914007"></A><A NAME="_Toc350798625"></A><A NAME="_Toc371684180"></A><A NAME="_Toc378159793"></A><A NAME="_Toc381104603"></A><A NAME="_Toc381860529"></A><A NAME="_Toc383009019"></A><A NAME="_Toc385428674"></A><A NAME="_Toc385839421"></A><A NAME="_Toc385839654"></A><A NAME="_Toc386114558"></A><A NAME="_Toc386786114"></A><A NAME="_Toc393288576"></A><A NAME="_Toc394053750"></A><A NAME="_Toc400629690"></A><A NAME="_Toc401565725"></A><A NAME="_Toc402534267"></A><A NAME="_Toc403134060"></A><A NAME="_Toc409778850"></A><A NAME="_Toc410385109"></A><A NAME="_Toc411844254"></A><A NAME="_Toc413144269"></A><P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc435536073"></A><A NAME="_Toc435536268"></A><A NAME="_Toc442993616"></A><A NAME="_Toc443409357"></A><A NAME="_Toc445985542"></A><A NAME="_Toc445997532"></A><A NAME="_Toc446582382"></A><P style="margin:0px; font-size:11pt" align=justify><I>Financial and Operating Highlights</I></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Net income for the first quarter ended March 31, 2016 (&#147;Q1 2016&#148;), amounted to $2.6 million, compared with $3.9 million net income for the first quarter ended March 31, 2015 (&#147;Q1 2015&#148;), resulting in basic earnings per share of $0.02 (Q1 2015: $0.03). </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 (refer to non-GAAP financial measures), increased 86% to $9.9 million (Q1 2015: $5.3 million) from the same period in the prior year, reflecting stronger operating results and a decrease of $4.0 million in income taxes paid. Operating cash flow per share, before changes in working capital items, increased to $0.08 (Q1 2015: $0.04) (refer to non-GAAP financial measures). Cash and cash equivalents and short-term investments decreased $12.3 million (11%) to $95.9 million (December 31, 2015: $108.2 million). </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Silver sold increased 2% to 1,650,229 (Q1 2015: 1,624,326) ounces, while the realized silver price on provisional sales decreased 10% to $14.95 per ounce from the same period in the prior year. Gold sold decreased 4% to 9,241 ounces, while the realized gold price on provisional sales decreased 1% to $1,199.77 per ounce. &nbsp;Sales comprised 54% silver and 23% gold, compared with 61% and 23%, respectively, in the same period in the prior year.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Silver production marginally decreased to 1,617,396 ounces (Q1 2015: 1,633,169 ounces), and gold production decreased 5% to 9,264 ounces (Q1 2015: 9,739 ounces). </P>
<P style="margin:0px" align=justify><BR></P>
<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 $9.39 and below our annual guidance of $11.1 for 2016 (refer to non-GAAP financial measures).</P>
<P style="margin:0px" align=justify><BR></P>
<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 $8.71 and below our annual guidance of $9.1 for 2016 (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 - 2</P>
</TD></TR>
</TABLE>
<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; font-size:11pt" align=justify>Caylloma&#146;s all-in sustaining cash cost per payable ounce of silver, net of by-product credits, was $5.11 and below our annual guidance of $12.5 for 2016 (refer to non-GAAP financial measures).</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc412795349"></A><A NAME="_Toc413240200"></A><A NAME="_Toc417402214"></A><A NAME="_Toc417896462"></A><A NAME="_Toc446582383"></A><P style="margin:0px; font-size:11pt" align=justify><I>2016 Mineral Reserve and Mineral Resource Update</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>On March 24, 2016, the Company released updated Mineral Reserve and Mineral Resource estimates as of December 31, 2015 for the Caylloma Mine located in Arequipa, Peru and for the San Jose Mine located in Oaxaca, Mexico.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><B><I>Highlights of Reserve and Resource Update</I></B></P>
<P style="margin:0px" 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>Combined Proven and Probable Reserves for Caylloma and San Jose are reported at 5.8 Mt containing 35.9 Moz silver and 229.2 koz gold, representing year-over-year decreases of 13 percent in contained silver ounces and 9 percent in contained gold ounces</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>Combined Inferred Resources for Caylloma and San Jose are reported at 10.0 Mt containing an estimated 69.3 Moz silver and 404.6 koz gold, reflecting year-over-year decreases of 10 percent in contained silver ounces and 16 percent in contained gold ounces</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>Proven and Probable Reserves for San Jose are reported at 3.8 Mt containing 28.2 Moz silver and 210 koz gold. &nbsp;There is no variation for silver and a 4 percent decrease in contained gold ounces with respect to 2014.</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>Proven and Probable Reserves for Caylloma are reported at 2 Mt containing 7.7 Moz silver. This represents a year-over-year decrease of 41 percent in contained silver ounces.</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=169 /><TD width=149 /><TD width=72 /><TD width=60 /><TD width=54 /><TD width=66 /><TD width=66 /><TD width=72 /><TD width=66 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border:1px solid #000000" width=636 colspan=7><P style="margin:0px; padding-left:2.867px; font-size:11pt" align=justify><B>Mineral Reserves - Proven and Probable</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=138 colspan=2><P style="margin:0px; font-size:11pt" align=center><B>Contained Metal</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=169><P style="margin:0px; padding-left:2.867px; font-size:11pt" align=center><B>Property</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=149><P style="margin:0px; font-size:11pt" align=center><B>Classification</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; font-size:11pt" align=center><B>Tonnes</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(000)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=60><P style="margin:0px; font-size:11pt" align=center><B>Ag</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(g/t)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=54><P style="margin:0px; font-size:11pt" align=center><B>Au</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(g/t)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; font-size:11pt" align=center><B>Pb</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(%)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; font-size:11pt" align=center><B>Zn</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(%)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; font-size:11pt" align=center><B>Ag</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(Moz)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; font-size:11pt" align=center><B>Au</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(koz)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=169><P style="margin:0px; padding-left:2.867px; font-size:11pt">Caylloma Mine, Peru</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=149><P style="margin:0px; padding-left:2.867px; font-size:11pt" align=justify>Proven</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>254</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=60><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>138</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=54><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>0.47</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>2.05</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>2.34</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>1.1</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>3.8</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=169><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=149><P style="margin:0px; padding-left:2.867px; font-size:11pt" align=justify>Probable</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>1,724</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=60><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>119</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=54><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>0.28</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>2.95</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>3.73</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>6.6</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>15.4</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=169><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=149><P style="margin:0px; padding-left:2.867px; font-size:11pt" align=justify>Proven + Probable</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>1,979</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=60><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>121</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=54><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>0.30</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>2.83</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>3.55</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>7.7</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>19.3</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=169><P style="margin:0px; padding-left:2.867px; font-size:11pt">San Jose Mine, Mexico</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=149><P style="margin:0px; padding-left:2.867px; font-size:11pt" align=justify>Proven</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>282</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=60><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>237</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=54><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>1.84</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>2.1</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>16.7</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=169><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=149><P style="margin:0px; padding-left:2.867px; font-size:11pt" align=justify>Probable</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>3,498</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=60><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>232</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=54><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>1.72</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>26.0</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>193.3</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=169><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=149><P style="margin:0px; padding-left:2.867px; font-size:11pt" align=justify>Proven + Probable</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>3,780</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=60><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>232</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=54><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>1.73</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>28.2</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>209.9</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=169><P style="margin:0px; padding-left:2.867px; font-size:11pt" align=justify><B>Total</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=149><P style="margin:0px; padding-left:2.867px; font-size:11pt" align=justify><B>Proven + Probable</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right><B>5,759</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=60><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right><B>194</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=54><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right><B>1.24</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right><B>N/A</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right><B>N/A</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right><B>35.9</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right><B>229.2</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>Management&#146;s Discussion and Analysis Page - 3</P>
</TD></TR>
</TABLE>
<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><TR height=0 style="font-size:0"><TD width=168 /><TD width=150 /><TD width=72 /><TD width=57.133 /><TD width=56.867 /><TD width=66 /><TD width=66 /><TD width=72 /><TD width=66 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-top:1px solid #000000; border-bottom:1px solid #000000" width=390 colspan=3><P style="margin:0px; padding-left:2.867px; font-size:11pt" align=justify><B>Mineral Resources - Measured and Indicated</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1px solid #000000" width=57.133><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1px solid #000000" width=56.867><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=138 colspan=2><P style="margin:0px; font-size:11pt" align=center><B>Contained Metal</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=168><P style="margin:0px; font-size:11pt" align=center><B>Property</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=150><P style="margin:0px; font-size:11pt" align=center><B>Classification</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; font-size:11pt" align=center><B>Tonnes</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(000)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=57.133><P style="margin:0px; font-size:11pt" align=center><B>Ag</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(g/t)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=56.867><P style="margin:0px; font-size:11pt" align=center><B>Au</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(g/t)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; font-size:11pt" align=center><B>Pb</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(%)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; font-size:11pt" align=center><B>Zn</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(%)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; font-size:11pt" align=center><B>Ag</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(Moz)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; font-size:11pt" align=center><B>Au</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(koz)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=168><P style="margin:0px; padding-left:2.867px; font-size:11pt">Caylloma Mine, Peru</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=150><P style="margin:0px; padding-left:2.867px; font-size:11pt">Measured</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>582</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=57.133><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>82</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=56.867><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>0.36</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>1.11</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>2.16</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>1.5</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>6.7</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=168><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=150><P style="margin:0px; padding-left:2.867px; font-size:11pt">Indicated</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>1,269</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=57.133><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>84</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=56.867><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>0.31</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>1.14</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>2.10</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>3.4</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>12.7</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=168><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=150><P style="margin:0px; padding-left:2.867px; font-size:11pt">Measured + Indicated</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>1,851</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=57.133><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>84</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=56.867><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>0.32</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>1.13</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>2.12</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>5.0</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>19.3</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=168><P style="margin:0px; padding-left:2.867px; font-size:11pt">San Jose Mine, Mexico</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=150><P style="margin:0px; padding-left:2.867px; font-size:11pt">Measured</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>64</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=57.133><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>89</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=56.867><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>0.71</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>0.2</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>1.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=168><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=150><P style="margin:0px; padding-left:2.867px; font-size:11pt">Indicated</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>780</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=57.133><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>84</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=56.867><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>0.72</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>2.1</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>18.1</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=168><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=150><P style="margin:0px; padding-left:2.867px; font-size:11pt">Measured + Indicated</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>844</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=57.133><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>84</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=56.867><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>0.72</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>2.3</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>19.6</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=168><P style="margin:0px; padding-left:2.867px; font-size:11pt"><B>Total</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=150><P style="margin:0px; padding-left:2.867px; font-size:11pt"><B>Measured + Indicated</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right><B>2,695</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=57.133><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right><B>84</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=56.867><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right><B>0.45</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right><B>N/A</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right><B>N/A</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right><B>7.3</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right><B>38.9</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><TR height=0 style="font-size:0"><TD width=168 /><TD width=150 /><TD width=72 /><TD width=60 /><TD width=54 /><TD width=66 /><TD width=66 /><TD width=72 /><TD width=66 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-top:1px solid #000000; border-bottom:1px solid #000000" width=636 colspan=7><P style="margin:0px; padding-left:2.867px; font-size:11pt" align=justify><B>Mineral Resources &#150; Inferred</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border:1px solid #000000" width=138 colspan=2><P style="margin:0px; font-size:11pt" align=center><B>Contained Metal</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=168><P style="margin:0px; font-size:11pt" align=center><B>Property</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=150><P style="margin:0px; font-size:11pt" align=center><B>Classification</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; font-size:11pt" align=center><B>Tonnes</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(000)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=60><P style="margin:0px; font-size:11pt" align=center><B>Ag</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(g/t)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=54><P style="margin:0px; font-size:11pt" align=center><B>Au</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(g/t)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; font-size:11pt" align=center><B>Pb</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(%)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; font-size:11pt" align=center><B>Zn</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(%)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; font-size:11pt" align=center><B>Ag</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(Moz)</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; font-size:11pt" align=center><B>Au</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(koz)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=168><P style="margin:0px; padding-left:2.867px; font-size:11pt" align=justify>Caylloma Mine, Peru</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=150><P style="margin:0px; padding-left:2.867px; font-size:11pt" align=justify>Inferred</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>3,392</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=60><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>132</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=54><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>0.59</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>2.20</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>3.30</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>14.3</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>64.7</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=168><P style="margin:0px; padding-left:2.867px; font-size:11pt" align=justify>San Jose Mine, Mexico</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=150><P style="margin:0px; padding-left:2.867px; font-size:11pt" align=justify>Inferred</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>6,561</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=60><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>261</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=54><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>1.61</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>55.0</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right>339.9</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=168><P style="margin:0px; padding-left:2.867px; font-size:11pt" align=justify><B>Total</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=150><P style="margin:0px; padding-left:2.867px; font-size:11pt" align=justify><B>Inferred</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right><B>9,953</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=60><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right><B>217</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=54><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right><B>1.26</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right><B>N/A</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right><B>N/A</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=72><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right><B>69.3</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" width=66><P style="margin:0px; padding-right:2.867px; font-size:11pt" align=right><B>404.6</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-right:134.4px; font-size:9pt" align=justify>Notes:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:18px; font-size:9pt; float:left">1.</P>
<P style="margin:0px; padding-left:18px; padding-right:134.4px; text-indent:-2px; font-size:9pt" align=justify>Mineral Reserves and Mineral Resources are as defined by CIM Definition Standards on Mineral Resources and Mineral Reserves</P>
<P style="margin-top:0px; margin-bottom:-2px; width:18px; font-size:9pt; clear:left; float:left">2.</P>
<P style="margin:0px; padding-left:18px; padding-right:134.4px; text-indent:-2px; font-size:9pt" align=justify>Mineral Resources are exclusive of Mineral Reserves</P>
<P style="margin-top:0px; margin-bottom:-2px; width:18px; font-size:9pt; clear:left; float:left">3.</P>
<P style="margin:0px; padding-left:18px; padding-right:134.4px; text-indent:-2px; font-size:9pt" align=justify>Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability</P>
<P style="margin-top:0px; margin-bottom:-2px; width:18px; font-size:9pt; clear:left; float:left">4.</P>
<P style="margin:0px; padding-left:18px; padding-right:134.4px; text-indent:-2px; font-size:9pt" align=justify>There are no known legal, political, environmental, or other risks that could materially affect potential development of the Mineral Resources or Mineral Reserves at Caylloma or San Jose.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:18px; font-size:9pt; clear:left; float:left">5.</P>
<P style="margin:0px; padding-left:18px; padding-right:134.4px; text-indent:-2px; font-size:9pt" align=justify>Mineral Resources and Mineral Reserves estimated as of June 30, 2015 and reported as of December 31, 2015 taking into account production-related depletion for the period through December 31, 2015.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:18px; font-size:9pt; clear:left; float:left">6.</P>
<P style="margin:0px; padding-left:18px; padding-right:134.4px; text-indent:-2px; font-size:9pt" align=justify>Mineral Reserves for San Jose are estimated using a break-even cut-off grade of 137 Ag Eq g/t based on assumed metal prices of US$ 19/oz Ag and US$ 1,140/oz Au; estimated metallurgical recovery rates of 89% for Ag and 89% for Au and actual operating costs incurred in period June 2014 through May 2015. Mineral Resources are estimated at a Ag Eq cut-off grade of 100 g/t, with Ag Eq in g/t = Ag (g/t) + Au (g/t)* ((US$1,140/US$19) * (89/89))</P>
<P style="margin-top:0px; margin-bottom:-2px; width:18px; font-size:9pt; clear:left; float:left">7.</P>
<P style="margin:0px; padding-left:18px; padding-right:134.4px; text-indent:-2px; font-size:9pt" align=justify>Mineral Reserves for Caylloma are estimated using break-even cut-off grades based on estimated NSR values using assumed metal prices of US$19/oz Ag, US$1,140/oz Au, US$2,150/t Pb and US$2300/t Zn; metallurgical recovery rates of 84.5% for Ag, 39.5% for Au, 92.6% for Pb and 89.9% for Zn; and actual operating costs incurred in period July 2014 through June 2015.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:18px; font-size:9pt; clear:left; float:left">&nbsp;</P>
<P style="margin:0px; padding-left:18px; padding-right:134.4px; text-indent:-2px; font-size:9pt" align=justify>Caylloma Mineral Resource are reported based on NSR values using the same metal prices and metallurgical recovery rates as detailed for Mineral Reserves; and an NSR cut-off grade of US$50/t for veins classified as wide (Animas, Animas NE, Nancy, San Cristobal) and US$100/t for veins classified as narrow (all other veins)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:18px; font-size:9pt; clear:left; float:left">8.</P>
<P style="margin:0px; padding-left:18px; padding-right:134.4px; text-indent:-2px; font-size:9pt" align=justify>Total may not add due to rounding procedures</P>
<P style="margin-top:0px; margin-bottom:-2px; width:18px; font-size:9pt; clear:left; float:left">9.</P>
<P style="margin:0px; padding-left:18px; padding-right:134.4px; text-indent:-2px; font-size:9pt" align=justify>N/A = Not Applicable</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 - 4</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<A NAME="_Toc320024899"></A><A NAME="_Toc368569076"></A><A NAME="_Toc446582384"></A><P style="margin:0px; font-size:11pt" align=justify><B>Results</B><FONT style="font-family:Cambria,Times New Roman"><B> of Operations</B></FONT></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><A NAME="_Toc435536079"></A><A NAME="_Toc435536274"></A><A NAME="_Toc442993621"></A><A NAME="_Toc443409362"></A><A NAME="_Toc445985543"></A><A NAME="_Toc445997533"></A><A NAME="_Toc446582385"></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 March 31,</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>2016</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>2015</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:6.733px" align=right><B>337,085</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin-top:10px; margin-bottom:0px; padding-right:6.733px" align=right><B>1,280,311</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin-top:10px; margin-bottom:0px; padding-right:6.733px" align=right><B>1,617,396</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:6.733px" align=right>535,959</P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin-top:10px; margin-bottom:0px; padding-right:6.733px" align=right>1,097,210</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin-top:10px; margin-bottom:0px; padding-right:6.733px" align=right>1,633,169</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:6.733px" align=right><B>103</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:6.733px" align=right><B>9,161</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:6.733px" align=right><B>9,264</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:6.733px" align=right>372</P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:6.733px" align=right>9,367</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:6.733px" align=right>9,739</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:6.733px" align=right><B>9,107</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-left:15.4px; padding-right:6.733px" align=center><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:6.733px" align=right><B>9,107</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:6.733px" align=right>4,346</P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-left:29.333px; padding-right:6.733px" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:6.733px" align=right>4,346</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:6.733px" align=right><B>10,390</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-left:15.4px; padding-right:6.733px" align=center><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:6.733px" align=right><B>10,390</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:6.733px" align=right>7,534</P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-left:29.333px; padding-right:6.733px" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:6.733px" align=right>7,534</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>(2.10)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:6.733px" align=right><B>2.36</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:6.733px" align=right><B>1.44</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:6.733px" align=right>6.59</P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:6.733px" align=right>2.59</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:6.733px" align=right>3.89</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:6.733px" align=right><B>5.11</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:6.733px" align=right><B>8.71</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:6.733px" align=right><B>9.39</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:6.733px" align=right>10.99</P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:6.733px" align=right>9.37</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:6.733px" align=right>11.79</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" align=justify>The Company produced 1.6 million ounces of silver, 9,264 ounces of gold plus base metal by-products. &nbsp;Fortuna is on schedule to produce 7.0 million ounces of silver and 42.8 thousand ounces of gold or 9.6 million Ag Eq* ounces in 2016.</P>
<P style="margin:0px; font-size:12pt" align=justify>&nbsp;<FONT style="font-size:11pt">&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="margin:0px; font-size:11pt">&nbsp;Consolidated production highlights for Q1 2016 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 1,617,396 ounces; 1% decrease from Q1 2015</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>Gold production of 9,264 ounces; 5% decrease from Q1 2015</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 9,107,296 pounds; 110% increase over Q1 2015</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 10,390,386 pounds; 38% increase over Q1 2015</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 $59.08/t; in line with Q1 2015</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 $73.80/t; 12% below Q1 2015</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:9pt" align=justify>*Ag Eq calculated using silver to gold ratio of 60 to 1</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="_Toc435536080"></A><A NAME="_Toc435536275"></A><A NAME="_Toc442993622"></A><A NAME="_Toc443409363"></A><A NAME="_Toc445985544"></A><A NAME="_Toc445997534"></A><A NAME="_Toc446582386"></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 Q1 2016, net of by-product credits, was $9.39 and below the same period in the prior year (Q1 2015: $11.79) and our 2016 guidance of $11.1. &nbsp;&nbsp;Refer to non-GAAP financial measures.</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="_Toc435536081"></A><A NAME="_Toc435536276"></A><A NAME="_Toc442993623"></A><A NAME="_Toc443409364"></A><A NAME="_Toc445985545"></A><A NAME="_Toc445997535"></A><A NAME="_Toc446582387"></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 - 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" 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=105.133 /><TD width=108 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=213.133 colspan=2><P style="margin:0px" align=center><B>QUARTERLY RESULTS</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=213.133 colspan=2><P style="margin:0px" align=center><B>Three months ended March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=105.133><P style="margin:0px; padding-right:2.867px" align=right><B>2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=108><P style="margin:0px; padding-right:2.867px" align=right>2015</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=258><P style="margin:0px" align=justify><B>Mine Production</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=105.133><P style="margin:0px; padding-right:2.867px" align=right><B>San Jose</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=108><P style="margin:0px; padding-right:2.867px" align=right>San Jose</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258><P style="margin:0px" align=justify><B>Tonnes milled</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.133><P style="margin:0px; padding-right:4.8px" align=right><B>179,110</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>178,647</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258><P style="margin:0px" align=justify><B>Average tonnes milled per day</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.133><P style="margin:0px; padding-right:4.8px" align=right><B>2,059</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>2,053</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.133><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=258><P style="margin:0px" align=justify><B>Silver</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.133><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=258><P style="margin:0px; padding-left:12px" align=justify>Grade (g/t)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.133><P style="margin:0px; padding-right:4.8px" align=right><B>240</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>215</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258><P style="margin:0px; padding-left:12px" align=justify>Recovery (%)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.133><P style="margin:0px; padding-right:4.8px" align=right><B>93</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>89</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258><P style="margin:0px; padding-left:12px" align=justify>Production (oz)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.133><P style="margin:0px; padding-right:4.8px" align=right><B>1,280,311</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>1,097,210</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258><P style="margin:0px" align=justify><B>Gold</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.133><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=258><P style="margin:0px; padding-left:12px" align=justify>Grade (g/t)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.133><P style="margin:0px; padding-right:4.8px" align=right><B>1.73</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>1.83</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258><P style="margin:0px; padding-left:12px" align=justify>Recovery (%)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.133><P style="margin:0px; padding-right:4.8px" align=right><B>92</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>89</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258><P style="margin:0px; padding-left:12px" align=justify>Production (oz)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.133><P style="margin:0px; padding-right:4.8px" align=right><B>9,161</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>9,367</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258><P style="margin:0px" align=justify><B>Unit Costs</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.133><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=258><P style="margin:0px; padding-left:12px" align=justify>Production cash cost (US$/oz Ag)*</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.133><P style="margin:0px; padding-right:4.8px" align=right><B>2.36</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>2.59</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258><P style="margin:0px; padding-left:12px" align=justify>Production cash cost (US$/tonne)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.133><P style="margin:0px; padding-right:4.8px" align=right><B>59.08</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>59.79</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258><P style="margin:0px; padding-left:12px" align=justify>Unit Net Smelter Return (US$/tonne)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.133><P style="margin:0px; padding-right:4.8px" align=right><B>146.75</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>142.53</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258><P style="margin:0px; padding-left:12px" align=justify>All-in sustaining cash cost (US$/oz Ag)*</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.133><P style="margin:0px; padding-right:4.8px" align=right><B>8.71</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>9.37</P>
</TD></TR>
</TABLE>
<P style="margin:0px; padding-left:6px" 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>Silver production increased 17% to 1,280,311, and gold production decreased 2% to 9,161 ounces in Q1 2016 compared with the same period in the prior year. Throughput increased marginally, and head grades were 12% higher and 6% lower for silver and gold, respectively. Metallurgical recoveries for silver and gold were 5% and 4% higher, respectively, as compared with the same period in the prior year. See sales information for details on metal sold.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Silver and gold production for the quarter was 14% and 13% above budget, respectively. Increase in silver and gold production over budget resulted from higher head grades; increase in milled tonnes, 4% above budget; and better metallurgical recoveries, 2% above budget for both gold and silver. Average head grades for silver and gold were 240 g/t and 1.73 g/t, or 7% and 6% above budget, respectively</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Cash cost per tonne of processed ore for Q1 2016 was $59.08, or 1% below the cost in the same period in the prior year, and 3% above the annual guidance of $57.4/t.<FONT style="background-color:#FFFFFF"> </FONT>The average foreign exchange rate of the Mexican peso to United States dollars for the quarter was 21% higher than Q1 2015 and 15% above our assumptions for cost guidance. &nbsp;Excluding this effect, the cash cost for Q1 2016 was 5% above the same period in the prior year. <FONT style="background-color:#FFFFFF">All-in sustaining cash cost per payable ounce of silver, net of by-product credits, was $8.71 for&nbsp;Q1 2016&nbsp;(refer to non-GAAP financial measures),&nbsp;and below the annual guidance of $9.1 as a result of higher silver head grades and lower execution of sustaining capital expenditures. </FONT></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 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>
<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>
<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>Three months ended March 31, &nbsp;2016</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>$</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:11pt" align=right>0.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=325.2><P style="margin:0px; font-size:11pt" align=justify>Dry stack tailings deposit project</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin:0px; font-size:11pt" align=right>0.2</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=325.2><P style="margin:0px; font-size:11pt" align=justify>Equipment and infrastructure</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=justify>$</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:11pt" align=right>0.7</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=325.2><P style="margin:0px; font-size:11pt" align=justify>Plant expansion</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>9.7</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>0.6</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>1.7</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>1.6</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>14.3</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><I>Processing plant expansion to 3,000 tpd &nbsp;</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The expansion of the mill capacity to 3,000 tpd from the current 2,000 tpd is progressing as planned with commissioning expected in July 2016 (see <FONT style="color:#0000FF"><U>Fortuna news releases dated December 17, 2014, August 12, 2015, October 15, 2015, December 16, 2015, and April 13, 2016</U></FONT><FONT style="color:#0000FF">)</FONT>. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><I>Dry stack tailings deposit and filter facility project &nbsp;</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Construction of the dry stack tailings deposit and the tailings filter facility was completed and commissioned at the end of February 2016. </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><A NAME="_Toc435536082"></A><A NAME="_Toc435536277"></A><A NAME="_Toc442993624"></A><A NAME="_Toc443409365"></A><A NAME="_Toc445985546"></A><A NAME="_Toc445997536"></A><A NAME="_Toc446582388"></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 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 &#150; 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" 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=105.333 /><TD width=114.133 /></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=219.467 colspan=2><P style="margin:0px; padding-right:7.6px" align=center><B>QUARTERLY 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=219.467 colspan=2><P style="margin:0px; padding-right:7.6px" align=center><B>Three months ended March 31,</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=105.333><P style="margin:0px; padding-left:12px; padding-right:7.6px" align=right><B>2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114.133><P style="margin:0px; padding-left:12px; padding-right:7.6px" align=right>2015</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=240><P style="margin:0px; padding-left:3.667px"><B>Mine Production</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=105.333><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=bottom width=114.133><P style="margin:0px; padding-right:7.6px" align=right>Caylloma</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:3.667px"><B>Tonnes milled</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding-right:4.8px" align=right><B>117,192</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding-right:4.8px" align=right>114,451</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom 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=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding-right:4.8px" align=right><B>1,317</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding-right:4.8px" align=right>1,301</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:3.667px"><B>Silver</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:15.667px">Grade (g/t)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding-right:4.8px" align=right><B>103</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding-right:4.8px" align=right>171</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:15.667px">Recovery (%)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding-right:4.8px" align=right><B>87</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding-right:4.8px" align=right>85</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:15.667px">Production (oz)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding-right:4.8px" align=right><B>337,085</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding-right:4.8px" align=right>535,959</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:3.667px"><B>Gold</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:15.667px">Grade (g/t)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding-right:4.8px" align=right><B>0.19</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding-right:4.8px" align=right>0.28</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:15.667px">Recovery (%)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding-right:4.8px" align=right><B>15</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding-right:4.8px" align=right>36</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:15.667px">Production (oz)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding-right:4.8px" align=right><B>103</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding-right:4.8px" align=right>372</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:3.667px"><B>Lead</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:15.667px">Grade (%)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding-right:4.8px" align=right><B>3.73</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding-right:4.8px" align=right>1.86</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:15.667px">Recovery (%)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding-right:4.8px" align=right><B>94</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding-right:4.8px" align=right>93</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:15.667px">Production (000's lbs)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding-right:4.8px" align=right><B>9,107</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding-right:4.8px" align=right>4,346</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:3.667px"><B>Zinc</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:15.667px">Grade (%)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding-right:4.8px" align=right><B>4.49</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding-right:4.8px" align=right>3.30</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:15.667px">Recovery (%)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding-right:4.8px" align=right><B>90</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding-right:4.8px" align=right>91</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:15.667px">Production (000's lbs)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding-right:4.8px" align=right><B>10,390</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding-right:4.8px" align=right>7,534</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:3.667px"><B>Unit Costs</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:15.667px">Production cash cost (US$/oz Ag)*</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px" align=right><B>(2.10)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding-right:4.8px" align=right>6.59</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:15.667px">Production cash cost (US$/tonne)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding-right:4.8px" align=right><B>73.80</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding-right:4.8px" align=right>83.99</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:15.667px">Unit Net Smelter Return (US$/tonne)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding-right:4.8px" align=right><B>119.93</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding-right:4.8px" align=right>128.96</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:15.667px">All-in sustaining cash cost (US$/oz Ag)*</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.333><P style="margin:0px; padding-right:4.8px" align=right><B>5.11</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114.133><P style="margin:0px; padding-right:4.8px" align=right>10.99</P>
</TD></TR>
</TABLE>
<P style="margin:0px; padding-left:6px" 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 in Q1 2016 was 0.34 million ounces compared with 0.54 million ounces in the same period of the prior year. &nbsp;Zinc and lead production was 38% and 110%, respectively, above production in the same period of the prior year.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Silver production for the quarter was in-line with budget. Benefits from higher metallurgical recovery, 6% above budget, were offset by lower mill throughput in March because of plant optimization commissioning. Plant optimization work was successfully concluded on-time and under budget. Mill throughput expansion from 1,300 tpd to 1,430 tpd was achieved at the end of March 2016.</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 at Caylloma for Q1 2016 was $73.80, a decrease of 12% from the same period in the prior year because of lower mining costs related to the shutdown of narrow veins and lower indirect costs related to headcount. Additionally, lower mining costs in Q1 2016 are further explained by lower execution in mine preparation and related costs, which we expect to incur in the following quarters. Compared to the annual </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>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>guidance of $79.4/t cash cost was 7% below. The average exchange rate of the Peruvian nuevo sol to United States dollar for the quarter was 13% higher than Q1 2015 and 5% above our assumptions for cost guidance. &nbsp;Excluding this effect, cash cost for Q1 2016 was 6% below the same period in the prior year. Caylloma&#146;s all-in sustaining cash cost per payable ounce of silver, net of by-product credits, was $5.11 for Q1 2016 and below the annual guidance of $12.5 as a result of <FONT style="background-color:#FFFFFF">lower execution of sustaining capital expenditures</FONT> and lower cash cost per tonne (refer to non-GAAP financial measures). </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=253.2 /><TD width=21.733 /><TD width=78 /></TR>
<TR><TD style="margin-top:0px" valign=top width=253.2><P style="margin:0px; font-size:11pt" align=justify><B>Three months ended March 31, &nbsp;2016</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=253.2><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=253.2><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; font-size:11pt" align=justify>$</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:11pt" align=right>0.8</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=253.2><P style="margin:0px; font-size:11pt" align=justify>Plant expansion</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:11pt" align=right>1.3</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=253.2><P style="margin:0px; font-size:11pt" align=justify>Mine development</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:11pt" align=right>0.8</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=253.2><P style="margin:0px; font-size:11pt" align=justify>Brownfields exploration</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin:0px; font-size:11pt" align=right>0.2</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=253.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=justify><B>$</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>3.1</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=167.933 /><TD width=23.933 /><TD width=90 /><TD width=90 /><TD width=84 /><TD width=12 /><TD width=14.2 /><TD width=81.8 /><TD width=84.133 /><TD width=90.133 /></TR>
<TR><TD style="margin-top:0px" valign=top width=167.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=546.267 colspan=8><P style="margin:0px; font-size:9pt" align=center><B>QUARTERLY RESULTS</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=167.933><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.933><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=546.267 colspan=8><P style="margin:0px; font-size:9pt" align=center><B>Three months ended March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=167.933><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.933><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=264 colspan=3><P style="margin:0px; font-size:9pt" align=center><B>2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=26.2 colspan=2><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=256.067 colspan=3><P style="margin:0px; font-size:9pt" align=center>2015</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=167.933><P style="margin:0px; font-size:9pt"><B>Mine Concentrates</B></P>
</TD><TD style="margin-top:0px" valign=top width=23.933><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; font-size:9pt" align=right><B>Caylloma</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=90><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=96 colspan=2><P style="margin:0px; padding-right:6.133px; font-size:9pt" align=right><B>Consolidated</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=96 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=84.133><P style="margin:0px; font-size:9pt" align=right>San Jose</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=90.133><P style="margin:0px; font-size:9pt" align=right>Consolidated</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1.333px solid #000000" valign=top width=167.933><P style="margin:0px; font-size:9pt"><B>Silver-Gold</B></P>
</TD><TD style="margin-top:0px" valign=top width=23.933><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=96 colspan=2><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</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=84.133><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90.133><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=167.933><P style="margin:0px; padding-left:6px; font-size:9pt">Opening Inventory (t)</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><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><B>-</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>165</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>165</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 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=84.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>327</P>
</TD><TD style="margin-top:0px" valign=top width=90.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>327</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=167.933><P style="margin:0px; padding-left:6px; font-size:9pt">Production (t)</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><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><B>-</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>5,226</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>5,226</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 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=84.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>5,229</P>
</TD><TD style="margin-top:0px" valign=top width=90.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>5,229</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=167.933><P style="margin:0px; padding-left:6px; font-size:9pt">Sales (t)</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><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><B>-</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>5,190</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>5,190</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 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=84.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>5,195</P>
</TD><TD style="margin-top:0px" valign=top width=90.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>5,195</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=167.933><P style="margin:0px; padding-left:6px; font-size:9pt">Adjustment (t)</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><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><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right><B>(11)</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; font-size:9pt" align=right><B>(11)</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 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=84.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=90.133><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=167.933><P style="margin:0px; padding-left:6px; font-size:9pt">Closing Inventory (t)</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><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><B>-</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>191</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>191</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 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=84.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>361</P>
</TD><TD style="margin-top:0px" valign=top width=90.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>361</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=167.933><P style="margin:0px; font-size:9pt"><B>Zinc</B></P>
</TD><TD style="margin-top:0px" valign=top width=23.933><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=96 colspan=2><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</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=84.133><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90.133><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=167.933><P style="margin:0px; padding-left:6px; font-size:9pt">Opening Inventory (t)</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><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><B>442</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>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>442</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>464</P>
</TD><TD style="margin-top:0px" valign=top width=84.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=90.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>464</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=167.933><P style="margin:0px; padding-left:6px; font-size:9pt">Production (t)</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><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><B>9,302</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>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>9,302</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>6,721</P>
</TD><TD style="margin-top:0px" valign=top width=84.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=90.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>6,721</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=167.933><P style="margin:0px; padding-left:6px; font-size:9pt">Sales (t)</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><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><B>9,415</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>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>9,415</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>6,537</P>
</TD><TD style="margin-top:0px" valign=top width=84.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=90.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>6,537</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=167.933><P style="margin:0px; padding-left:6px; font-size:9pt">Adjustment (t)</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><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><B>(3)</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>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; font-size:9pt" align=right><B>(3)</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>23</P>
</TD><TD style="margin-top:0px" valign=top width=84.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=90.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>23</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=167.933><P style="margin:0px; padding-left:6px; font-size:9pt">Closing Inventory (t)</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><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><B>325</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>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>325</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>672</P>
</TD><TD style="margin-top:0px" valign=top width=84.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=90.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>672</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=167.933><P style="margin:0px; font-size:9pt"><B>Lead-Silver</B></P>
</TD><TD style="margin-top:0px" valign=top width=23.933><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=96 colspan=2><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</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=84.133><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90.133><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=167.933><P style="margin:0px; padding-left:6px; font-size:9pt">Opening Inventory (t)</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><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><B>610</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>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>610</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>220</P>
</TD><TD style="margin-top:0px" valign=top width=84.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=90.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>220</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=167.933><P style="margin:0px; padding-left:6px; font-size:9pt">Production (t)</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><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><B>6,896</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>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>6,896</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>3,629</P>
</TD><TD style="margin-top:0px" valign=top width=84.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=90.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>3,629</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=167.933><P style="margin:0px; padding-left:6px; font-size:9pt">Sales (t)</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><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><B>7,295</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>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>7,295</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>3,554</P>
</TD><TD style="margin-top:0px" valign=top width=84.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=90.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>3,554</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=167.933><P style="margin:0px; padding-left:6px; font-size:9pt">Adjustment (t)</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><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><B>14</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>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>14</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>23</P>
</TD><TD style="margin-top:0px" valign=top width=84.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=90.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>23</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=167.933><P style="margin:0px; padding-left:6px; font-size:9pt">Closing Inventory (t)</P>
</TD><TD style="margin-top:0px" valign=top width=23.933><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><B>225</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>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>225</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>318</P>
</TD><TD style="margin-top:0px" valign=top width=84.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=90.133><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>318</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>Management&#146;s Discussion and Analysis Page - 9</P>
</TD><A NAME="_Toc435536086"></A><A NAME="_Toc435536281"></A><A NAME="_Toc442993629"></A><A NAME="_Toc443409370"></A></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<A NAME="_Toc368569086"></A><A NAME="_Toc446582389"></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 March 31, 2016:</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=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:1px 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; border-bottom:1.333px solid #000000" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=center><B>Q1 2016</B></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 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>Q3 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>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></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>31-Mar-16</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>31-Dec-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>30-Sep-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>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></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>42,692</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>37,013</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>39,041</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></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>15,554</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>10,332</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>10,333</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></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>6,105</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=right>(20,675)</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>6,099</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></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>2,578</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=right>(17,290)</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>2,592</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></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; font-size:8pt" align=right>(0.13)</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>-</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></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; font-size:8pt" align=right>(0.13)</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>-</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></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>392,165</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>379,654</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>398,648</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></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>39,531</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>39,486</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>39,487</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></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>2,889</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>4,620</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>4,353</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></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During Q1 2016, sales increased 15% from Q4 2015 as a result of increases in silver ounces sold of 2% and in lead and zinc pounds sold of 18% and 9%, respectively. Gold ounces sold decreased 6%. &nbsp;Other liabilities decreased from $4,620 in Q4 2015 to $2,889 in Q1 2016 primarily as a result of classifying deferred share units as current liabilities.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During Q4 2015, sales decreased 5% from Q3 2015 as a result of a decrease in silver and gold ounces sold of 7% and 10%, respectively, and of lower head grades for silver and gold of 7% and 6%, respectively. Mine operating earnings were flat at $10.3 million as a result of both the decreases in sales and cost of sales of $2.0 million. Operating loss increased because of a non-cash impairment charge on the Caylloma Mine of $25.0 million ($17.0 million, net of tax) (Q3 2015: $nil) related to the reduction of the Caylloma Mine&#146;s carrying value as a result of declining metal prices. Current assets decreased $14.3 million, and non-current assets decreased $4.7 million, resulting in a reduction in total assets of $19.0 million to $379.7 million compared with Q3 2015. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:1.2px; 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. 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;</P>
<P style="margin:0px"><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 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>
<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" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc368569087"></A><A NAME="_Toc446582390"></A><P style="margin:0px; font-size:11pt" align=justify><B>First Quarter 2016 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><A NAME="_Toc435536095"></A><A NAME="_Toc435536290"></A><A NAME="_Toc442993639"></A><A NAME="_Toc443409381"></A><A NAME="_Toc445985549"></A><A NAME="_Toc445997539"></A><A NAME="_Toc446582391"></A><P style="margin:0px; font-size:11pt" align=justify><I>Summary of Financial Results</I></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=361.2 /><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=361.2><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=244.933 colspan=4><P style="margin:0px; font-size:11pt" align=center><B>Three months ended March 31,</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=361.2><P style="margin:0px; font-size:11pt"><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>2016</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>2015</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>%</B> <B>Chg</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=361.2><P style="margin:0px; font-size:11pt">Sales</P>
</TD><TD style="margin-top:0px" valign=top width=22.4><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>42.7</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=104.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>39.8</P>
</TD><TD style="margin-top:0px" valign=top width=75.2><P style="margin:0px; font-size:11pt" align=right>7%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=361.2><P style="margin:0px; font-size:11pt">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:4.8px; font-size:11pt" align=right><B>27.1</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=104.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>27.2</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>(0%)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=361.2><P style="margin:0px; font-size:11pt"><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>$</P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>15.6</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=104.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>12.6</P>
</TD><TD style="margin-top:0px" valign=top width=75.2><P style="margin:0px; font-size:11pt" align=right>24%</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=361.2><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><B>37%</B></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>32%</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=75.2><P style="margin:0px; font-size:11pt" align=right>15%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=361.2><P style="margin:0px; font-size:11pt">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:4.8px; font-size:11pt" align=right><B>9.7</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=104.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>5.5</P>
</TD><TD style="margin-top:0px" valign=top width=75.2><P style="margin:0px; font-size:11pt" align=right>76%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=361.2><P style="margin:0px; font-size:11pt">Foreign exchange (gain)</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; 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=104.8><P style="margin:0px; font-size:11pt" align=right>(0.9)</P>
</TD><TD style="margin-top:0px" valign=top width=75.2><P style="margin:0px; font-size:11pt" align=right>(56%)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=361.2><P style="margin:0px; font-size:11pt">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: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=104.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>8.0</P>
</TD><TD style="margin-top:0px" valign=top width=75.2><P style="margin:0px; font-size:11pt" align=right>(24%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=361.2><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><B>14%</B></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>20%</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=75.2><P style="margin:0px; font-size:11pt" align=right>(29%)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=361.2><P style="margin:0px; font-size:11pt">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:4.8px; font-size:11pt" align=right><B>5.6</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:4.8px; font-size:11pt" align=right>8.2</P>
</TD><TD style="margin-top:0px" valign=top width=75.2><P style="margin:0px; font-size:11pt" align=right>(32%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=361.2><P style="margin:0px; font-size:11pt"><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: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=104.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3.9</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>(33%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=361.2><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><B>6%</B></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>10%</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=361.2><P style="margin:0px; font-size:11pt">Operating cash flow before changes in working capital *</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=22.4><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=96><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>9.9</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=104.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>5.3</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>87%</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: * Operating cash flow per share before changes in working capital is a non-GAAP financial measure</I></P>
<P style="margin:0px; font-size:9pt" align=justify><I>Note: ** Refer to non-GAAP Financial Measures</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Net income for Q1 2016 amounted to $2.6 million (Q1 2015: $3.9 million), resulting in a basic earnings per share of $0.02 (Q1 2015: $0.03). &nbsp;Compared to Q1 2015 results were impacted by a higher stock based compensation charge of $4.9 million stemming mostly from mark-to-market effects from the performance of our share price. In spite of lower prices across all metals we achieved higher sales of 7% and higher mine operating earnings of 24%, while operating income was 24% lower due to the aforementioned charge. </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 (refer to non-GAAP financial measures) increased 86% to $9.9 million (Q1 2015: $5.3 million) from the same period in the prior year. This is the result of stronger operating results and lower taxes paid. &nbsp;In Q1 2016 income taxes paid amounted to $5.7 million (Q1 2015: $9.6 million) out of which $3.1 million corresponds to the prior fiscal year (Q1 2015: $8.9 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, increased to $0.08 (Q1 2015: $0.04) (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><A NAME="_Toc435536096"></A><A NAME="_Toc435536291"></A><A NAME="_Toc442993640"></A><A NAME="_Toc443409382"></A><A NAME="_Toc445985550"></A><A NAME="_Toc445997540"></A><A NAME="_Toc446582392"></A><P style="margin:0px; font-size:11pt" align=justify><I>Sales </I></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 - 11</P>
</TD></TR>
</TABLE>
<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=192 /><TD width=90 /><TD width=84 /><TD width=1.333 /><TD width=82.667 /><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-top:1.333px solid #000000; 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>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=8><P style="margin:0px; font-size:9pt" align=center><B>Three months ended March 31,</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>2016</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>2015</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><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 colspan=2><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=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=1.333><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=94.667 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:6.733px; font-size:9pt" align=right><B>14.7</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-left:3.467px; padding-right:6.733px; font-size:9pt" align=right><B>26.5</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-left:3.467px; padding-right:6.733px; font-size:9pt" align=right><B>41.2</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:6.733px; font-size:9pt" align=right>14.7</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-left:3.467px; padding-right:6.733px; font-size:9pt" align=right>25.2</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-left:3.467px; padding-right:6.733px; font-size:9pt" align=right>39.9</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; padding-right:6.733px; font-size:9pt" align=right><B>0.1</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>1.4</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>1.5</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; padding-right:1.933px; font-size:9pt" align=right>(0.1)</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:1.933px; font-size:9pt" align=right>(0.1)</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:6.733px; font-size:9pt" align=right><B>14.8</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>27.9</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>42.7</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:6.733px; font-size:9pt" align=right>14.6</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>25.2</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>39.8</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 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-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 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" 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:6.733px; font-size:9pt" align=right><B>357,595</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>1,292,634</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>1,650,229</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:6.733px; font-size:9pt" align=right>542,259</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>1,082,067</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>1,624,326</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 ($/oz)**</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>14.78</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>15.00</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>14.95</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>16.69</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>16.62</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>16.65</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Net Realized Price ($/oz)***</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>12.62</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>13.57</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>13.36</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:6.733px; font-size:9pt" align=right>14.40</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>15.00</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>14.80</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: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 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" 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:6.733px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>9,241</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>9,241</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:6.733px; font-size:9pt" align=right>384</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>9,290</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>9,674</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 ($/oz)**</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>1,199.77</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>1,199.77</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>1,224.13</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>1,215.22</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>1,215.57</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Net Realized Price ($/oz)***</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>972.22</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>972.22</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:6.733px; font-size:9pt" align=right>797.96</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>961.50</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>955.01</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 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 (000&#146;s lb)</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>9,620</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>9,620</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:6.733px; font-size:9pt" align=right>4,250</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>4,250</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 ($/lb)**</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>0.79</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>0.79</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>0.82</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>0.82</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Net Realized Price ($/lb)***</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>0.58</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>0.58</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:6.733px; font-size:9pt" align=right>0.60</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>0.60</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 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" 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:6.733px; font-size:9pt" align=right><B>10,528</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>10,528</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:6.733px; font-size:9pt" align=right>7,313</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>7,313</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 ($/lb)**</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>0.76</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>0.76</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>0.94</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>0.94</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Net Realized Price ($/lb)***</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>0.43</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right><B>0.43</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:6.733px; font-size:9pt" align=right>0.55</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:6.733px; font-size:9pt" align=right>0.55</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 Q1 2016 were $42.7 million, 7% above Q1 2015 sales of $39.8 million. Silver ounces sold increased 2%, and gold ounces sold decreased 4%, while realized prices on provisional sales for silver and gold decreased 10% to $14.95 per ounce and 1% to $1,199.77 per ounce, respectively. Sales at San Jose increased 11% to $27.9 million (Q1 2015: $25.2 million) as a result of increased silver ounces sold of 19%, compared with the same period in the prior year. Sales at Caylloma increased 1% to $14.8 million (Q1 2015: $14.6 million) as a result of higher lead and zinc pounds sold of 126% and 44%, respectively. &nbsp;Silver ounces sold decreased 34%. </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. For Q1 2016, recorded sales consisted of provisional sales of $41.2 million (Q1 2015: $39.8 million); positive price and mark-to-market adjustments of $1.2 million (Q1 2015: positive $0.3 million); and positive assay adjustments of $0.3 million (Q1 2015: negative $0.4 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 - 12</P>
</TD></TR>
</TABLE>
<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; font-size:11pt" align=justify>The net realized prices shown above were 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><A NAME="_Toc435536097"></A><A NAME="_Toc435536292"></A><A NAME="_Toc442993641"></A><A NAME="_Toc443409383"></A><A NAME="_Toc445985551"></A><A NAME="_Toc445997541"></A><A NAME="_Toc446582393"></A><P style="margin:0px; font-size:11pt" align=justify><I>Mine Operating Earnings, Operating (Loss) Income, and Adjusted EBITDA</I></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 adjusted 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=324 /><TD width=73.8 /><TD width=64.133 /><TD width=72.267 /><TD width=63 /><TD width=68.8 /><TD width=60 /><TD width=67.733 /><TD width=63.067 /><TD width=65.067 /></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=532.8 colspan=8><P style="margin:0px" align=center><B>Three months ended March 31,</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.067><P style="margin:0px; padding:0px">&nbsp;</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; border-bottom:2px solid #000000" valign=top width=273.2 colspan=4><P style="margin:0px" align=center><B>2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=259.6 colspan=4><P style="margin:0px" align=center>2015</P>
</TD><TD style="margin-top:0px" valign=top width=65.067><P style="margin:0px" align=center><B>%</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=324><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=73.8><P style="margin:0px" 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" align=right><B>Bateas</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=72.267><P style="margin:0px" align=right><B>Cuzcatlan</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=63><P style="margin:0px" align=right><B>Total</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.8><P style="margin:0px" align=right>Corporate</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=60><P style="margin:0px" align=right>Bateas</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=67.733><P style="margin:0px" align=right>Cuzcatlan</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=63.067><P style="margin:0px" align=right>Total</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=65.067><P style="margin:0px" align=center><B>Change</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=324><P style="margin:0px" align=justify><B>Mine operating earnings</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.8><P style="margin:0px; padding-right:3.867px" 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" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=72.267><P style="margin:0px; padding-right:3.867px" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;12.0</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=63><P style="margin:0px; padding-right:3.867px" align=right><B>$ &nbsp;&nbsp;15.6</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.8><P style="margin:0px; padding-right:3.867px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=60><P style="margin:0px; padding-right:3.867px" align=right>$ &nbsp;&nbsp;&nbsp;2.8</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=67.733><P style="margin:0px; padding-right:3.867px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=63.067><P style="margin:0px; padding-right:3.867px" align=right>$ &nbsp;&nbsp;12.6</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=65.067><P style="margin:0px" align=right>24%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=324><P style="margin:0px" align=right><B>as a % of Sales</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=73.8><P style="margin:0px" 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" align=right><B>24%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=72.267><P style="margin:0px" align=right><B>43%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=63><P style="margin:0px" align=right><B>36%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=68.8><P style="margin:0px" align=right>0%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=60><P style="margin:0px" align=right>19%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=67.733><P style="margin:0px" align=right>39%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=63.067><P style="margin:0px" align=right>32%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=65.067><P style="margin:0px" align=right>15%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=324><P style="margin:0px" align=justify>Other expenses</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=63><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=67.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=63.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.067><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=324><P style="margin:0px" 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=73.8><P style="margin:0px; padding-right:3.867px" align=right><B>7.9</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" align=right><B>0.6</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=72.267><P style="margin:0px; padding-right:3.867px" align=right><B>1.3</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=63><P style="margin:0px; padding-right:3.867px" align=right><B>9.7</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=68.8><P style="margin:0px; padding-right:3.867px" align=right>3.7</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=60><P style="margin:0px; padding-right:3.867px" align=right>0.6</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=67.733><P style="margin:0px; padding-right:3.867px" align=right>1.1</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=63.067><P style="margin:0px; padding-right:3.867px" align=right>5.5</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=65.067><P style="margin:0px" align=right>76%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=324><P style="margin:0px" align=right><B>as a % of Sales</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=73.8><P style="margin:0px" 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" align=right><B>4%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=72.267><P style="margin:0px" align=right><B>5%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=63><P style="margin:0px" align=right><B>23%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=68.8><P style="margin:0px" align=right>0%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=60><P style="margin:0px" align=right>4%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=67.733><P style="margin:0px" align=right>4%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=63.067><P style="margin:0px" align=right>14%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=65.067><P style="margin:0px" align=right>64%</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>Operating (loss) income</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.8><P style="margin:0px" align=right><B>(7.4)</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" align=right><B>2.9</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72.267><P style="margin:0px; padding-right:3.867px" align=right><B>10.6</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=63><P style="margin:0px; padding-right:3.867px" align=right><B>6.1</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.8><P style="margin:0px" align=right>(3.2)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin:0px; padding-right:3.867px" align=right>2.0</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=67.733><P style="margin:0px; padding-right:3.867px" align=right>9.3</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=63.067><P style="margin:0px; padding-right:3.867px" align=right>8.0</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.067><P style="margin:0px" align=right>(24%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=324><P style="margin:0px" align=right><B>as a % of Sales</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.8><P style="margin:0px" 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" align=right><B>20%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72.267><P style="margin:0px" align=right><B>38%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=63><P style="margin:0px" align=right><B>14%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.8><P style="margin:0px" align=right>0%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin:0px" align=right>14%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=67.733><P style="margin:0px" align=right>37%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=63.067><P style="margin:0px" align=right>20%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.067><P style="margin:0px" align=right>(29%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=324><P style="margin:0px"><B>Net (loss) income</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.8><P style="margin:0px" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.8)</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" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;2.6</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=72.267><P style="margin:0px; padding-right:3.867px" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=63><P style="margin:0px; padding-right:3.867px" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;2.6</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.8><P style="margin:0px" align=right>$ &nbsp;&nbsp;&nbsp;(3.3)</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=60><P style="margin:0px; padding-right:3.867px" align=right>$ &nbsp;&nbsp;&nbsp;0.5</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=67.733><P style="margin:0px; padding-right:3.867px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=63.067><P style="margin:0px; padding-left:-9.6px; padding-right:3.867px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=65.067><P style="margin:0px" align=right>(33%)</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=73.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=63><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=60><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=67.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=63.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.067><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px"><B>Operating (loss) income</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.8><P style="margin:0px" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.4)</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.133><P style="margin:0px; padding-right:3.867px" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;2.9</B></P>
</TD><TD style="margin-top:0px" valign=top width=72.267><P style="margin:0px; padding-right:3.867px" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;10.6</B></P>
</TD><TD style="margin-top:0px" valign=top width=63><P style="margin:0px; padding-right:3.867px" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;6.1</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.8><P style="margin:0px" align=right>$ &nbsp;&nbsp;&nbsp;(3.2)</P>
</TD><TD style="margin-top:0px" valign=top width=60><P style="margin:0px; padding-right:3.867px" align=right>$ &nbsp;&nbsp;&nbsp;2.0</P>
</TD><TD style="margin-top:0px" valign=top width=67.733><P style="margin:0px; padding-right:3.867px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3</P>
</TD><TD style="margin-top:0px" valign=top width=63.067><P style="margin:0px; padding-right:3.867px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.0</P>
</TD><TD style="margin-top:0px" valign=top width=65.067><P style="margin:0px" align=right>(24%)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add back: Depletion, depreciation and amortization**</P>
</TD><TD style="margin-top:0px" valign=top width=73.8><P style="margin:0px; padding-right:3.867px" 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" align=right><B>1.8</B></P>
</TD><TD style="margin-top:0px" valign=top width=72.267><P style="margin:0px; padding-right:3.867px" align=right><B>4.4</B></P>
</TD><TD style="margin-top:0px" valign=top width=63><P style="margin:0px; padding-right:3.867px" align=right><B>6.3</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.8><P style="margin:0px; padding-right:3.867px" align=right>0.3</P>
</TD><TD style="margin-top:0px" valign=top width=60><P style="margin:0px; padding-right:3.867px" align=right>2.1</P>
</TD><TD style="margin-top:0px" valign=top width=67.733><P style="margin:0px; padding-right:3.867px" align=right>4.0</P>
</TD><TD style="margin-top:0px" valign=top width=63.067><P style="margin:0px; padding-right:3.867px" align=right>6.4</P>
</TD><TD style="margin-top:0px" valign=top width=65.067><P style="margin:0px" align=right>(2%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=324><P style="margin:0px" 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=73.8><P style="margin:0px; padding-right:3.867px" align=right><B>5.7</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" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72.267><P style="margin:0px; padding-right:3.867px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=63><P style="margin:0px; padding-right:3.867px" align=right><B>5.7</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.8><P style="margin:0px; padding-right:3.867px" align=right>0.8</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><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=67.733><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=63.067><P style="margin:0px; padding-right:3.867px" 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" align=right>613%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=324><P style="margin:0px" align=justify><B>Adjusted EBITDA*</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.8><P style="margin:0px" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.7)</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" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;4.8</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=72.267><P style="margin:0px; padding-right:3.867px" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;14.9</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=63><P style="margin:0px; padding-right:3.867px" align=right><B>$ &nbsp;&nbsp;18.0</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.8><P style="margin:0px" align=right>$ &nbsp;&nbsp;&nbsp;(2.1)</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=60><P style="margin:0px; padding-right:3.867px" align=right>$ &nbsp;&nbsp;&nbsp;4.1</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=67.733><P style="margin:0px; padding-right:3.867px" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;13.2</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=63.067><P style="margin:0px; padding-right:3.867px" align=right>$ &nbsp;&nbsp;&nbsp;15.2</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=65.067><P style="margin:0px" align=right>18%</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: * Adjusted EBITDA is a non-GAAP financial measure</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 Q1 2016, mine operating earnings increased 24% to $15.6 million (Q1 2015: $12.6 million), while the gross margin (mine operating earnings over sales) was 36% (Q1 2015: 32%). &nbsp;At San Jose mine operating earnings increased 21% to $12.0 million as a result of 11% higher sales and an increase in gross margin of four percentage points to 43%. &nbsp;Gross margins improved as higher head grades and improved metallurgical recoveries more than compensated lower metal prices. &nbsp;At Caylloma mine operating earnings increased 25% to $3.5 million mostly as a result of lower depletion and lower unit costs of 12%.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Adjusted EBITDA in Q1 2016 increased 18% over Q1 2015 to $18.0 million, driven by increases at Caylloma and San Jose of 17% to $4.8 million and 13% to $14.9 million, respectively. </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 - 13</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<A NAME="_Toc443409384"></A><A NAME="_Toc445985552"></A><A NAME="_Toc445997542"></A><A NAME="_Toc446582394"></A><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><A NAME="_Toc435536098"></A><A NAME="_Toc435536293"></A><A NAME="_Toc442993642"></A><P style="margin:0px; font-size:11pt" align=justify><I>Selling, General and Administrative Expenses</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The following table summarizes 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><TR height=0 style="font-size:0"><TD width=259.2 /><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=259.2><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=259.2><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 March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=259.2><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>2016</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>2015</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=259.2><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=259.2><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;2.2</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;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;1.0</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;3.8</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;3.0</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;0.6</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;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;4.6</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=259.2><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; padding-right:3.867px; font-size:11pt" align=right><B>5.7</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>5.7</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>0.8</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; padding-right:3.867px; 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=259.2><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>0.2</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>0.2</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>-</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>-</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>0.1</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>0.1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=259.2><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;7.9</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;9.7</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;3.8</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>$ &nbsp;&nbsp;&nbsp;&nbsp;0.6</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;1.1</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;5.5</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 Q1 2016 increased 76%, or $4.2 million, to $9.7 million (Q1 2015: $5.5 million). The driver for the increase compared with the same period in the prior year was the increase in share-based payments of $4.9 million to $5.7 million. &nbsp;Most of this increase is related to mark-to-market effects on grants of restricted share units and deferred share units. Excluding this effect the charge for share-based payment in Q1 2016 would have been $2.3 million (Q1 2015: $1.4 million). General and administrative expenses decreased $0.8 million to $3.8 million as a result of lower corporate expenses.</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="_Toc443409388"></A><A NAME="_Toc445985555"></A><A NAME="_Toc445997544"></A><A NAME="_Toc446582396"></A><A NAME="_Toc417402229"></A><A NAME="_Toc417896477"></A><A NAME="_Toc418251288"></A><A NAME="_Toc420050695"></A><P style="margin:0px; font-size:11pt" align=justify><I>Finance items</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=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 $ millions</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 March 31,</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>Finance income</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>2016</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>2015</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=445.2><P style="margin:0px; padding-left:12px" align=justify>Interest income on FVTPL financial assets</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=21.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px" align=right><B>0.1</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=21.067><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=95.867><P style="margin:0px; padding-right:3.867px" align=right>0.1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=445.2><P style="margin:0px" align=justify><B>Total finance income</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=21.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px" align=right><B>0.1</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=21.067><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=95.867><P style="margin:0px; padding-right:3.867px" align=right>0.1</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><B>Finance expenses</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=102><P style="margin:0px; padding:0px">&nbsp;</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:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=445.2><P style="margin:0px; padding-left:12px" align=justify>Interest expense</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>0.4</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:1px solid #000000" valign=top width=445.2><P style="margin:0px; padding-left:12px" align=justify>Standby and commitment fees</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>-</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>0.1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=445.2><P style="margin:0px; padding-left:12px" align=justify>Accretion of provisions (Note 12)</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>0.1</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" align=right>(0.2)</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><B>Total finance expense (income)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px" align=right><B>0.5</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.067><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=95.867><P style="margin:0px" align=right>(0.1)</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>Net finance (expense) income</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=102><P style="margin:0px" align=right><B>(0.4)</B></P>
</TD><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=21.067><P style="margin:0px" align=right>$</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>0.2</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Interest expense of $0.4 million (Q1 2015: $nil) included $0.3 million (Q1 2015: $nil) interest on the bank loan and $0.1 million (Q1 2015: $nil) interest on the interest rate swap. </P>
<P style="margin:0px"><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><A NAME="_Toc435536101"></A><A NAME="_Toc435536296"></A><A NAME="_Toc442993646"></A><A NAME="_Toc443409389"></A><A NAME="_Toc445985556"></A><A NAME="_Toc445997545"></A><A NAME="_Toc446582397"></A><P style="margin:0px; font-size:11pt" align=justify><I>Income Taxes</I></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 - 14</P>
</TD></TR>
</TABLE>
<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=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 March 31,</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>2016</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>2015</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-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;0.8</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;3.1</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;3.9</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;1.0</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;2.6</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;3.6</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">Deferred income tax</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=72><P style="margin:0px; 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=72><P style="margin:0px; font-size:11pt" align=right><B>(0.4)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=72><P style="margin:0px; font-size:11pt" align=right><B>(0.9)</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>0.5</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>0.2</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>0.7</P>
</TD></TR>
<TR><TD style="margin-top:0px; 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-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-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-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-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;1.5</P>
</TD><TD style="margin-top:0px; 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;2.8</P>
</TD><TD style="margin-top:0px; 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;4.3</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Income taxes for Q1 2016 decreased to $3.0 million (Q1 2015: $4.3 million), as current income tax increased $0.3 to $3.9 million (Q1 2015: $3.6 million) and deferred income tax decreased $1.6 million for a recovery of $0.9 million (Q1 2015: expense $0.7 million). </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>In Q1 2016, the Company paid $3.1 million in income tax related to the 2015 fiscal period and $2.6 million related to the 2016 fiscal period. </P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc368569089"></A><A NAME="_Toc446582398"></A><A NAME="_Toc320024911"></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><A NAME="_Toc435536103"></A><A NAME="_Toc435536298"></A><A NAME="_Toc442993648"></A><A NAME="_Toc443409391"></A><A NAME="_Toc445985558"></A><A NAME="_Toc445997547"></A><A NAME="_Toc446582399"></A><P style="margin:0px; font-size:11pt" align=justify><I>Cash Cost per Payable Ounce of Silver and Cash Cost per Tonne of Processed Ore (Non-GAAP Financial Measure)</I></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 cost is 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 cost per tonne of processed ore and cash cost per payable ounce of silver to the cost of sales in the consolidated financial statements for the three months ended March 31, 2016 and 2015 (&#147;Q1 2016&#148; and &#147;Q1 2015&#148;, respectively):</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>
<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=420 /><TD width=102 /><TD width=102 /></TR>
<TR><TD style="margin-top:0px" valign=top width=420><P style="margin:0px; font-size:11pt" align=justify><B>Consolidated Mine Cash Cost</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=top width=204 colspan=2><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=420><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=204 colspan=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=420><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=102><P style="margin:0px; font-size:11pt" align=right><B>Q1 2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; font-size:11pt" align=right>Q1 2015</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=420><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=420><P style="margin:0px; font-size:11pt" align=justify><B>Cost of sales</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>27,138</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>27,223</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=420><P style="margin:0px; font-size:11pt" align=justify><B>Add / (Subtract):</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=420><P style="margin:0px; font-size:11pt" align=justify><B>Change in concentrate inventory</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right><B>(599)</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>273</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=420><P style="margin:0px; font-size:11pt" align=justify><B>Depletion and depreciation in concentrate inventory</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>158</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right>(91)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=420><P style="margin:0px; font-size:11pt" align=justify><B>Commercial and government royalties and mining taxes</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right><B>(461)</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right>(308)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=420><P style="margin:0px; font-size:11pt" align=justify><B>Workers participation</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right><B>(890)</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right>(783)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=420><P style="margin:0px; font-size:11pt" align=justify><B>Depletion and depreciation</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; font-size:11pt" align=right><B>(6,115)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; font-size:11pt" align=right>(6,020)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=420><P style="margin:0px; font-size:11pt" align=justify><B>Cash cost (A)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>19,231</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>20,294</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=420><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=420><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=420><P style="margin:0px; font-size:11pt" align=justify><B>Cash cost (A)</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>19,231</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>20,294</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=420><P style="margin:0px; font-size:11pt" align=justify><B>Add / (Subtract):</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=420><P style="margin:0px; font-size:11pt" align=justify><B>By-product credits from gold, lead and zinc</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right><B>(18,712)</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right>(16,046)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=420><P style="margin:0px; font-size:11pt" align=justify><B>Refining charges</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>1,725</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>1,833</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=420><P style="margin:0px; font-size:11pt" align=justify><B>Cash cost applicable per payable ounce (B)</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>2,244</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>6,081</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=420><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><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=420><P style="margin:0px; font-size:11pt" 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=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>1,554,945</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>1,562,483</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=420><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><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=420><P style="margin:0px; font-size:11pt" 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=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>1.44</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>3.89</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 - 16</P>
</TD></TR>
</TABLE>
<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=414 /><TD width=102 /><TD width=102 /></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" 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=204 colspan=2><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:2px solid #000000" valign=top width=414><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=102><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right><B>Q1 2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right>Q1 2015</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Cost of sales</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>15,825</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>15,322</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Add / (Subtract):</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Change in concentrate inventory</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>94</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right>(13)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Depletion and depreciation in concentrate inventory</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right><B>(39)</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right>(3)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Commercial and government royalties and mining taxes</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right><B>(277)</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right>(123)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Workers participation</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right><B>(717)</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right>(557)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Depletion and depreciation</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; font-size:11pt" align=right><B>(4,304)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; font-size:11pt" align=right>(3,945)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Cash cost (A)</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>10,582</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>10,681</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><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=414><P style="margin:0px; font-size:11pt" align=justify><B>Total processed ore (tonnes) (B)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>179,110</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>178,647</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><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=414><P style="margin:0px; font-size:11pt" 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=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>59.08</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>59.79</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Cash cost (A)</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>10,582</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>10,681</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Add / (Subtract):</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>By-product credits from gold</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right><B>(8,910)</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right>(9,006)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Refining charges</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>1,245</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>1,053</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Cash cost applicable per payable ounce ( C)</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>2,917</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>2,728</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><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=414><P style="margin:0px; font-size:11pt" 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=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>1,234,715</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>1,053,322</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><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=414><P style="margin:0px; font-size:11pt" 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=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>2.36</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>2.59</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Mining cost per tonne</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>31.65</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>32.30</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Milling cost per tonne</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>13.68</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>15.10</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Indirect cost per tonne</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>7.68</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>7.43</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Community relations cost per tonne</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>2.43</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>0.47</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Distribution cost per tonne</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>3.64</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>4.49</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Total production cost per tonne</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>59.08</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>59.79</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 - 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" 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=414 /><TD width=102 /><TD width=102 /></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" 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=204 colspan=2><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:2px solid #000000" valign=top width=414><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=102><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right><B>Q1 2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right>Q1 2015</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Cost of sales</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>11,313</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>11,901</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Add / (Subtract):</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Change in concentrate inventory</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right><B>(693)</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>286</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Depletion and depreciation in concentrate inventory</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>197</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right>(88)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Commercial and government royalties and mining taxes</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right><B>(184)</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right>(185)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Workers participation</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right><B>(173)</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right>(226)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Depletion and depreciation</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; font-size:11pt" align=right><B>(1,811)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; font-size:11pt" align=right>(2,075)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Cash cost (A)</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>8,649</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>9,613</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><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=414><P style="margin:0px; font-size:11pt" align=justify><B>Total processed ore (tonnes) (B)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>117,192</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>114,451</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><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=414><P style="margin:0px; font-size:11pt" 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=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>73.80</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>83.99</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Cash cost (A)</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>8,649</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>9,613</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Add / (Subtract):</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>By-product credits from gold, lead and zinc</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right><B>(9,802)</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right>(7,040)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Refining charges</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>480</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>780</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Cash cost applicable per payable ounce ( C)</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:11pt" align=right><B>(673)</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>3,353</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><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=414><P style="margin:0px; font-size:11pt" 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=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>320,230</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>509,161</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><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=414><P style="margin:0px; font-size:11pt" 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=102><P style="margin:0px; font-size:11pt" align=right><B>(2.10)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>6.59</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Mining cost per tonne</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>36.96</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>43.92</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Milling cost per tonne</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>12.26</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>14.92</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Indirect cost per tonne</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>14.02</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>18.75</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Community relations cost per tonne</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>0.02</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Distribution cost per tonne</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>10.54</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>6.40</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=414><P style="margin:0px; font-size:11pt" align=justify><B>Total production cost per tonne</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>73.80</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>83.99</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 - 18</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></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><A NAME="_Toc435536104"></A><A NAME="_Toc435536299"></A><A NAME="_Toc442993649"></A><A NAME="_Toc443409392"></A><A NAME="_Toc445985559"></A><A NAME="_Toc445997548"></A><A NAME="_Toc446582400"></A><P style="margin:0px; font-size:11pt" align=justify><I>All-in Sustaining Cash Cost and All-in Cash Cost per Payable Ounce of Silver (Non-GAAP Financial Measure)</I></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 cash cost&#148; and &#147;all-in cash cost&#148; better meet the needs of analysts, investors, and other stakeholders of the Company in understanding the cost 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;</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 cash cost and all-in cash cost 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 cost 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 cash cost per ounce in the consolidated financial statements for the three months ended March 31, 2016 and 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 - 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" 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 /></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" width=228 colspan=2><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: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; padding-right:3.867px; font-size:11pt" align=right><B>Q1 2016</B></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; padding-right:3.867px; font-size:11pt" align=right>Q1 2015</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:3.867px; font-size:11pt" align=right><B>2,244</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>6,081</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Commercial and government royalties and mining tax</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>1,361</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>853</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:3.867px; font-size:11pt" align=right><B>1,114</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>968</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:3.867px; font-size:11pt" align=right><B>1,717</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>1,563</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:3.867px; font-size:11pt" align=right><B>6,436</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>9,465</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:3.867px; font-size:11pt" align=right><B>2,206</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>2,960</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:3.867px; font-size:11pt" align=right><B>4,152</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>4,749</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:3.867px; font-size:11pt" align=right><B>1,814</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>1,252</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:3.867px; font-size:11pt" align=right><B>14,608</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>18,426</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:3.867px; font-size:11pt" align=right><B>11,397</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>61</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:3.867px; font-size:11pt" align=right><B>26,005</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>18,487</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:3.867px; font-size:11pt" align=right><B>1,554,945</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>1,562,483</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:3.867px; font-size:11pt" align=right><B>9.39</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>11.79</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:3.867px; font-size:11pt" align=right><B>16.72</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>11.83</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 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify><B>San Jose Mine All-in Cash Cost</B></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><B>Expressed in $&#146;000&#146;s</B></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; padding-right:3.867px; font-size:11pt" align=right><B>Q1 2016</B></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; padding-right:3.867px; font-size:11pt" align=right>Q1 2015</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:3.867px; font-size:11pt" align=right><B>2,917</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>2,728</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Commercial and government royalties and mining tax</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>1,177</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>668</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:3.867px; font-size:11pt" align=right><B>896</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>696</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:3.867px; font-size:11pt" align=right><B>1,159</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>990</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:3.867px; font-size:11pt" align=right><B>6,149</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>5,082</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:3.867px; font-size:11pt" align=right><B>2,982</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>3,635</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:3.867px; font-size:11pt" align=right><B>1,622</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>1,148</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:3.867px; font-size:11pt" align=right><B>10,753</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>9,865</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:3.867px; font-size:11pt" align=right><B>9,701</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>50</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:3.867px; font-size:11pt" align=right><B>20,454</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>9,915</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:3.867px; font-size:11pt" align=right><B>1,234,715</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>1,053,322</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:3.867px; font-size:11pt" align=right><B>8.71</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>9.37</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:3.867px; font-size:11pt" align=right><B>16.57</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>9.41</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 - 20</P>
</TD></TR>
</TABLE>
<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=390 /><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" width=228 colspan=2><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: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; padding-right:3.867px; font-size:11pt" align=right><B>Q1 2016</B></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; padding-right:3.867px; font-size:11pt" align=right>Q1 2015</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; font-size:11pt" align=right><B>(673)</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>3,353</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Commercial and government royalties and mining tax</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>184</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>185</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:3.867px; font-size:11pt" align=right><B>205</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>265</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:3.867px; font-size:11pt" align=right><B>558</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>573</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:3.867px; font-size:11pt" align=right><B>274</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>4,376</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:3.867px; font-size:11pt" align=right><B>1,170</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>1,114</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:3.867px; font-size:11pt" align=right><B>192</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>104</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:3.867px; font-size:11pt" align=right><B>1,636</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>5,594</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Non-sustaining capital expenditures<FONT style="font-size:9pt"><SUP>1</SUP></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>1,696</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>11</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:3.867px; font-size:11pt" align=right><B>3,332</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>5,605</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:3.867px; font-size:11pt" align=right><B>320,230</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>509,161</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:3.867px; font-size:11pt" align=right><B>5.11</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>10.99</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:3.867px; font-size:11pt" align=right><B>10.41</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>11.01</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:11pt" align=justify><SUP>1</SUP><FONT style="font-size:10pt">prese</FONT><FONT style="font-size:9pt">nted on a cash basis</FONT></P>
<P style="margin:0px" align=justify><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, and adjusted EBITDA. These terms described and presented below do not have standardized meanings prescribed by 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 - 21</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc442993652"></A><A NAME="_Toc443409395"></A><A NAME="_Toc445985561"></A><A NAME="_Toc445997550"></A><A NAME="_Toc446582402"></A><P style="margin:0px; font-size:11pt" align=justify><I>Operating cash flow per share before changes in working capital (non-GAAP financial measure)</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=462 /><TD width=21.733 /><TD width=140.267 /><TD width=21.733 /><TD width=140.267 /></TR>
<TR><TD style="margin-top:0px" valign=top width=462><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=324 colspan=4><P style="margin:0px; font-size:11pt" align=center><B>Expressed in $&#146;000&#146;s (except per share measures)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=462><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=324 colspan=4><P style="margin:0px; font-size:11pt" align=right><B>Three months ended March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=462><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=140.267><P style="margin:0px; font-size:11pt" align=right><B>2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=140.267><P style="margin:0px; font-size:11pt" align=right>2015</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=462><P style="margin:0px; font-size:11pt" align=justify>Net income for the period</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=140.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>2,578</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=140.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3,854</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=462><P style="margin:0px; font-size:11pt" align=justify>Items not involving cash</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=140.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>13,433</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=140.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>11,036</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=462><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=140.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>16,011</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=140.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>14,890</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=462><P style="margin:0px; 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=140.267><P style="margin:0px; font-size:11pt" align=right><B>(5,665)</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=140.267><P style="margin:0px; font-size:11pt" align=right>(9,641)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=462><P style="margin:0px; 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=140.267><P style="margin:0px; font-size:11pt" align=right><B>(431)</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=140.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=462><P style="margin:0px; 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=140.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>15</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=140.267><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=462><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</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=140.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</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=140.267><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=462><P style="margin:0px; font-size:11pt" 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=21.733><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=140.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>9,930</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=140.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>5,337</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=462><P style="margin:0px; font-size:11pt" align=justify>Divided by</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=140.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</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=140.267><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=462><P style="margin:0px; font-size:11pt" 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=21.733><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=140.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>129,333</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=140.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>128,809</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=462><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</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=140.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</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=140.267><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=462><P style="margin:0px; font-size:11pt" 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=21.733><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=140.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>0.08</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=140.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.04</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="_Toc442993654"></A><A NAME="_Toc443409397"></A><A NAME="_Toc445985563"></A><A NAME="_Toc445997552"></A><A NAME="_Toc446582404"></A><P style="margin:0px; font-size:11pt" align=justify><I>Adjusted EBITDA (non-GAAP financial measure)</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=354 /><TD width=21.733 /><TD width=98.2 /><TD width=21.733 /><TD width=104.733 /></TR>
<TR><TD style="margin-top:0px" valign=top width=354><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=246.4 colspan=4><P style="margin:0px; font-size:11pt" align=center><B>Expressed in $&#146;000&#146;s</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=354><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=246.4 colspan=4><P style="margin:0px; font-size:11pt" align=right><B>Three months ended March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=354><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=98.2><P style="margin:0px; font-size:11pt" align=right><B>2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=104.733><P style="margin:0px; font-size:11pt" align=right>2015</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=354><P style="margin:0px; font-size:11pt" align=justify>Net Income</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=98.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>2,578</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=104.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3,854</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=354><P style="margin:0px; font-size:11pt" align=justify>Add back: Net finance (expense) income</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=98.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>516</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=104.733><P style="margin:0px; font-size:11pt" align=right>(209)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=354><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=98.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>6,259</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=104.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>6,410</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=354><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=98.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>3,011</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=104.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4,316</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=354><P style="margin:0px; font-size:11pt" align=justify>Add back: Share-based payments</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=98.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>5,668</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=104.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>780</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=354><P style="margin:0px; font-size:11pt" align=justify><B>Adjusted 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=98.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>18,032</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=104.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>15,151</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; padding-right:308.4px; 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, share based payments, and other non-cash expenses.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc320024912"></A><A NAME="_Toc368569094"></A><A NAME="_Toc446582405"></A><P style="margin:0px; font-size:11pt" align=justify><B>First Quarter 2016 Liquidity and Capital Resources &nbsp;&nbsp;</B></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 its capital structure and adjusts 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 March 31, 2016, totaled $64.3 million (December 31, 2015: $72.2 million), and its short term investments totaled $31.6 million (December 31, 2015: $36.0 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 - 22</P>
</TD></TR>
</TABLE>
<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; font-size:11pt" align=justify>Working capital for the three months ended March 31, 2016, decreased $7.5 million, to $86.4 million (December 31, 2015: $93.9 million). </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The decrease in working capital resulted from decreases in the following: cash and cash equivalents of $8.0 million, short term investments of $4.4 million, income tax receivable of $0.1 million, prepaid expenses of $0.1 million, and inventories of $0.8 million, and by increases in the following: accounts payable of $11.0 million, derivative liabilities of $0.6 million, provisions of $0.1 million, and current portion of other liabilities of $0.6 million. It was offset by an increase in accounts receivable and other assets of $16.4 million, and a decrease in income tax payable of $1.8 million.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>For the three months ended March 31, 2016, cash and cash equivalents decreased $8.0 million (Q1 2015: increased $0.5 million) and comprised the following:</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=462 /><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=462><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 March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=462><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>2016</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>2015</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=462><P style="margin:0px; font-size:11pt" align=justify><B>Net cash (used in) 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>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px; font-size:11pt" align=right><B>(0.3)</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>8.6</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; font-size:11pt" align=right><B>(8.9)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=462><P style="margin:0px; font-size:11pt" align=justify><B>Net cash 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>(9.4)</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>(9.1)</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=82.067><P style="margin:0px; font-size:11pt" align=right><B>(0.3)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=462><P style="margin:0px; font-size:11pt" align=justify><B>Net cash 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>1.8</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=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; padding-right:4.8px; font-size:11pt" align=right><B>0.8</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=462><P style="margin:0px; font-size:11pt" align=justify><B>(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS</B></P>
</TD><TD style="margin-top:0px; border-top:1px 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:1px solid #000000; border-bottom:2px solid #000000" valign=top width=62.267><P style="margin:0px; font-size:11pt" align=right><B>(8.0)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=68.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.5</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=82.067><P style="margin:0px; font-size:11pt" align=right><B>(8.5)</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 three months ended March 31, 2016 and 2015, net cash (used in) provided by operating activities included income taxes paid, interest expense paid, and interest 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=463.467 /><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=463.467><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 March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=463.467><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>2016</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>2015</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=463.467><P style="margin:0px; font-size:11pt" align=justify><B>Cash provided by operating activities before interest and income taxes</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>5.7</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>18.1</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>(12.4)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=463.467><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>(5.7)</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; 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=82.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>3.9</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=463.467><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=463.467><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>-</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; 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=463.467><P style="margin:0px; font-size:11pt" align=justify><B>Net cash (used in) 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; font-size:11pt" align=right><B>(0.3)</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>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>8.6</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</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>(8.9)</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 three months ended March 31, 2016 and 2015, net cash (used in) 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 - 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" 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>Three months ended March 31,</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>2016</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>2015</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.267><P style="margin:0px; padding-right:4.8px" align=right><B>9.9</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px" align=right>$</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>5.3</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=82.067><P style="margin:0px; padding-right:4.8px" align=right><B>4.6</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px" align=justify><B>Changes in non-cash working capital items</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.067><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; padding-left:22.8px" align=justify>Accounts receivable and other assets</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px" align=right><B>(16.0)</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px" align=right>(0.1)</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=82.067><P style="margin:0px" align=right><B>(15.9)</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>0.1</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" align=right>(0.1)</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>0.2</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>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>0.7</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>0.8</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>(0.1)</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>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>5.0</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>2.6</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>2.4</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" 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>-</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" 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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.267><P style="margin:0px" align=right><B>(10.3)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px" align=right>$</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>3.2</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=82.067><P style="margin:0px" align=right><B>(13.5)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=441.733><P style="margin:0px" align=justify><B>Net cash (used in) provided by operating activities</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.267><P style="margin:0px" align=right><B>(0.3)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.267><P style="margin:0px; padding-right:4.8px" align=right>8.6</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px" align=right><B>$</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>(8.9)</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 three months ended March 31, 2016 and 2015, the change in accounts receivable and other assets of $16.0 million (Q1 2015: $0.1 million) is mainly the result of an early collection of December 2015 provisional sales in the same month. &nbsp;Under our existing contracts we will get paid between 90% and 95% of declared provisional sales within 15 days after the month of sale.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>For the three months ended March 31, 2016 and 2015, net cash used in investing activities 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" align=right><B>Three months ended March 31,</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>2016</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>2015</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>INVESTING ACTIVITIES</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=62.267><P style="margin:0px; padding:0px">&nbsp;</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; padding:0px">&nbsp;</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: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>Purchase of short term investments</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px" align=right><B>(3.8)</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px" align=right>(19.0)</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>15.2</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>Redemptions of short term investments</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>8.2</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>18.3</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>(10.1)</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>Expenditures on mineral properties, plant and equipment</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" align=right><B>(16.1)</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" align=right>(6.1)</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>(10.0)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=441.733><P style="margin:0px; padding-left:22.8px" align=justify>Deposits on long term assets, net</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; padding-right:4.8px" align=right><B>2.3</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.267><P style="margin:0px" align=right>(2.3)</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>4.6</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 used in investing 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" align=right><B>(9.4)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.267><P style="margin:0px" align=right>(9.1)</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px" align=right><B>$</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>(0.3)</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">Expenditures on mineral properties, plant and equipment comprised 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=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=337.267><P style="margin:0px; font-size:11pt"><B>Three months ended March 31, &nbsp;2016</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; 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=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; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=54.867><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.8</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</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>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=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; border-bottom:1px solid #000000" valign=top width=337.267><P style="margin:0px; font-size:11pt">Plant expansion</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>9.7</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=79.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>9.7</P>
</TD></TR>
<TR><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>0.6</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>0.6</P>
</TD></TR>
<TR><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>0.8</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=64.667><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=79.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2.5</P>
</TD></TR>
<TR><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>0.2</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=64.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1.6</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>1.8</P>
</TD></TR>
<TR><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>1.8</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>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=64.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>14.3</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</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>16.1</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>For the three months ended March 31, 2016, cash provided by financing activities comprised 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 - 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" 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>Three months ended March 31,</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>2016</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>2015</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>FINANCING ACTIVITIES</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=62.267><P style="margin:0px; padding:0px">&nbsp;</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; padding:0px">&nbsp;</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:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin-top:4.467px; margin-bottom:0px; padding-left:22.8px" align=justify>Net proceeds on issuance of common shares</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin-top:4.467px; margin-bottom:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin-top:4.467px; margin-bottom:0px; padding-right:4.8px" align=right><B>1.8</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin-top:4.467px; margin-bottom:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin-top:4.467px; margin-bottom:0px; padding-right:4.8px" align=right>1.0</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin-top:4.467px; margin-bottom:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=82.067><P style="margin-top:4.467px; margin-bottom:0px; padding-right:4.8px" align=right><B>0.8</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=441.733><P style="margin:0px" align=justify><B>Net cash provided by financing activities</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=62.267><P style="margin:0px; padding-right:4.8px" align=right><B>1.8</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=68.267><P style="margin:0px; padding-right:4.8px" align=right>1.0</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=82.067><P style="margin:0px; padding-right:4.8px" align=right><B>0.8</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>
<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><A NAME="_Toc435536110"></A><A NAME="_Toc435536305"></A><A NAME="_Toc442993658"></A><A NAME="_Toc443409401"></A><A NAME="_Toc445985567"></A><A NAME="_Toc445997554"></A><A NAME="_Toc446582406"></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 March 31, 2016</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>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>40.0</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</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>40.0</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>40.0</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>40.0</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>0.9</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>0.9</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">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>1.8</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>1.8</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">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>1.4</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>2.9</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>4.3</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>0.5</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>0.5</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>1.0</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>0.6</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=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>1.2</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>11.1</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>13.8</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>45.2</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>44.3</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</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>1.2</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=71.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>11.1</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</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>101.8</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 and for 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><A NAME="_Toc435536111"></A><A NAME="_Toc435536306"></A><A NAME="_Toc442993659"></A><A NAME="_Toc443409402"></A><A NAME="_Toc445985568"></A><A NAME="_Toc445997555"></A><A NAME="_Toc446582407"></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 March 31, 2016, $3,970 of capital commitments not disclosed elsewhere in the financial statements, and forecasted to be expended within one year, included $500 for the dry stack tailing dam and $3,083 for the plant expansion at the San Jose property, and $54 for an energy improvement project and $333 for the plant expansion at the Caylloma 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><A NAME="_Toc435536112"></A><A NAME="_Toc435536307"></A><A NAME="_Toc442993660"></A><A NAME="_Toc443409403"></A><A NAME="_Toc445985569"></A><A NAME="_Toc445997556"></A><A NAME="_Toc446582408"></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 5,200 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 which 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 $30 per month, and the average monthly charge for 2016 is $300. &nbsp;</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 - 25</P>
</TD></TR>
</TABLE>
<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; 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 15. d).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt">As at March 31, 2016, the expected payments due by period 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=108 /><TD width=18.933 /><TD width=113.067 /><TD width=22.8 /><TD width=121.2 /></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=402 colspan=6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center><B>Expressed in $&#146;000&#146;s</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=402 colspan=6><P style="margin:0px; padding-right:6px; font-size:11pt" align=center><B>Expected payments due by period as at March 31, 2016</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=126 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>Less than</P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1 year</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=132 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1 - 3 years</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=144 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>Total</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Office premises &#150; Canada</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>66</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>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=113.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>200</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=121.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>266</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=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>337</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=113.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>56</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=121.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>393</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=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>7</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=113.067><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=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=121.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>7</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>410</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=113.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>256</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=121.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>666</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=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>98</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=113.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;29</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=121.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>127</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=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3</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=113.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;130</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=121.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>133</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=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>101</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;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=113.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;159</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=121.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>260</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=108><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=113.067><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=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=121.2><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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=113.067><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=22.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=121.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>59</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=216><P style="margin:0px; padding-left:6px; font-size:11pt">Total operating leases</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>511</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;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=113.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;474</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=121.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>985</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="_Toc435536113"></A><A NAME="_Toc435536308"></A><A NAME="_Toc442993661"></A><A NAME="_Toc443409404"></A><A NAME="_Toc445985570"></A><A NAME="_Toc445997557"></A><A NAME="_Toc446582409"></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 and 2011 in the amounts of $1,043 and $664, respectively, for a total of $1,707. The Company is appealing the assessments and believes that the appeal will favor the Company. The Company has provided a guarantee by way of a letter bond in the amount of $792. This bank letter of guarantee expires on September 8, 2016. &nbsp;</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During 2015, the Company&#146;s foreign trade operations for tax years 2011 to 2014 were under review by the Mexican Tax Administration Service (SAT) and facing an administrative customs procedure (PAMA) for specific temporary&nbsp;import documents (pediments). On October 27, 2015, SAT issued a resolution regarding the Company&#146;s foreign trade operations for tax years 2011 to 2014. SAT denied certain claims, resulting in assessments (i) of updated and surcharge taxes, including a&nbsp;$26&nbsp;general import tax, a $78 VAT, and a $4 custom management tax, and (ii) of fines of $64,&nbsp;for a total of $172&nbsp;(the &#147;tax credit&#148;).&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>On December 11, 2015, the Company&nbsp;established a security bond through Afianzadora Sofimex S.A. in the amount of $211 in favor of PAMA to collateralize the tax credit of $172.&nbsp;This security bond has to be updated on December 10, 2016.&nbsp;On&nbsp;January 21, 2016, the Company presented its arguments before the Mexican Federal Court for the nullification and voidance of the tax credit (the &#147;Company claim&#148;). The Company claim is expected to be resolved by May 31, 2017.</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 - 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"><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="_Toc435536114"></A><A NAME="_Toc435536309"></A><A NAME="_Toc442993662"></A><A NAME="_Toc443409405"></A><A NAME="_Toc445985571"></A><A NAME="_Toc445997558"></A><A NAME="_Toc446582410"></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. 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. Certain conditions may exist as of the date the financial statements are issued that may result in a loss to the Company. In the opinion of management, none of these matters is 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="_Toc435536115"></A><A NAME="_Toc435536310"></A><A NAME="_Toc442993663"></A><A NAME="_Toc443409406"></A><A NAME="_Toc445985572"></A><A NAME="_Toc445997559"></A><A NAME="_Toc446582411"></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>
<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 because of 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 updated in August 2015, with total closure costs of $7,770, consisting of progressive closure activities of $3,604, final closure activities of $3,594, and post-closure activities of $573. Under the rules of closure, for the purpose of determining the annual financial collateral in the form of a letter of guarantee the final closure and post-closure activities constitute one amount of $4,166, the same to be allocated annually constituting the following guarantees by year: 2016, $2,495; 2017, $3,179; 2018, $3,908; 2019, $4,705; and 2020, $5,641, according to the approved life in the study of mine closure.</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 $2,495 (2015: $2,495), 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, 2016. &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 (2015: $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 November 30, 2016. &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 (2015: $55), 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="_Toc446582412"></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>
<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>
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<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc320024918"></A><A NAME="_Toc368569103"></A><A NAME="_Toc446582413"></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><TR height=0 style="font-size:0"><TD width=294 /><TD width=31.2 /><TD width=94.8 /><TD width=25.267 /><TD width=94.733 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=294><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=246 colspan=4><P style="margin:0px; font-size:11pt" align=center><B>Expressed in $&#146;000&#146;s</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=294><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=246 colspan=4><P style="margin:0px; font-size:11pt" align=right><B>Three months ended March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=294><P style="margin:0px; font-size:11pt" align=justify><B>Transactions with related parties</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=120 colspan=2><P style="margin:0px; font-size:11pt" align=right>2015</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=294><P style="margin-top:3.667px; margin-bottom:3.667px; font-size:11pt" align=justify>Salaries and wages <SUP>1,2</SUP></P>
</TD><TD style="margin-top:0px" valign=top width=31.2><P style="margin-top:3.667px; margin-bottom:3.667px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=94.8><P style="margin-top:3.667px; margin-bottom:3.667px; padding-right:4.8px; font-size:11pt" align=right><B>50</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.267><P style="margin-top:3.667px; margin-bottom:3.667px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=94.733><P style="margin-top:3.667px; margin-bottom:3.667px; padding-right:4.8px; font-size:11pt" align=right>32</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=294><P style="margin-top:3.667px; margin-bottom:3.667px; font-size:11pt" align=justify>Other general and administrative expenses <SUP>2</SUP></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=31.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=94.8><P style="margin-top:3.667px; margin-bottom:3.667px; padding-right:4.8px; font-size:11pt" align=right><B>79</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=94.733><P style="margin-top:3.667px; margin-bottom:3.667px; padding-right:4.8px; font-size:11pt" align=right>51</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=294><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=31.2><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=94.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>129</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.267><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=94.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>83</P>
</TD></TR>
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<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">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" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>In 2016, the Company paid $nil (2015: $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 7. a).</P>
<P style="margin:0px; font-family:Arial; font-size:11pt" align=justify>&nbsp;&nbsp;</P>
<A NAME="_Toc320024921"></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>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 $&#146;000&#146;s</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=324><P style="margin:0px; font-size:11pt" align=justify>&nbsp;<B>Amounts due to related party</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=156 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>March 31, 2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=144 colspan=2><P style="margin:0px; font-size:11pt" align=right>December 31, 2015</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=324><P style="margin-top:3.667px; margin-bottom:3.667px; padding-left:4.8px; font-size:11pt" align=justify>Owing to a company with a common director <FONT style="font-size:9pt"><SUP>3</SUP></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin-top:3.667px; margin-bottom:3.667px; font-size:11pt" align=right><B>$</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>24</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>8</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>
<P style="margin:0px"><BR></P>
<A NAME="_Toc320024922"></A><A NAME="_Toc368569104"></A><A NAME="_Toc446582414"></A><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 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"><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>
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<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><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:4.4px; width:28.4px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.4px; 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 is the 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:4.333px; width:28.333px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.333px; text-indent:-2px; font-size:11pt">In concluding when self-constructed items of property, plant and equipment are capable of operating in the manner intended by management have been completed.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:4.333px; width:28.333px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.333px; text-indent:-2px; font-size:11pt">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:4.333px; width:28.333px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.333px; text-indent:-2px; font-size:11pt">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:4.333px; width:28.333px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.333px; text-indent:-2px; font-size:11pt">The identification of impairment indicators and cash generating units. </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:4.333px; width:28.333px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:28.333px; text-indent:-2px; font-size:11pt">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:6px; width:30px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:30px; 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:6px; width:30px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:30px; 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:6px; width:30px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:30px; 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:6px; width:30px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:30px; 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:6px; width:30px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:30px; 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:6px; width:30px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:30px; text-indent:-2px; font-size:11pt" align=justify>the determination of whether tangible and intangible 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:6px; width:30px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:30px; text-indent:-2px; font-size:11pt" align=justify>the assessment of indications of impairment of each mineral property and related determination of the recoverable amount and write-down of those properties where applicable;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:6px; width:30px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:30px; 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:6px; width:30px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:30px; 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:6px; width:30px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:30px; 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:6px; width:30px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:30px; 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: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 - 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" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:6px; width:30px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:30px; 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:6px; width:30px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:30px; 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="_Toc446582415"></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>
<P style="margin:0px; font-size:11pt" align=justify>During the three months ended March 31, 2016, 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>
<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>
<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>
<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 March 31, 2016</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>64,265</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>64,265</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>31,600</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>31,600</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=348><P style="margin:0px" align=justify>Trade receivable from concentrate sales <SUP>1</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=108><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=102><P style="margin:0px; padding-right:4.8px" align=right><B>21,527</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>21,527</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>Derivative liabilities <SUP>2</SUP></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" align=right><B>(924)</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" align=right><B>(924)</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>95,865</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:4.8px" align=right><B>20,603</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=26.067><P style="margin:0px" align=right><B>$</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>116,468</B></P>
</TD></TR>
</TABLE>
<P style="margin-top:2px; margin-bottom: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. 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>
<P style="margin-top:2px; margin-bottom:0px; font-size:9pt" align=justify><SUP>2</SUP> Derivative liabilities include interest rate swaps. The fair value of the derivative liabilities reflect observable LIBOR and thereby classified within Level 2 of the fair value hierarchy. </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, 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>72,218</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>72,218</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>36,031</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>36,031</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=348><P style="margin:0px" align=justify>Trade receivable from concentrate sales <SUP>1</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=108><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=102><P style="margin:0px; padding-right:4.8px" align=right><B>5,172</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>5,172</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>Derivative liabilities <SUP>2</SUP></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:0px">&nbsp;</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" align=right><B>(351)</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:0px">&nbsp;</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" align=right><B>(351)</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>108,249</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:4.8px" align=right><B>4,821</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=26.067><P style="margin:0px" align=right><B>$</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>113,070</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 - 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" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B><I>ii.</I></B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B><I>Fair Value of Financial Assets and Liabilities other than Level 1</I></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=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>March 31, 2016</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, 2015</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>21,527</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>21,527</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right>5,172</P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>5,172</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px" align=justify>Advances and other receivables <FONT style="font-size:9.5pt"><SUP>3</SUP></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right><B>1.395</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>1,395</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right>1,350</P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>1,350</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=270><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right><B>$</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>22,922</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>$</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>22,922</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right>$</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>6,522</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>$</P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>6,522</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px" align=justify><B>Financial liabilities</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px" align=justify>Derivative liabilities <FONT style="font-size:9.5pt"><SUP>1</SUP></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right><B>924</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>924</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right>351</P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>351</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=270><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right><B>$</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>924</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>$</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>924</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right>$</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>351</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>351</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><SUP>1 </SUP>Derivative liabilities includes interest rate swaps. The fair value of the derivative liabilities 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 are recorded at amortized costs. The fair value of other assets are, due to its shot term nature, classified within Level 2 of the fair value hierarchy, and the balances include the current portion of other assets.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc320024925"></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"><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 March 31, 2016, 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 - 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" 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=64.533 /><TD width=39.933 /><TD width=64.533 /><TD width=21.733 /><TD width=71.867 /><TD width=21.733 /><TD width=58.6 /><TD width=39.933 /><TD width=64.533 /><TD width=21.733 /><TD width=71.867 /></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:2px solid #000000" valign=bottom width=284.333 colspan=6><P style="margin:0px; font-size:11pt" align=center><B>March 31, 2016</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=278.4 colspan=6><P style="margin:0px; font-size:11pt" align=center>December 31, 2015</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=86.267 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=104.467 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=93.6 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=80.333 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=104.467 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=93.6 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=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>11,424</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><P style="margin:0px; padding-left:9.6px; 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>1,602</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=71.867><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>29,425</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>10,023</P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><P style="margin:0px; padding-left:9.6px; 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>983</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=71.867><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>46,405</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=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>140</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><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>3,213</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=71.867><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>11,079</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=58.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>83</P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><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>4,035</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=71.867><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>6,805</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=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=39.933><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>2,431</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=71.867><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=58.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><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>2,663</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=71.867><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</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=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=39.933><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=71.867><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>101,955</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=58.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><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=71.867><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>31,899</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=64.533><P style="margin:0px; font-size:11pt" align=right><B>(10,628)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><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>(11,994)</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=71.867><P style="margin:0px; padding-left:-9.6px; font-size:11pt" align=right><B>(139,119)</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=58.6><P style="margin:0px; font-size:11pt" align=right>(2,921)</P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><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>(10,931)</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=71.867><P style="margin:0px; font-size:11pt" align=right>(163,699)</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=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=39.933><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>(1,523)</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=71.867><P style="margin:0px; font-size:11pt" align=right><B>(1,913)</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=58.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><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>(1,143)</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=71.867><P style="margin:0px; font-size:11pt" align=right>(2,028)</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=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=39.933><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; font-size:11pt" align=right><B>(209)</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=71.867><P style="margin:0px; font-size:11pt" align=right><B>(30,769)</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=58.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><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>(15)</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=71.867><P style="margin:0px; font-size:11pt" align=right>(61,960)</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=64.533><P style="margin:0px; font-size:11pt" align=right><B>(1,585)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><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=71.867><P style="margin:0px; font-size:11pt" align=right><B>(754)</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=58.6><P style="margin:0px; font-size:11pt" align=right>(4,805)</P>
</TD><TD style="margin-top:0px" valign=bottom width=39.933><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=71.867><P style="margin:0px; font-size:11pt" align=right>(754)</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=64.533><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=39.933><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=64.533><P style="margin:0px; font-size:11pt" align=right><B>(24,079)</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=71.867><P style="margin:0px; font-size:11pt" align=right><B>(84,162)</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=58.6><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=39.933><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=64.533><P style="margin:0px; font-size:11pt" align=right>(24,475)</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=71.867><P style="margin:0px; font-size:11pt" align=right>(83,978)</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=64.533><P style="margin:0px; font-size:11pt" align=right><B>(649)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=39.933><P style="margin:0px; padding-left:9.6px; 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>(30,559)</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=71.867><P style="margin:0px; font-size:11pt" align=right><B>(114,258)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=58.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>2,380</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=39.933><P style="margin:0px; padding-left:9.6px; 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>(28,883)</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>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=71.867><P style="margin:0px; font-size:11pt" align=right>(227,310)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=270><P style="margin:0px; font-size:11pt" align=justify>Total US$ 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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right><B>(500)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=39.933><P style="margin:0px; padding-left:9.6px; font-size:11pt"><B>$</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>(9,182)</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>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=71.867><P style="margin:0px; font-size:11pt" align=right><B>(6,566)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=58.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>1,716</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=39.933><P style="margin:0px; padding-left:9.6px; font-size:11pt">$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right>(8,463)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=71.867><P style="margin:0px; font-size:11pt" align=right>(13,211)</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 March 31, 2016, 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, to net income before tax of $1,806 (2015: $2,217).</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 March 31, 2016 is 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=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>March 31, 2016</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, 2015</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>64,265</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>72,218</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>31,600</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>36,031</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>23,508</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>7,068</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>729</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>780</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>120,102</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>116,097</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 - 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" 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 March 31, 2016.)</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc320024928"></A><A NAME="_Toc368569106"></A><A NAME="_Toc446582416"></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>The Company has adopted the following accounting standards along with any consequential amendments, effective January 1, 2016:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B><I>IAS 1 Presentation of Financial Statements (Amendment), IFRS 11 Joint Arrangements</I></B> <B><I>(Amendment) and IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets (Amendment).</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company has adopted the above amendments which do not have a significant impact on the Company&#146;s Financial Statements.</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 - 34</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<A NAME="_Toc446582417"></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"><B><I>IAS 7 Statement of Cash Flows (Amendment)</I></B></P>
<P style="margin:0px; font-size:11pt" align=justify>The amendment to<I> </I>IAS 7<I> Statement of Cash Flows</I> requires companies to provide information about changes in their financing liabilities, including changes from cash flows and non-cash changes (such as foreign exchange gains or losses), that helps with understanding changes in a company&#146;s debt. The following changes in liabilities arising from financing activities are to be disclosed: (i) changes from financing cash flows; (ii) changes arising from obtaining or losing control of subsidiaries or other businesses; (iii) the effect of changes in foreign exchange rates; (iv) changes in fair values; and (v) other changes. &nbsp;A reconciliation between the opening and closing balances in the statement of financial position for liabilities arising from financing activities, and disclosed separately from changes in other assets and liabilities, may be used to fulfill the requirements. &nbsp;The amendments are effective for annual periods starting on or after January 1, 2017, with earlier application being permitted. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B><I>IAS 12 Income Taxes (Amendment)</I></B></P>
<P style="margin:0px; font-size:11pt" align=justify>The amendment to <I>IAS 12 Income taxes, </I>for<I> </I>recognition of Deferred Tax Assets for Unrealized Losses (Amendments to IAS 12), requires the recognition of deferred tax assets for unrealized losses related to debt instruments measured at fair value. &nbsp;The amendments are effective for annual periods starting on or after January 1, 2017, with earlier application being permitted. &nbsp;</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 (including amendments)</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 amendments include clarifications on the guidance on identifying performance obligations, accounting for licenses of intellectual property, and the principal versus agent assessment for gross and net revenue presentation. The standard supersedes IAS 18 <I>Revenue</I>, IAS 11 <I>Construction Contracts</I> 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, 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 </I></B></P>
<P style="margin:0px; font-size:11pt" align=justify>On July 24, 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 standard is 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" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B><I>IFRS 16 Leases</I></B></P>
<P style="margin:0px; font-size:11pt" align=justify>On January 13, 2016, the IASB issued IFRS 16 <I>Leases</I> of which requires lessees to recognise assets and liabilities for most leases. For lessors, there is little change to the existing accounting in IAS 17 <I>Leases</I>. The new standard will be effective for annual periods beginning on or after January 1, 2019. Early application is permitted, provided the new revenue standard, IFRS 15 <I>Revenue from Contracts with Customers</I>, has been applied, or is applied at the same date as IFRS 16.</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 - 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" align=justify><BR></P>
<A NAME="_Toc320024929"></A><A NAME="_Toc368569108"></A><A NAME="_Toc446582418"></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="_Toc446582419"></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 May 9, 2016 is 130,575,395 common shares. In addition, 1,770,527 incentive stock options are currently outstanding as follows: &nbsp;</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=84 /><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=84><P style="margin:0px; padding-right:12.333px; font-size:11pt" align=right><B>Exercise</B></P>
<P style="margin:0px; padding-right:12.333px; font-size:11pt" align=right><B>Price </B></P>
<P style="margin:0px; padding-right:12.333px; 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-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>250,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:12.133px; 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=84><P style="margin:0px; padding-right:12.133px; 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>307,474</P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:12.133px; 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=84><P style="margin:0px; padding-right:12.133px; 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=84><P style="margin:0px; padding-right:12.133px; 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=84><P style="margin:0px; padding-right:12.133px; 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>1,770,527</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=84><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></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<A NAME="_Toc368569110"></A><A NAME="_Toc446582420"></A><P style="margin:0px; font-size:11pt" align=justify><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, 2015 available at www.sedar.com and<FONT style="font-size:12pt"> </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="_Toc446582421"></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><A NAME="_Toc435536126"></A><A NAME="_Toc435536321"></A><A NAME="_Toc442993674"></A><A NAME="_Toc443409417"></A><A NAME="_Toc445985583"></A><A NAME="_Toc445997570"></A><A NAME="_Toc446582422"></A><P style="margin:0px; font-size:11pt" align=justify><I>Disclosure Controls and Procedures</I></P>
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<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 March 31, 2016, 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>
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<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><A NAME="_Toc435536127"></A><A NAME="_Toc435536322"></A><A NAME="_Toc442993675"></A><A NAME="_Toc443409418"></A><A NAME="_Toc445985584"></A><A NAME="_Toc445997571"></A><A NAME="_Toc446582423"></A><P style="margin:0px; font-size:11pt" align=justify><I>Internal Control over Financial Reporting</I></P>
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<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>
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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 - 36</P>
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<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>
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<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>
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<P style="margin:0px; font-size:11pt" align=justify>Management concludes that, as of March 31, 2016, the Company&#146;s internal control over financial reporting was effective and no material weaknesses were identified.</P>
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<A NAME="_Toc446582424"></A><P style="margin:0px; font-size:11pt" align=justify><B>Qualified Persons</B></P>
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<P style="margin:0px; font-size:11pt" align=justify>The Mineral Resource estimates have been prepared under the supervision of Eric Chapman, Mineral Resource Manager of Fortuna Silver Mines Inc.&nbsp; The Mineral Reserve estimate and the Mineral Resource estimate exclusive of Mineral Reserves were prepared under the supervision of Edwin Gutierrez, Technical Services Corporate Manager for Fortuna Silver Mines Inc.&nbsp; Eric Chapman and Edwin Gutierrez are Qualified Persons as defined by the National Instrument 43-101.&nbsp; </P>
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<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>
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<A NAME="_Toc320024949"></A><A NAME="_Toc368569114"></A><A NAME="_Toc446582425"></A><P style="margin:0px; font-size:11pt" align=justify><B>Cautionary Statement on Forward-Looking Statements</B></P>
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<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: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>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: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>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: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>production rates at the Company&#146;s properties;</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>cash cost 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 - 37</P>
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<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>timing for delivery of materials and equipment for the Company&#146;s properties; </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 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: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 Company&#146;s planned processing plant expansion at the San Jose property during 2016;</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>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: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>expiry dates of bank letters of guarantee;</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>estimated mine closure costs; 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>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>
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<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>
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<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>
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<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">uncertainty of mineral resource and reserve estimates;</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>risks associated with mineral exploration and project development; </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">operational risks associated with mining and mineral processing; </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>uncertainty relating to concentrate treatment charges and transportation costs; </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>uncertainty relating to capital and operating costs, production schedules, and economic returns; </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">uncertainties relating to general economic conditions; </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">competition;</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">substantial reliance on the Caylloma and San Jose mines for revenues; </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">risks related to the integration of businesses and assets acquired by the Company; </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">risks associated with potential legal proceedings; </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">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: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">fluctuations in metal prices; </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">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: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">environmental matters including potential liability claims;</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">reliance on key personnel; </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">potential conflicts of interest involving the Company&#146;s directors and officers; </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">property title matters; </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">dilution from further equity financing; </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">currency exchange rate fluctuations; </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">adequacy of insurance coverage; </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>sufficiency of &nbsp;monies allotted for land reclamation; 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>potential legal proceedings;</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 - 38</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" 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; 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.</P>
<P style="margin:0px" align=justify><BR></P>
<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: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>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: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>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: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>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: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>expected trends and specific assumptions regarding metal prices and currency exchange rates; </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>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: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>production forecasts meeting expectations; 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 accuracy of the Company&#146;s current mineral resource and reserve estimates.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>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>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc446582426"></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 MD&amp;A 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>
<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>
<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>
<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>
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<P style="margin:0px" align=justify><BR></P>
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<DOCUMENT>
<TYPE>EX-99.3
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<FILENAME>ceocertification.htm
<DESCRIPTION>CERTIFICATION OF CEO
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Certification</TITLE>
<META NAME="author" CONTENT="Steven Taylor">
<META NAME="date" CONTENT="05/23/2016">
</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; 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" align=center><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" align=justify><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 March 31, 2016. </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">5. </P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt" align=justify><B><I>Design: </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"><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>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.</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; 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">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 January 1, 2016 and ended on March 31, 2016 that has materially affected, or is reasonably likely to materially affect, the Issuer&#146;s ICFR. </P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:12pt" align=justify>DATED: May 9, 2016 </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:12pt" align=justify><I><U>&#147;Jorge Ganoza Durant&#148; </U></I></P>
<P style="margin:0px; font-size:12pt" align=justify>JORGE GANOZA DURANT, </P>
<P style="margin:0px; font-size:12pt" align=justify>Chief Executive Officer</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>cfocertification.htm
<DESCRIPTION>CERTIFICATION OF CFO
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Certification</TITLE>
<META NAME="author" CONTENT="Steven Taylor">
<META NAME="date" CONTENT="05/23/2016">
</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; 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" align=center><BR></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" align=justify><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 March 31, 2016. </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">5. </P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt" align=justify><B><I>Design: </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>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. </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; 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">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 January 1, 2016 and ended on March 31, 2016 that has materially affected, or is reasonably likely to materially affect, the Issuer&#146;s ICFR. </P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:12pt" align=justify>DATED: May 9, 2016 </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:12pt" align=justify><I><U>&#147;Luis Ganoza Durant&#148; </U></I></P>
<P style="margin:0px; font-size:12pt" align=justify>LUIS GANOZA DURANT, </P>
<P style="margin:0px; font-size:12pt" align=justify>Chief Financial Officer</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
