<SEC-DOCUMENT>0001341004-17-000272.txt : 20170615
<SEC-HEADER>0001341004-17-000272.hdr.sgml : 20170615
<ACCEPTANCE-DATETIME>20170426120754
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001341004-17-000272
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170426

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">VIA EDGAR</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">April 26, 2017</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">Attention:&#160; Craig Arakawa<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif"><br>
</font>United States Securities and Exchange Commission<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif"><br>
</font>Division of Corporate Finance<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif"><br>
</font>Mail Stop 3561<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif"><br>
</font>Washington, DC<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif"><br>
</font> 20549</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif">Fortuna Silver Mines Inc.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif"><br>
</font>Form 40-F for the Year Ended December 31, 2015, filed March 29, 2016<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif"><br>
</font>Form 6-K furnished November 8, 2016<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif"><br>
</font> File No. 001-35297</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">Dear Mr. Arakawa,</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">Thank you for the telephone conference on the afternoon of Wednesday April 5, 2017 which was a follow-up to your second comment letter dated February 22, 2017.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">During the call you had requested we provide you with:</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">1.</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif">A quantification of the figures used in our depletion calculations included in our letter dated March 15, 2017.&#160; We note these calculations were provided excluding inferred resources from both the numerator and denominator of the Company&#8217;s units of production calculation of depletion.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">2.</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif">A calculation of depletion of other assets which may also be affected by the use of inferred resources in the calculation, and if immaterial so state.&#160; We have provided these calculations using total production over reserves as indicated in item 3 below.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">We believe it would&#160; be useful to you if we also provided:</div>

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<table id="z421dff193d3b4e3781dcca77d17b5e4c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; VERTICAL-ALIGN: top; COLOR: #222222; WIDTH: 18pt; BACKGROUND-COLOR: #ffffff; align: right">3.</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #222222; BACKGROUND-COLOR: #ffffff">Based on further work done with our advisors we have revised the depletion calculations included in our letter dated March 15, 2017.&#160; In our letter dated March 15, 2017 the numerator used in the calculation of depletion was based on tonnes milled from proven and probable reserves.&#160; We are now using total production which comprises tonnes from proven and probable reserves and inferred resources in the numerator.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">On a call on April 19, 2017, you had also requested we provide:</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">4.</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif">A clarification of conversion history.</div>
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<div style="MARGIN-BOTTOM: 6pt; MARGIN-TOP: 6pt; LINE-HEIGHT: 12.55pt">&#160;</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #1919ff; WIDTH: 36pt; align: right">1.</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; COLOR: #1919ff">Quantification of the figures used in our depletion calculations included in our letter dated March 15, 2017.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">The following tables were provided in our March 15, 2017&#160;letter.&#160; They outline the amount of depletion expense recorded for the Company&#8217;s mining assets with and without the inclusion of inferred resources for the years ended December 31, 2015 and December 31, 2014 and for the nine months ended September 30, 2016:</div>

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<table id="zd83310e2509844febfac95d445d23106" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="5" border="0">
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<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">Year ended December 31, 2014</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">Year ended December 31, 2015</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">Nine months ended September 30, 2016</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Depletion expense with the inclusion of the portion of inferred resources estimated to be economically extracted</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 9,711,000</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 9,042,000</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 9,763,000</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Depletion expense based on reserve tonnes without the inclusion of inferred resources in the denominator</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 14,986,000</div>
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<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 15,381,000</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 11,304,000</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Difference</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 5,275,000</div>
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<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 6,339,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 1,541,000</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">The above figures were calculated as follows:</div>

<div>&#160;</div>

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<td style="VERTICAL-ALIGN: bottom; MARGIN-LEFT: 6pt; WIDTH: 45%; TEXT-INDENT: -6pt">&#160;</td>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;Year ended December 31, 2014</div>
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<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;Year ended December 31, 2015</div>
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<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;Nine months ended September 30, 2016</div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">As originally reported:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Average net book value of the mineral property</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">A</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">105,032,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">101,676,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">120,373,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Total production (tonnes milled) for the year</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">B</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">676,959</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">717,505</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">632,432</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Average depletion base (tonnes reserves + portion inferred)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">C</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">7,321,844</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">8,067,970</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">7,797,808</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Depletion expense as calculated</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">A x B &#247; C</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">9,711,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">9,042,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">9,763,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; MARGIN-LEFT: 6pt; WIDTH: 45%; TEXT-INDENT: -6pt">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Depletion without the inclusion of inferred resources</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Average net book value of the mineral property</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">A</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">95,004,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">95,041,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">90,452,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Total production from reserves only (tonnes milled) for the year</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">B</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">568,669</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">609,646</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">472,398</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Average depletion base (tonnes reserves only)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">C</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">3,605,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">3,767,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">3,780,000</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Depletion expense</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">A x B &#247; C</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">14,986,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">15,381,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">11,304,000</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 6pt; MARGIN-TOP: 6pt; LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
</div>

<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter"></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">3</font></div>

<div id="DSPFPageHeader">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt"></div>

<div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
</div>
</div>
</div>

<div style="MARGIN-BOTTOM: 6pt; MARGIN-TOP: 6pt; LINE-HEIGHT: 12.55pt">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt"><u>Caylloma</u></div>

<div>
<table id="ze955963389e24ebcaa4b4ec691307dcd" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="5" border="0">
<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 46%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">Year ended December 31, 2014</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">Year ended December 31, 2015</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">Nine months ended September 30, 2016</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 46%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Depletion expense with the inclusion of the portion of inferred resources estimated to be economically extracted</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 3,695,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 4,890,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 3,141,000</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 46%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Depletion expense based on reserve tonnes without the inclusion of inferred resources in the denominator</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 4,766,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 5,268,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 4,469,000</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 46%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Difference</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 1,071,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 378,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 1,328,000</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 8pt; LINE-HEIGHT: 13.4pt"><br style="LINE-HEIGHT: 13.4pt">
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">The above numbers were calculated as follows:</div>

<div>&#160;</div>

<div>
<table id="zcf4910c3cb034e3d84f1e8025fa1729a" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="2" border="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; MARGIN-LEFT: 6pt; WIDTH: 45%; TEXT-INDENT: -6pt">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.46%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;Year ended December 31, 2014</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;Year ended December 31, 2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;Nine months ended September 30, 2016</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Caylloma Mine</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.46%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; MARGIN-LEFT: 6pt; WIDTH: 45%; TEXT-INDENT: -6pt">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.46%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">As originally reported:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.46%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Average net book value of the mineral property</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.46%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">A</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">35,899,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">38,830,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">24,107,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Total production (tonnes milled) for the year</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.46%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">B</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">464,823</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">466,286</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">379,707</div>
</td>
</tr>

<tr style="HEIGHT: 5px">
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Average depletion base (tonnes reserves + portion inferred)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.46%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">C</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">4,515,622</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">3,702,692</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">2,914,524</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Depletion expense as calculated</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 2.46%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">D= A x B &#247; C</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">3,695,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">4,890,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">3,141,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; MARGIN-LEFT: 6pt; WIDTH: 45%; TEXT-INDENT: -6pt">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.46%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Depletion expense without the inclusion of inferred resources</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.46%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Average net book value of the mineral property</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.46%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">A</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">38,691,500</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">39,733,500</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">25,766,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Total production from reserves only (tonnes milled) for the year</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.46%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">B</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">379,796</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">402,114</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">343,243</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Average depletion base (tonnes reserves only)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.46%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">C</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">3,083,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">3,033,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">1,979,000</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Depletion expense</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 2.46%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">A x B &#247; C</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">4,766,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">5,268,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">4,469,000</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 6pt; MARGIN-TOP: 6pt; LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
</div>

<div style="MARGIN-BOTTOM: 6pt; MARGIN-TOP: 6pt; LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter"></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">4</font></div>

<div id="DSPFPageHeader">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt"></div>

<div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
</div>
</div>
</div>

<div style="MARGIN-BOTTOM: 6pt; MARGIN-TOP: 6pt; LINE-HEIGHT: 12.55pt">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">
<table id="za9fe6a1c722a4d9fb751e07b5250da60" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #1919ff; WIDTH: 36pt; align: right">2.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; COLOR: #1919ff">A calculation of depletion of other assets which may also be affected by the use of inferred resources in the calculation, and if immaterial so state.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">The Company also depletes production buildings and related infrastructure located on mine sites using the units-of-production basis.&#160; The calculations provided below show the effect if depletion were calculated using total production over reserves:<br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt"><u>San Jose Mine - Buildings</u></div>

<div>
<table id="zbc294aa187984b38bde1d3a39ac15435" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="5" border="0">
<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 45.67%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">Year ended December 31, 2014</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">Year ended December 31, 2015</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">Nine months ended September 30, 2016</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 45.67%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Depletion expense with the inclusion of the portion of inferred resources estimated to be economically extracted</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 3,464,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 3,389,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 3,928,000</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 45.67%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Depletion expense based on total production without the inclusion of inferred resources in the denominator</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 7,112,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 7,572,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 8,615,000</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 45.67%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Difference</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 3,648,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 4,183,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 4,687,000</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 6pt; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt"><u>Caylloma Mine - Buildings</u></div>

<div>
<table id="z4cfeb3d06c9c4b9d9bc5d831b14bdcd5" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="5" border="0">
<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 45.67%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">Year ended December 31, 2014</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">Year ended December 31, 2015</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">Nine months ended September 30, 2016</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 45.67%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Depletion expense with the inclusion of the portion of inferred resources estimated to be economically extracted</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 2,060,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 2,725,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 1,622,000</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 45.67%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Depletion expense based on total production without the inclusion of inferred resources in the denominator</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 3,195,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 3,318,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 2,272,000</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 45.67%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Difference</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 1,135,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 593,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">$ 650,000</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 6pt; MARGIN-TOP: 6pt; LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
</div>

<div style="MARGIN-BOTTOM: 6pt; MARGIN-TOP: 6pt; LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter"></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">5</font></div>

<div id="DSPFPageHeader">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt"></div>

<div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
</div>
</div>
</div>

<div style="MARGIN-BOTTOM: 6pt; MARGIN-TOP: 6pt; LINE-HEIGHT: 12.55pt">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">
<table id="zc853bb8bfea3414fb6b092c8113a0e05" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #1919ff; WIDTH: 36pt; align: right">3.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; COLOR: #1919ff">Calculations showing the effect on depletion of the mineral property if depletion were calculated using the quantity of material extracted and processed from the mine in the period as a percentage of the total quantity of material expected to be extracted and processed in current and future periods based on mineral reserves.</div>
</td>
</tr>
</table>
</div>

<div>
<table id="zad8accd63efa4588897ad4a88d153cf2" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="5" border="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 46%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><u>San Jose</u></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 18%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 18%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 18%">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 46%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;Year ended December 31, 2014</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;Year ended December 31, 2015</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;Nine months ended September 30, 2016</div>
</td>
</tr>

<tr style="HEIGHT: 29px">
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 46%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Depletion expense with the inclusion of the portion of inferred resources estimated to be economically extracted</div>
</td>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;9,711,000</div>
</td>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;9,042,000</div>
</td>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;9,763,000</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 46%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Depletion expense based on total production without the inclusion of inferred resources in the denominator</div>
</td>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;18,255,000</div>
</td>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;17,436,000</div>
</td>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;15,653,000</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 46%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Difference</div>
</td>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;8,544,000</div>
</td>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;8,394,000</div>
</td>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;5,890,000</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">The above figures were calculated as follows:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;</div>
</div>

<div>
<table id="z7445e42a7b0d461ab4afe7488cd09259" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="2" border="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; MARGIN-LEFT: 6pt; WIDTH: 45%; TEXT-INDENT: -6pt">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;Year ended December 31, 2014</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;Year ended December 31, 2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;Nine months ended September 30, 2016</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">San Jose Mine</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; MARGIN-LEFT: 6pt; WIDTH: 45%; TEXT-INDENT: -6pt">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">As originally reported:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Average net book value of the mineral property</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">A</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;105,032,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;101,676,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;120,373,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Total production (tonnes milled) for the year</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">B</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;676,959</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;717,505</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;632,432</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Average depletion base (tonnes reserves + portion inferred)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">C</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;7,321,844</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;8,067,970</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;7,797,808</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Depletion expense as calculated</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">A x B &#247; C</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;9,711,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;9,042,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;9,763,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; MARGIN-LEFT: 6pt; WIDTH: 45%; TEXT-INDENT: -6pt">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Depletion using reserves only</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Average net book value of the mineral property</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">A</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;88,099,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;82,817,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;85,736,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Total production (tonnes milled) for the year</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">B</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;676,959</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;717,505</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;632,432</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Average depletion base (tonnes reserves only)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">C</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;3,267,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;3,408,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;3,464,000</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Depletion expense</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">A x B &#247; C</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;18,255,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;17,436,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;15,653,000</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 6pt; MARGIN-TOP: 6pt; LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
</div>

<div style="MARGIN-BOTTOM: 6pt; MARGIN-TOP: 6pt; LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter"></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">6</font></div>

<div id="DSPFPageHeader">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt"></div>

<div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
</div>
</div>
</div>

<div style="MARGIN-BOTTOM: 6pt; MARGIN-TOP: 6pt; LINE-HEIGHT: 12.55pt">&#160;</div>

<div>
<table id="za8b14c555b034d6fa3624bd841ef5c82" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="5" border="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 47.64%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><u>Caylloma</u></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 13.08%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 13.09%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 13.09%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 13.09%">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 47.64%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 13.08%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 13.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;Year ended December 31, 2014</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 13.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;Year ended December 31, 2015</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 13.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;Nine months ended September 30, 2016</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 47.64%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Depletion expense with the inclusion of the portion of inferred resources estimated to be economically extracted</div>
</td>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 13.08%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 13.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;3,695,000</div>
</td>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 13.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;4,890,000</div>
</td>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 13.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;3,141,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 47.64%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000">Depletion expense based on total production without the inclusion of inferred resources </font>based on reserve tonnes</div>
</td>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 13.08%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 13.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;5,853,000</div>
</td>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 13.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;6,054,000</div>
</td>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 13.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;4,488,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 47.64%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Difference</div>
</td>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 13.08%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 13.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">2,158,000</div>
</td>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 13.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;1,164,000</div>
</td>
<td style="BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 13.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;1,347,000</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">The above numbers were calculated as follows:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;</div>
</div>

<div>
<table id="zf60da8603e0740df87104d06e53dc63b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="2" border="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%"></td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; MARGIN-LEFT: 6pt; WIDTH: 45%; TEXT-INDENT: -6pt">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;Year ended December 31, 2014</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;Year ended December 31, 2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;Nine months ended September 30, 2016</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Caylloma Mine</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; MARGIN-LEFT: 6pt; WIDTH: 45%; TEXT-INDENT: -6pt">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">As originally reported:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Average net book value of the mineral property</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">A</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;35,899,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;38,828,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;24,107,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Total production (tonnes milled) for the year</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">B</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;464,823</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;466,286</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;379,707</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Average depletion base (tonnes reserves + portion inferred)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">C</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;4,515,622</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;3,702,692</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;2,914,524</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Depletion expense as calculated</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">A x B &#247; C</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;3,695,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;4,890,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;3,141,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; MARGIN-LEFT: 6pt; WIDTH: 45%; TEXT-INDENT: -6pt">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Depletion using reserves only</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Average net book value of the mineral property</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">A</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;35,899,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;36,312,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;21,145,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Total production (tonnes milled) for the year</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">B</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;464,823</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;466,826</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;379,707</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Average depletion base (tonnes reserves only)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">C</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;2,851,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;2,800,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;1,789,000</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 45%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 6pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -6pt">Depletion expense</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 11%">
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">A x B &#247; C</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;5,853,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;6,054,000</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 2%">&#160;</td>
<td style="BORDER-TOP: #000000 0.5pt solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2.25pt double; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;4,488,000</div>
</td>
</tr>
</table>
</div>

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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">7</font></div>

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<div style="MARGIN-BOTTOM: 6pt; MARGIN-TOP: 6pt; LINE-HEIGHT: 12.55pt">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">
<table id="z67412482efab404ca0ef572cc64217c9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #1919ff; WIDTH: 36pt; align: right">4.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; COLOR: #1919ff">Clarification on conversion history</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">On a subsequent call on April 19th you requested clarification for the referenced periods of our conversion ratios as per our response letter of January 27th 2017.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">Please see the tables below:</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">San Jose</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">For San Jose we had previously provided information for the fiscal years 2014 and 2015.&#160; Below we provide information for the periods 2013 through 2016.</div>

<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">
<table id="zf858a1015d3d4eefa9623e97dff53454" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-COLLAPSE: collapse; WIDTH: 80%" cellspacing="0" cellpadding="2" border="0">
<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%; BACKGROUND-COLOR: #ffff00" rowspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Year</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BACKGROUND-COLOR: #ffff00" colspan="5">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Conversion Ratio</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%; BACKGROUND-COLOR: #ffff00" rowspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Tonnes</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BACKGROUND-COLOR: #ffff00" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Grades</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%; BACKGROUND-COLOR: #ffff00">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Metal Content</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%; BACKGROUND-COLOR: #ffff00">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Ag Eq</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%; BACKGROUND-COLOR: #ffff00">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Ag</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%; BACKGROUND-COLOR: #ffff00">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Au</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%; BACKGROUND-COLOR: #ffff00">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Ag Eq</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2016</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right">97%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right">112%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right">109%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right">119%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">108%</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2015</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right">83%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right">115%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right">117%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right">112%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">96%</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2014</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right">120%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right">99%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right">100%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right">99%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">119%</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2013</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right">92%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right">100%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right">104%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right">95%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">93%</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%; BACKGROUND-COLOR: #ffff00">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">AVERAGE</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%; BACKGROUND-COLOR: #ffff00">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">98%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%; BACKGROUND-COLOR: #ffff00">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">107%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%; BACKGROUND-COLOR: #ffff00">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">107%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%; BACKGROUND-COLOR: #ffff00">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">106%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%; BACKGROUND-COLOR: #ffff00">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">104%</div>
</td>
</tr>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">The San Jose mine was commissioned in October 2011 and up to 2012 there was very little infill drilling done to have any meaningful conversion data.&#160; Hence the first relevant year of conversion data starts in 2013.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">Caylloma Mine</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">For Caylloma we had previously provided information for the periods 2012 through 2015.&#160; We are expanding the information provided for the periods 2012 through 2016.</div>

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<table id="zdcbac45f26804a269a20469942268892" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-COLLAPSE: collapse; WIDTH: 80%" cellspacing="0" cellpadding="2" border="0">
<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%; BACKGROUND-COLOR: #ffff00" rowspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Year</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BACKGROUND-COLOR: #ffff00" colspan="5">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Conversion Ratio</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%; BACKGROUND-COLOR: #ffff00" rowspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Tonnes</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BACKGROUND-COLOR: #ffff00" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Metal Content</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%; BACKGROUND-COLOR: #ffff00">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Ag</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 15.52%; BACKGROUND-COLOR: #ffff00">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Au</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%; BACKGROUND-COLOR: #ffff00">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Pb</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 15.52%; BACKGROUND-COLOR: #ffff00">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Zn</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2016</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right">93%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">116%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 15.52%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">118%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">81%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 15.52%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">95%</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2015</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right">65%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">66%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 15.52%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">70%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">112%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 15.52%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">68%</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2014</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right">79%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">81%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 15.52%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">77%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">81%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 15.52%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">94%</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2013</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right">81%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">79%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 15.52%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">72%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">89%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 15.52%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">86%</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2012</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: right">87%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">105%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 15.52%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">112%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">107%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 15.52%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">111%</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%; BACKGROUND-COLOR: #ffff00">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">AVERAGE</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%; BACKGROUND-COLOR: #ffff00">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">81%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%; BACKGROUND-COLOR: #ffff00">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">89%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 15.52%; BACKGROUND-COLOR: #ffff00">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">90%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 16%; BACKGROUND-COLOR: #ffff00">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">94%</div>
</td>
<td style="BORDER-TOP: #000000 0.5pt solid; BORDER-RIGHT: #000000 0.5pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 15.52%; BACKGROUND-COLOR: #ffff00">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">91%</div>
</td>
</tr>
</table>

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<div style="FONT-FAMILY: 'Segoe UI', 'sans-serif'">The Caylloma mine was restarted under the current management in the second half of 2006.&#160; Prior to 2012 the classification of the mineral resource was performed using a different methodology that did not provide as much control on conversion areas as we are able to achieve today.&#160; Since we changed the classification to the more controlled, digitized string method, we have been able to carefully track and monitor the exact areas that have been converted year over year.</div>
</div>

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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">8</font></div>

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<div style="MARGIN-BOTTOM: 6pt; MARGIN-TOP: 6pt; LINE-HEIGHT: 12.55pt">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">We thank you for your letter and we trust that these responses will address your comments.&#160; If you have further questions, please contact the undersigned at (604) 684-8026.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">Yours truly<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold">FORTUNA SILVER MINES INC.</font></div>

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<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold">Per:</font>&#160;&#160;&#160;&#160; &#160;&#160;&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif">/s/ Luis Dario Ganoza</font></div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; LINE-HEIGHT: 11.4pt">Luis Dario Ganoza<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif"><br>
</font> Chief Financial Officer</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">Cc:</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif">Audit Committee<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif"><br>
</font>Tim Holwill, Deloitte LLP<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif"><br>
</font> Riccardo Leofanti, Skadden, Arps, Slate, Meagher &amp; Flom LLP</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
