<SEC-DOCUMENT>0001279569-18-000457.txt : 20180316
<SEC-HEADER>0001279569-18-000457.hdr.sgml : 20180316
<ACCEPTANCE-DATETIME>20180316124440
ACCESSION NUMBER:		0001279569-18-000457
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20180316
FILED AS OF DATE:		20180316
DATE AS OF CHANGE:		20180316

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35297
		FILM NUMBER:		18694956

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

	MAIL ADDRESS:	
		STREET 1:		200 BURRARD ST
		STREET 2:		SUITE 650
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3L6
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tv488478_6k.htm
<DESCRIPTION>6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Form
6-K</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 <BR>
OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">For the month of <U>March 2018</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Commission File Number <U>001-35297</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt"><B><U>Fortuna
Silver Mines Inc.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Translation of registrant&rsquo;s name
into English)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>200 Burrard Street, Suite 650, Vancouver,
British Columbia, Canada V6C 3L6</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">FORM 20-F&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FORM 40-F
&nbsp;<FONT STYLE="font-family: Wingdings">&thorn;</FONT>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp; <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp; <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

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

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: &nbsp;March 16, 2018</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fortuna Silver Mines Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Registrant)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ &nbsp;&quot;<I>Jorge Ganoza Durant</I>&quot;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jorge Ganoza Durant</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and CEO</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>99.1</B></TD><TD STYLE="text-align: justify"><B>Annual Consolidated Financial Statements for the
year ended December 31, 2017.</B></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>99.2</B></TD><TD STYLE="text-align: justify"><B>Management&rsquo;s Discussion and Analysis for
the year ended December 31, 2017.</B></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>99.3</B></TD><TD STYLE="text-align: justify"><B>News release dated March 15, 2018</B></TD>
</TR></TABLE>

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tv488478_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;<IMG SRC="tv488478_ex99-1img1.jpg" ALT=""></P>

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

<P STYLE="color: #003CFF; font: 14pt Times New Roman,serif; margin: 0; text-align: center">CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="color: #003CFF; font: 14pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">DECEMBER 31, 2017 AND 2016</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">(Presented in thousands of United States dollars, unless
otherwise stated)</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="color: #003CFF; font: 14pt Calibri,sans-serif; margin: 0">MANAGEMENT&rsquo;S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Management of Fortuna Silver Mines Inc. (the
&ldquo;Company&rdquo;) (&ldquo;we&rdquo;, &ldquo;us&rdquo; or &rdquo;our&rdquo;) have prepared the consolidated financial
statements in accordance with International Financial Reporting Standards
(&ldquo;IFRS&rdquo;) and the accompanying Management&rsquo;s Discussion and Analysis (&ldquo;MD&amp;A&rdquo;) and are responsible for
their content. The financial information presented in the MD&amp;A is consistent with the information that is contained in
the consolidated financial statements. The consolidated financial statements include, where necessary, amounts based on our
estimates and judgement.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In order to discharge our responsibility for the integrity
of the financial statements, the Company maintains a system of Internal Control over Financial Reporting and Disclosure Controls
and Procedures. These controls are designed to provide reasonable assurance that the Company&rsquo;s assets are safeguarded, transactions
are executed and recorded in accordance with our authorization, proper records are maintained and relevant and reliable financial
information is produced. These controls include maintaining quality standards in the hiring and training of employees, policies
and procedures manuals, a corporate code of conduct and ensuring that there is proper accountability for performance within appropriate
and well defined areas of responsibility.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Board of Directors is responsible for overseeing
the performance of our responsibilities for financial reporting and internal control over Financial Reporting and Disclosure Controls
and Procedures. The Audit Committee, which is composed of non-executive directors, meets with us as well as the external auditors
to ensure that we are properly fulfilling our financial reporting responsibilities to the Directors who approve the consolidated
financial statements. The external auditors have full and unrestricted access to the Audit Committee to discuss the scope of their
audits, and the adequacy of the system of internal controls, and to review financial reporting issues.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The consolidated financial statements have been audited
by KPMG LLP, the Company&rsquo;s independent registered public accounting firm, in accordance with Canadian generally accepted
auditing standards and the standards of the Public Company Accounting Oversight Board (United States).</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; width: 50%">/s/ Jorge Ganoza Durant</TD>
    <TD STYLE="font-family: Times New Roman,serif; width: 50%">/s/ Luis Ganoza Durant</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">President and Chief Executive Officer</TD>
    <TD STYLE="font-family: Times New Roman,serif">Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">Vancouver, Canada</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">March 15, 2018</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;<IMG SRC="kpmg-logo1.jpg" ALT=""></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman,serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>KPMG
                           LLP</B></FONT></P>


</TD>
    <TD STYLE="width: 1in"><P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Telephone</FONT></P>


</TD>
    <TD STYLE="width: 2in"><P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(604)
                           691-3000</FONT></P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Chartered Professional Accountants </B></FONT></TD>
    <TD><P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fax</FONT></P>


</TD>
    <TD><P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(604) 691-3031</FONT></P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PO Box 10426 777 Dunsmuir
        Street </FONT></P>


</TD>
    <TD><P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Internet</FONT></P>


</TD>
    <TD><P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">www.kpmg.ca</FONT></P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Vancouver BC V7Y 1K3</FONT></P>


</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Canada</FONT></P>


</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

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



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the Shareholders and Board of Directors
of Fortuna Silver Mines Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Opinion on the Consolidated Financial
Statements</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying
consolidated financial statements of Fortuna Silver Mines Inc. (the &ldquo;Company&rdquo;), which comprise the consolidated
statement of financial position as at December 31, 2017, the consolidated statements of income, comprehensive income, cash
flows and changes in equity for the year then ended, and the related notes, comprising a summary of significant accounting
policies and other explanatory information (collectively referred to as the &ldquo;consolidated financial
statements&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In our opinion, the consolidated financial
statements present fairly, in all material respects, the consolidated financial position of the Company as at December 31, 2017,
and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International
Financial Reporting Standards as issued by the International Accounting Standards Board.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of
Fortuna Silver Mines Inc. as at and for the year ended December 31, 2016 were audited by another auditor who expressed an unmodified
(unqualified) opinion on those financial statements on May 12, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Report on Internal Control Over Financial
Reporting</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.05pt">We also have audited,
in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company&rsquo;s internal
control over financial reporting as of December 31, 2017, based on the criteria established in Internal Control &ndash; Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated March 15,
2018 expressed an unqualified (unmodified) opinion on the effectiveness of the Company&rsquo;s internal control over financial
reporting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Basis for Opinion</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>A - Management&rsquo;s Responsibility
for the Consolidated Financial Statements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management is responsible for the preparation
and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">as issued by the International Accounting Standards Board</FONT>,
and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements
that are free from material misstatement, whether due to fraud or error.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"><FONT STYLE="font-size: 8pt">KPMG LLP is a Canadian
limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International
Cooperative (&ldquo;KPMG International&rdquo;), a Swiss entity. KPMG Canada provides services to KPMG LLP.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;<IMG SRC="kpmg-logo2.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Fortuna Silver Mines Inc.</I></B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our responsibility is to express an opinion
on these consolidated financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted
auditing standards and the standards of the Public Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;). Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements
are free from material misstatement, whether due to error or fraud. Those standards also require that we comply with ethical requirements,
including independence. We are required to be independent with respect to the Company in accordance with the ethical requirements
that are relevant to our audit of the consolidated financial statements in Canada, the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB. We are a public accounting firm registered with
the PCAOB.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An audit includes performing procedures
to assess the risks of material misstatements of the consolidated financial statements, whether due to error or fraud, and performing
procedures to respond to those risks. Such procedures included obtaining and examining, on a test basis, audit evidence regarding
the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including
the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In
making those risk assessments, we consider internal control relevant to the entity&rsquo;s preparation and fair presentation of
the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An audit also includes evaluating the appropriateness
of accounting policies and principles used and the reasonableness of accounting estimates made by management, as well as evaluating
the overall presentation of the consolidated financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that the audit evidence we have
obtained in our audit is sufficient and appropriate to provide a reasonable basis for our audit opinion.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<IMG SRC="kpmg-sig.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have served as the Company&rsquo;s auditor since 2017.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 15, 2018</P>

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





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

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;<IMG SRC="kpmg-logo1.jpg" ALT=""></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman,serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>KPMG
                           LLP</B></FONT></P>


</TD>
    <TD STYLE="width: 1in"><P STYLE="margin: 0pt 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Telephone</FONT></P>


</TD>
    <TD STYLE="width: 2in"><P STYLE="margin: 0pt 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(604)
                           691-3000</FONT></P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Chartered Professional Accountants </B></FONT></TD>
    <TD><P STYLE="margin: 0pt 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Fax</FONT></P>


</TD>
    <TD><P STYLE="margin: 0pt 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(604) 691-3031</FONT></P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><P STYLE="margin: 0pt 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">PO Box 10426 777 Dunsmuir
        Street </FONT></P>


</TD>
    <TD><P STYLE="margin: 0pt 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Internet</FONT></P>


</TD>
    <TD><P STYLE="margin: 0pt 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">www.kpmg.ca</FONT></P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><P STYLE="margin: 0pt 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Vancouver BC V7Y 1K3</FONT></P>


</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Canada</FONT></P>


</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>

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



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the Shareholders and the Board of Directors
of Fortuna Silver Mines Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Opinion on Internal Control Over
Financial Reporting</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited Fortuna Silver Mines Inc.<I>&rsquo;s
</I>(the &ldquo;Company&rdquo;) internal control over financial reporting as of December 31, 2017, based on the criteria established
in <I>Internal Control &ndash; Integrated Framework (2013)</I> issued by the Committee of Sponsoring Organizations of the Treadway
Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In our opinion, the Company maintained,
in all material respects, effective internal control over financial reporting as of December 31, 2017, based on the criteria established
in <I>Internal Control &ndash; Integrated Framework (2013)</I> issued by the Committee of Sponsoring Organizations of the Treadway
Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Report on the Consolidated Financial
Statements</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also have audited, in accordance with
Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States)
(&ldquo;PCAOB&rdquo;), the consolidated financial statements of the Company, which comprise the consolidated statement of financial
position as at December 31, 2017, the consolidated statements of income, comprehensive income, cash flows and changes in equity
for the year then ended, and the related notes, comprising a summary of significant accounting policies and other explanatory information
(collectively referred to as the &ldquo;consolidated financial statements&rdquo;), and our report dated March 15, 2018 expressed
an unmodified (unqualified) opinion on those consolidated financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Basis for Opinion</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s management is responsible
for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control
over financial reporting, under the heading Management&rsquo;s Report on Internal Control over Financial Reporting in the accompanying
Management&rsquo;s Discussion and Analysis. Our responsibility is to express an opinion on the Company&rsquo;s internal control
over financial reporting based on our audit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a public accounting firm registered
with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws
and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB and in accordance with the ethical
requirements that are relevant to our audit of the financial statements in Canada.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audit in accordance with
the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over
financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a
material weakness exists, and testing and evaluating the design</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"><FONT STYLE="font-size: 8pt">KPMG LLP is a Canadian limited
liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative
(&ldquo;KPMG International&rdquo;), a Swiss entity. KPMG Canada provides services to KPMG LLP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;<IMG SRC="kpmg-logo2.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Fortuna Silver Mines Inc.</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and operating effectiveness of internal
control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the
circumstances. We believe that our audit provides a reasonable basis for our opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Definition and Limitations of Internal
Control Over Financial Reporting</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A company&rsquo;s internal control over
financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&rsquo;s
internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company&rsquo;s assets that could have a material effect on the
financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><IMG SRC="kpmg-sig.jpg" ALT=""></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 15, 2018</P>





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

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

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Consolidated Income Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars, except per share amounts)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center">Year ended December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid"></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Sales (note 25)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">268,111</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">210,255</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Cost of sales (note 26)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">158,551</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">129,649</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Mine operating income</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">109,560</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">80,606</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other expenses (income)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 24pt">Selling, general and administration (note 27)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,911</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,117</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 24pt">Exploration and evaluation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,534</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 24pt">Share of loss of equity-accounted investee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">192</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 24pt">Foreign exchange loss (gain)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,034</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(649</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 24pt">Impairment reversal (note 14)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(31,119</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 24pt">Other expenses (note 28)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,681</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,420</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(767</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">32,065</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Operating Income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,327</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,541</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Finance items</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 24pt">Interest income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,950</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(328</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 24pt">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,674</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,147</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 24pt">Accretion of provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">684</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">665</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 24pt">Loss (gain) on financial assets and liabilities carried at fair value</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,968</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,053</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,376</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,431</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Income before taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104,951</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,110</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Income tax (note 29)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 24pt">Current income tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,863</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,063</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 24pt">Deferred income tax expense</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,783</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">189</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">38,646</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29,252</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Net income for the year</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">66,305</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">17,858</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Earnings per share (note 24)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 24pt">Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 24pt">Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Weighted average number of common shares outstanding during the year (000's)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 24pt">Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">158,036</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">136,888</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double; padding-left: 24pt">Diluted</TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">158,312</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">138,053</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The accompanying notes are an integral part of these financial statements.</P>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Consolidated Statements of Comprehensive Income</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center">Year ended December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Net income for the year</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">66,305</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">17,858</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Items that may in the future be reclassified to profit or loss:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 24pt">Change in fair value of hedging instruments, net of $nil tax (note 10b)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">369</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 24pt">Change in fair value of marketable securities, net of $nil tax (note 6)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(307</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">334</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Total other comprehensive income for the year</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">62</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">419</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Comprehensive income for the year</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">66,367</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">18,277</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The accompanying notes are an integral part of these financial statements.</P>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Consolidated Statements of Financial Position</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">As at December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #0066FF">ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">CURRENT ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left; padding-left: 24pt">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">183,074</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">82,484</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 24pt">Short term investments (note 5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,100</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 24pt">Marketable securities (note 6)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">556</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,579</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 24pt">Derivative assets (note 10)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">973</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 24pt">Accounts and other receivables (note 8)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,987</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 24pt">Income tax receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 24pt">Inventories (note 9)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,753</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,572</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 24pt">Prepaid expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,231</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,145</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 24pt">Assets held for sale (note 11)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,701</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">272,455</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">166,912</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">NON-CURRENT ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 24pt">Mineral properties and exploration and evaluation assets (note 13)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">296,612</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">263,535</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 24pt">Plant and equipment (note 15)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133,664</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130,863</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 24pt">Investment in associate (note 7)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,694</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 24pt">Other non-current receivables (note 12)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,223</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">562</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 24pt">Deferred tax assets (note 29)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">471</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 24pt">Deposits on non-current assets</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">572</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Total assets</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">706,648</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">562,915</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #0066FF">LIABILITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">CURRENT LIABILITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 24pt">Trade and other payables (note 16)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">41,476</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">40,160</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 24pt">Current portion of closure and rehabilitation provisions (note 21)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,656</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,121</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 24pt">Income taxes payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,237</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,447</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 24pt">Current portion of finance lease obligations (note 19)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">906</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,128</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 24pt">Derivative liabilities (note 10)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,328</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">254</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,603</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,110</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">NON-CURRENT LIABILITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 24pt">Bank loan (note 18)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,871</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,768</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 24pt">Other liabilities (note 20)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,356</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,544</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 24pt">Closure and rehabilitation provisions (note 21)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,577</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,091</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 24pt">Deferred tax liabilities (note 29)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,657</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,345</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 24pt">Lease obligations (note 19)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">906</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Total liabilities</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">143,064</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">139,764</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #0066FF">EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 24pt">Share capital (note 23)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">418,168</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">343,963</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 24pt">Reserves</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,015</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,092</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 24pt">Retained earnings</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">129,401</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">63,096</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Total equity</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">563,584</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">423,151</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Total liabilities and equity</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">706,648</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">562,915</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif; width: 50%"><I>/s/ Jorge Ganoza Durant</I></TD>
    <TD STYLE="font-family: Times New Roman,serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; width: 49%"><I>/s/ Robert R. Gilmore</I></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">Jorge Ganoza Durant</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">Robert R. Gilmore</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif">Director</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">Director</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The accompanying notes are an integral part of these financial statements.</P>

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


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

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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0"><B>Fortuna Silver Mines Inc.&#9;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Consolidated Statements of Cashflows</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars)</P>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">Year ended December 31,</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; color: #0066FF; text-align: left"><FONT STYLE="font-size: 10pt">OPERATING ACTIVITIES</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; font-size: 8pt; text-align: left; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Net income for
    the year</FONT></TD><TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 10%; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">66,305</FONT></TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 10%; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">17,858</FONT></TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Items not involving cash</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Depletion and depreciation</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">42,522</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">33,024</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Accretion of provisions</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">684</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">665</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Income taxes</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">38,646</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">29,252</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in"><P STYLE="margin: 0">Share based payment recovery (expense), net of cash settlements</P>


</TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(36</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">8,430</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Share of loss of equity-accounted investee
    (note 7)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">192</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Impairment reversal of mineral
    properties, plant and equipment (note 14)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(31,119</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Impairment charges</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">2,637</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">1,423</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Unrealized foreign exchange
    loss</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">910</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Unrealized loss  (gain) on
    financial assets carried at fair value</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">3,386</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,053</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Other</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(86</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">124,141</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">89,513</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Accounts and other receivables</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(11,782</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(18,521</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Prepaid expenses</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(899</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(630</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Inventories</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(4,744</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,922</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Trade and other payables</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">542</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">4,861</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Rehabilitation
    payments</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(793</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(349</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Cash provided by operating
    activities</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">106,465</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">71,952</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Income taxes paid</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(36,190</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(17,513</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Interest paid</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,796</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,028</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Interest
    income</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">1,723</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">289</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Net
    cash provided by operating activities</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">70,202</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">52,700</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; color: #0066FF; text-align: left"><FONT STYLE="font-size: 10pt">INVESTING ACTIVITIES</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Purchase of Lindero Project,
    net of cash received (note 13(b))</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(4,876</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Purchase of short term investments</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(150,759</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(46,914</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Redemption of short term investments</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">160,636</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">41,845</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Investment in marketable securities
    (notes 6 and 7)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,153</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,165</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Purchases of mineral properties,
    plant and equipment</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(47,060</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(40,229</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Proceeds
    from sale of assets</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">47</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Cash
    used in investing activities</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(39,289</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(51,329</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; color: #0066FF; text-align: left"><FONT STYLE="font-size: 10pt">FINANCING ACTIVITIES</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Proceeds from issuance of common
    shares</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">76,686</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">10,025</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Share issuance costs</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(5,018</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Repayments
    of finance lease obligations</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,128</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,219</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Cash
    provided by financing activities</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">69,540</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">8,806</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Effect of exchange
    rate changes on cash and cash equivalents</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">137</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">89</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">Increase in cash and cash equivalents during the
    year</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">100,590</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">10,266</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Cash and cash equivalents,
    beginning of the year</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">82,484</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">72,218</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">Cash and cash
    equivalents, end of the year</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">183,074</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">82,484</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">Cash and cash equivalents consists of:</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Cash</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">80,054</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">78,029</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Cash
    equivalents</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">103,020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">4,455</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">Cash and cash
    equivalents, end of the year</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">183,074</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">82,484</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The accompanying notes are an integral part of these financial statements.</P>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Consolidated Statements of Changes in Equity</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars,
except for shares amounts)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Share capital</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Reserves</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Number<BR> of common shares</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Amount</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Equity<BR>
 reserve</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Hedging<BR>
 reserve</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Fair value<BR>
 reserve</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Foreign<BR>
currency<BR>
reserve</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Retained<BR>
earnings</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Total equity</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; font-size: 8pt">Balance at January 1, 2016</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-size: 8pt; text-align: right">129,240,567</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 8pt; text-align: right">203,953</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 8pt; text-align: right">14,169</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 8pt; text-align: right">(307</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 8pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 8pt; text-align: right">1,115</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 8pt; text-align: right">45,238</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 8pt; text-align: right">264,168</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; color: #0066FF; text-align: left">Total comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left">Net income for the year</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">17,858</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">17,858</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">Other comprehensive income</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">85</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">334</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">419</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">Total comprehensive income</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">85</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">334</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">17,858</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">18,277</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; color: #0066FF; text-align: left">Transactions with owners of the Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left">Issuance of shares for mineral property</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">14,569,045</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">122,813</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">122,813</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt">Issuance of warrants</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7,401</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7,401</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt">Exercise of stock options</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">2,236,861</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">8,464</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(2,621</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">5,843</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt">Exercise of warrants</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">931,700</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">8,733</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(4,552</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">4,181</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">Share-based payments (note 22)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">468</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">468</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">17,737,606</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">140,010</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">696</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">140,706</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">Balance at December 31, 2016</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">146,978,173</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">343,963</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">14,865</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(222</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">334</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,115</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">63,096</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">423,151</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt">Balance at January 1, 2017</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">146,978,173</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">343,963</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">14,865</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">(222</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">334</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">1,115</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">63,096</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">423,151</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; color: #0066FF; text-align: left">Total comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left">Net income for the year</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">66,305</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">66,305</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">Other comprehensive income</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">369</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(307</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">62</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">Total comprehensive income</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">369</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(307</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">66,305</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">66,367</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; color: #0066FF; text-align: left">Transactions with owners of the Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt">Issuance of common shares</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">11,873,750</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">74,804</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">74,804</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt">Share issuance costs</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(5,018</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(5,018</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt">Exercise of warrants (note 23c)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">238,515</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">2,168</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(1,084</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,084</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt">Exercise of stock options</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">307,160</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,123</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(325</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">798</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left">Issuance of shares for mineral property (note 13a)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">239,385</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,128</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,128</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">Share-based payments (note 22)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">1,270</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">1,270</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">12,658,810</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">74,205</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(139</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">74,066</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">Balance at December 31, 2017</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">159,636,983</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">418,168</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">14,726</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">147</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">27</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,115</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">129,401</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">563,584</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; color: #003CFF">&nbsp;&nbsp;</P>

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Reporting Entity</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Fortuna Silver Mines Inc. and its subsidiaries
(the &quot;Company&quot;) is a publicly traded company incorporated and domiciled in British Columbia, Canada.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company is engaged in precious and base
metal mining and related activities in Latin America, including exploration, extraction, and processing. The Company operates the
Caylloma silver, lead, and zinc mine (&ldquo;Caylloma&rdquo;) in southern Peru and the San Jose silver and gold mine (&ldquo;San
Jose&rdquo;) in southern Mexico, and is developing the Lindero Gold Project in northern Argentina.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Its common shares are listed on the New
York Stock Exchange under the trading symbol FSM, and on the Toronto Stock Exchange under the trading symbol FVI.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company&rsquo;s registered office is
located at Suite 650, 200 Burrard Street, Vancouver, Canada, V6C&nbsp;3L6.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Basis of Presentation</TD></TR></TABLE>

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

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">Statement
of Compliance</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">These consolidated financial statements
have been prepared by management of the Company in accordance with International Financial Reporting Standards as issued by the
International Accounting Standards Board (&ldquo;IFRS&rdquo;) effective as of December 31, 2017. On March 15, 2018, the Company's
Board of Directors approved these financial statements for issuance.</P>

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

<P STYLE="color: rgb(0,60,255); font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: 0in">Presentation and Functional
Currency</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">These financial statements are presented
in United States Dollars (&ldquo;$&rdquo; or &quot;US$&quot;), which is the functional currency of the Company. Reference to C$
are to Canadian dollars. All amounts in these financial statements have been rounded to the nearest thousand US dollars, unless
otherwise stated.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; color: rgb(0,60,255)">Basis of measurement</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">These consolidated financial statements
have been prepared on a historical cost basis, except for those assets and liabilities that are measured at fair values (Note 31)
at the end of each reporting period.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Significant Accounting Policies</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company has consistently applied the
following accounting policies to all periods presented in these consolidated financial statements.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: rgb(0,60,255); font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Basis of Consolidation</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">These financial statements include the accounts
of the Company. All significant intercompany transactions, balances, revenues, and expenses have been eliminated upon consolidation.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Subsidiaries are included in the consolidated
financial results of the Company from the effective date of acquisition or control and up to the effective date of disposition
or loss of control. Control is achieved when the Company has power over the investee, is exposed to or has rights to variable returns
from its involvement with an investee, and had the ability to affect those returns through its power over the investee.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Fortuna Silver Mines In. is the ultimate
parent entity of the group. At December 31, 2017, the principal subsidiaries of the Company, their geographic locations, and the
ownership interests held by the Company, were as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 96%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in">
<TR>
    <TD STYLE="width: 48%; border-bottom: black 1.5pt solid; font-family: Times New Roman,serif"><B>Name</B></TD>
    <TD STYLE="width: 1%; border-bottom: black 1.5pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1.5pt solid; font-family: Times New Roman,serif"><B>Location</B></TD>
    <TD STYLE="width: 1%; border-bottom: black 1.5pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: black 1.5pt solid; font-family: Times New Roman,serif; text-align: center"><B>2017</B></TD>
    <TD STYLE="width: 2%; border-bottom: black 1.5pt solid; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 25%; border-bottom: black 1.5pt solid; font-family: Times New Roman,serif"><B>Principal Activity</B></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif">Minera Bateas S.A.C. (&quot;Bateas&quot;)</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">Peru</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">100%</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">Caylloma Mine</TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif">Compania Minera Cuzcatlan S.A. de C.V. (&quot;Cuzcatlan&quot;)</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">Mexico</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">100%</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">San Jose Mine</TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif; border-bottom: Black 2.5pt double">Mansfield Minera S.A. (&quot;Mansfield&quot;)</TD>
    <TD STYLE="font-family: Times New Roman,serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; border-bottom: Black 2.5pt double">Argentina</TD>
    <TD STYLE="font-family: Times New Roman,serif; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 2.5pt double">100%</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; border-bottom: Black 2.5pt double">Mine under construction</TD></TR>
</TABLE>
<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: rgb(0,60,255); font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Foreign Currency Translation</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Transactions in foreign currencies are initially
recorded in the functional currency at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated
in foreign currencies are translated at the rate of exchange at each financial position date. Foreign exchange gains or losses
on translation to the functional currency of an entity are recorded in profit or loss. Non-monetary items that are measured in
terms of historical cost in a foreign currency are translated using the exchange rate as at the date of the initial transaction.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: rgb(0,60,255); font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Financial Instruments</TD></TR></TABLE>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: rgb(0,60,255); font: italic 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal">i.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Financial Assets</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company classifies all financial assets
as either fair value through profit or loss (&ldquo;FVTPL&rdquo;), held-to-maturity (&ldquo;HTM&rdquo;), loans and receivables,
or available-for-sale (&ldquo;AFS&rdquo;). The classification is determined at initial recognition and depends on the nature and
purpose of the financial asset.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="color: rgb(0,60,255); font: italic 10pt Times New Roman,serif; margin: 0; text-indent: 0.75in"><FONT STYLE="font-style: normal">Financial
Assets at Fair Value Through Profit or Loss (&ldquo;FVTPL&rdquo;)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Financial Assets are classified as FVTPL
when the financial asset is held-for-trading or it is a designated FVTPL on initial recognition. A financial asset is classified
in this category if acquired principally for the purpose of selling in the short term.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Financial assets classified as FVTPL are
stated at fair value with any resulting gain or loss recognized in profit or loss in the period in which they arise. Transaction
costs related to financial assets classified as FVTPL are recognized immediately in profit or loss.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="color: rgb(0,60,255); font: italic 10pt Times New Roman,serif; margin: 0; text-indent: 0.75in"><FONT STYLE="font-style: normal">Held-to-Maturity
(&ldquo;HTM&rdquo;)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">HTM investments are recognized on a trade-date
basis and are initially measured at fair value including transaction costs. The Company does not have any assets classified as
HTM investments.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="color: rgb(0,60,255); font: italic 10pt Times New Roman,serif; margin: 0; text-indent: 0.75in"><FONT STYLE="font-style: normal">Loans
and Receivables</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Loans and receivables are non-derivative
financial assets with fixed or determinable payments that are not quoted in an active market. They are initially measured at fair
value, net of transaction costs and are classified as current or non-current assets based on their maturity date, and subsequently
measured at amortized cost, using the effective interest method, less any impairment. The impairment loss of receivables is based
on a review of all outstanding amounts at each reporting period. Interest income is recognized by applying the effective interest
rate.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="color: rgb(0,60,255); font: italic 10pt Times New Roman,serif; margin: 0; text-indent: 0.75in"><FONT STYLE="font-style: normal">Available-For-Sale
(&ldquo;AFS&rdquo;)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">AFS financial assets are non-derivatives
that are either designated in this category or not classified in any of the other categories.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">AFS financial assets are measured at fair
value, determined by published market prices in an active market, except for investments in equity instruments that do not have
quoted market prices in an active market which are measured at cost. Changes in fair value are recorded in other comprehensive
income (loss) until realized through disposal or impairment. Investments classified as AFS are written down to fair value through
profit or loss whenever it is necessary to reflect prolonged or significant decline in the value of the assets. Realized gains
and losses on the disposal of AFS securities are recognized in profit or loss.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="color: rgb(0,60,255); font: italic 10pt Times New Roman,serif; margin: 0; text-indent: 0.75in"><FONT STYLE="font-style: normal">Impairment
of Financial Assets</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Financial assets, other than those at FVTPL
are assessed for indicators of impairment at each reporting period. Financial assets are impaired when there is objective evidence
that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated further
cash flows of the investment have been impacted.</P>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">For financial assets carried at amortized
cost, the amount of the impairment is the difference between the asset&rsquo;s carrying amount and the present value of the estimated
future cash flows, discounted at the financial asset&rsquo;s original effective interest rate.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The carrying amount of all financial assets
carried at amortized cost, excluding trade receivables, is directly reduced by the impairment loss. The carrying amount of trade
receivables is reduced through the use of an allowed allowance. Subsequent recoveries of accounts previously written off are credited
against the allowance account. Changes in the carrying amount of the allowance account are recognized in profit or loss.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">With the exception of AFS equity instruments,
if in a subsequent period, the amount of the impairment loss decreases and the decrease relates to an event occurring after the
impairment was recognized, the previously recognized impairment loss is reversed through profit or loss. On the date of impairment
reversal, the carrying amount of the financial asset cannot exceed its amortized cost had an impairment not been recognized.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="color: rgb(0,60,255); font: italic 10pt Times New Roman,serif; margin: 0; text-indent: 0.75in"><FONT STYLE="font-style: normal">Derecognition
of Financial Assets</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">A financial asset is derecognized when:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the contractual right of the asset&rsquo;s cash flows expires; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if the Company transfers the financial asset and substantially all risks and reward of ownership
to another entity.</TD></TR></TABLE>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: rgb(0,60,255); font: italic 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal">ii.</FONT></TD><TD>Financial Liabilities</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Long term debt and other financial liabilities
are recognized initially at the fair value, net of transaction costs incurred, and are subsequently stated at amortized cost. Any
difference between the amounts originally received (net of transaction costs) and the redemption value is recognized in profit
or loss over the period to maturity using the effective interest method.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: rgb(0,60,255); font: italic 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal">iii.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Derivative Instruments</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Derivative instruments are recorded at fair
value, including those derivatives that are embedded in financial or non-financial contracts that are not closely related to the
host contracts. Changes in the fair values of derivative instruments are recognized in profit or loss with the exception of derivatives
designated as effective cash flow hedges.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Derivatives not being accounted for as hedges
are categorized as held-for-trading. Derivatives are initially recognized at fair value on the date a derivative contract is entered
into and are subsequently remeasured at their fair value.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Fair value of the Company&rsquo;s recognized
commodity-based derivatives are based on the forward prices of the associated market index. Gains or losses are recorded in profit
and loss.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">For cash flow hedges that qualify under
the hedging requirements of IAS 39 Financial Instruments: Recognition and Measurement (&ldquo;IAS39&rdquo;), the effective portion
of any gain or loss on the hedging instrument is recognized in other comprehensive income (&ldquo;OCI&rdquo;) and the ineffective
portion is reported as a gain (loss) on derivatives in profit or loss.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Hedge accounting is discontinued prospectively
when:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the hedge instrument expires or is sold, terminated, or exercised;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the hedge no longer meets the criteria for hedge accounting; and,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company revokes the designation.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company considers derecognition of a
cash flow hedge when the related forecast transaction is no longer expected to occur. If the Company revokes the designation, the
cumulative gain or loss on the hedging instrument that has been recognized in OCI from the period when the hedge was expected to
occur. Otherwise, the cumulative gain or loss on the hedge instrument that has been recognized in OCI from the period when the
hedge was effective is reclassified from equity to profit or loss.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: italic 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-style: normal">iv.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Effective
                                         Interest Method</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The effective interest method calculates
the amortized cost of a financial instrument and allocates the interest income or expense over the corresponding period. The effective
interest rate is the rate that discounts estimated future cash receipts or payments over the expected life of the financial instrument,
or where appropriate, a shorter period, to the net carrying amount on initial recognition. Income or expense is recognized on an
effective interest basis for instruments other than those financial instruments classified as FVTPL.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Cash and Cash Equivalents</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Cash and cash equivalents are designated
as loans and receivables. Cash and cash equivalents include cash on hand, demand deposits, and money market instruments with maturities
from the date of acquisition of 90 days or less, which are readily convertible to known amounts of cash and are subject to insignificant
changes in value.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Inventories</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Inventories include metal contained in concentrates,
stockpiled ore, materials and supplies. Costs allocated to metal inventories are based on average costs, which include direct mining
costs, direct labor and material costs, mine site overhead, depletion and amortization. Costs allocated to materials and supplies
are based on weighted average costs and include all costs of purchase and other costs in bringing these inventories to their existing
location and condition. If carrying value exceeds net realizable amount, a write down is recognized. The write down may be reversed
in a subsequent period if the circumstances which caused it no longer exist, to the extent that the related inventory has not been
sold. Net realizable value is calculated as the estimated price at the time of sale based on prevailing metal prices less estimated
future costs to convert the inventories into saleable form and estimated costs to sell.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Investment in Associates</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Associates are those entities in which the
Company has significant influence, but not control or joint control, over the entity's financial and operating policies. Interests
in associates are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs.
Subsequent to initial recognition, the consolidated financial statements include the Company&rsquo;s share of the profit or loss
and other comprehensive income of equity-accounted investees, until the date on which significant influence ceases.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Exploration and Evaluation
                                         Assets</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Significant payments related to the
acquisition of land and mineral rights are capitalized as incurred. Prior to acquiring such land or mineral rights, the
Company makes a preliminary evaluation to determine that the property has significant potential to develop an economic ore
body. The time between initial acquisition and a full evaluation of a property&rsquo;s potential is dependent on many factors
including, but not limited to, location relative to existing infrastructure, the property&rsquo;s stage of development,
geological controls and metal prices.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company defers the cost of acquiring,
maintaining its interest and exploring mineral properties as exploration and evaluation assets when future inflow of economic benefits
from the properties is probable and until such time as the properties are placed into development, abandoned, sold, or considered
to be impaired in value.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">If a mineable ore body is discovered, exploration
and evaluation costs are reclassified to mining properties. The Company uses the following criteria in its assessment:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the property has mineral reserves as referred to in Canadian National Instrument 43-101, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">when legal, permitting and social matters have been resolved sufficiently to allow mining of the
body.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">If no mineable ore body is discovered, all
previously capitalized costs are expensed in the period in which it is determined the property has no economic value.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Proceeds received from the sale of interests
in exploration and evaluation assets are credited to the carrying value of the mineral properties, plant and equipment. Exploration
costs that do not relate to any specific property are expensed as incurred.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Mineral Properties, and Plant
                                         and Equipment</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; color: #003CE1">i.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: #003CFF"><I>Operational
                                         Mining Properties and Mine Development</I></FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">For operating mines, all mineral property expenditures are capitalized and amortized based on the unit-of-production
method considering the expected production to be obtained over the life of the mineral property. The expected production includes
proven and probable reserves and the portion of inferred resources expected to be extracted economically as part of the production
cost.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Costs of producing properties are amortized
on a unit-of-production basis over proven and probable reserves and the portion of inferred resources where it is considered highly
probable that those resources are expected to be extracted economically.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The expected production to be obtained over
the life of the mineral property is based on our life-of mine production plans which typically include a portion of inferred resources,
and therefore differ from the life-of-mine plans we publish as part of our 43-101 compliant technical reports which are based on
reserves only. The decision to use inferred resources, and the portion of inferred resources to be included varies for each operation
and is based on the geological characteristics of the ore body, the quality and predictability of inferred resources, and the conversion
of inferred resources into measured and indicated (&quot;M&amp;I&quot;) that we have historically achieved in the past.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Many factors are taken into account during
resource classification including; the quality of drilling and sampling, drill/sample spacing, sample preparation and analysis,
geological logging and modelling, database construction, geological interpretation and modelling, statistical/geostatistical analysis,
interpolation method, local estimation, engineering studies, economic parameters, and reconciliation with actual results.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Once the integrity of the data has been established,
two important considerations around classification of resources are geologic continuity and possible variation of thickness and
grade between samples. For our inferred resources at San Jose and Caylloma we are able to achieve a significant level of confidence
on the existence of mineable material as geological continuity has been established by consistent drill hole intercepts both along
strike and down-dip which provides us with reasonable confidence in the location of the structures. The vast majority of the inferred
resources are interpolated, estimated between existing drill hole intercepts, as opposed to extrapolated where the grades are estimated
beyond the furthest sample point, adding to our confidence in the geologic continuity of the veins. Furthermore, San Jose and Caylloma
are not structurally complex deposits where faulting has disrupted geologic continuity.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">With regards to the variation of thickness
and grade between samples, we use statistical means to calculate the probability that tonnage and grade content falls within a
certain accuracy over a given timeframe. If the potential variation is estimated to be within &plusmn; 25 % at 90 percent confidence
globally, we classify it as an inferred resource. This is equivalent to stating that we have 95 percent confidence that greater
than 75 % of the inferred tonnes, grade, and metal content will ultimately be recovered by the mine and hence that the same percentage
or higher will be converted from an inferred resource to an indicated resource through infill drilling as per our policy of upgrading
prior to production.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">As part of our process to include inferred
resources into our life-of-mine production plans we apply an economic cut-off to identify only the material that can be considered
profitable to mine within our mine designs and at this time we apply a conversion or &ldquo;risk&rdquo; factor to the mining blocks
comprised of inferred resources we include in such mine production plans. This conversion factor is based on the predictability
of conversion derived from statistical estimates of confidence as described above and the support from historic conversion rates
of inferred resources into M&amp;I at each of our mines. The conversion factors used in our 2017 and 2016 life-of-mine plans were
90% at San Jose and between 80% and 87% at Caylloma, depending on the veins being mined.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The percentage of inferred resources included
as a component of the total mineable inventory (reserve + resource) considered in the 2018 life-of-mine evaluation for each operation
as of December 31, 2017 was San Jose 23% (2016 and 2015: 28% and 53%); Caylloma 60% (2016 and 2015: 38% and 33%).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company reviews the conversion factors
including past experience in assessing the future expected conversion of inferred resources to be used in the life-of-mine plans
for inclusion of inferred resources once a year in light of new geologic information and conversion data and when events or circumstances
indicate that a review should be made. The Company continually monitors expected conversion and any changes in estimates that arise
from this review are accounted for prospectively.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Significant estimation is involved
in determining resources and in determining the percentage of resources ultimately expected to be converted to reserves, which
we determine based on careful consideration of both internal and external technical and economic data. Estimation of future conversion
of resources is inherently uncertain and involves significant judgment and actual outcomes may vary from these judgments and estimates
and such outcomes may have a material impact on the results. Revisions to these estimates are accounted for in the period in which
the change in estimate arises.</P>



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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Costs of abandoned properties are written-off.</P>



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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; color: rgb(0,60,255)">&nbsp;</P>


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; color: rgb(0,60,255)"><I>Commercial Production</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Capital work in progress consists of expenditures
for the construction of future mines and includes pre-production revenues and expenses prior to achieving commercial production.
Commercial production is a convention for determining the point in time in which a mine and plant has completed the operational
commissioning and has operational results that are expected to remain at a sustainable commercial level over a period of time,
after which production costs are no longer capitalized and are reported as operating costs. The determination of when commercial
production commences is based on several qualitative factors including but not limited to the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all major capital expenditures to bring the mine to the condition necessary for it to be capable
of operating in the manner intended by management have been completed; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the ability to sustain ongoing production of ore at a steady or increasing level.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">On the commencement of commercial production
depletion of each mining property will be provided on a unit-of-production basis. Any costs incurred after the commencement of
production are capitalized to the extent they give rise to a future economic benefit.</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; color: #003CE1"><I>ii.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: #003CFF"><I>Plant
                                         and Equipment</I></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Completed property, plant and equipment
are recorded at cost, net of accumulated depreciation and impairments. Costs directly related to construction projects are capitalized
to work in progress until the asset is available for use in the manner intended by management. Assets, other than capital works
in progress, are depreciated to their residual values over their estimated useful lives as follows:</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Land and buildings</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 31%; font-family: Times New Roman,serif; text-align: justify">Land</TD>
    <TD STYLE="width: 25%; font-family: Times New Roman,serif; text-align: justify">Not depreciated</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Mineral properties</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Units of production</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Declining balance</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Buildings, located at the mine</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Units of production</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Declining balance</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Buildings, others <SUP>(1)</SUP></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">6-10 years</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Straight line</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Leasehold improvements <SUP>(1)</SUP></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">4-8 years</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Straight line</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Plant and equipment</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 31%; font-family: Times New Roman,serif; text-align: justify">Machinery and equipment <SUP>(1)</SUP></TD>
    <TD STYLE="width: 25%; font-family: Times New Roman,serif; text-align: justify">3-15 years</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Straight line</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Furniture and other equipment <SUP>(1)</SUP></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">2-13 years</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Straight line</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Transport units</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">4-5 years</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Straight line</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Capital work in progress</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Not depreciated</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify"><SUP>(1)</SUP> The lesser of useful life
or life of mine.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Equipment under finance lease is initially
recorded at the present value of minimum lease payments at the inception of the lease and depreciated over the shorter of the lease
term or useful life. Spare parts and components included in machinery and equipment, depending on the replacement period of the
initial component, are depreciated over 8 to 18 months.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Borrowing costs attributed to the construction
of qualifying assets are capitalized to mineral properties, plant and equipment, and are included in the carrying amounts of related
assets until the asset is available for use in the manner intended by management.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Costs associated with commissioning activities
on constructed plants are deferred from the date of mechanical completion of the facilities until the date the assets are ready
for use in the manner intended by management.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">On an annual basis, the depreciation method,
useful economic life, and residual value of each component asset is reviewed with any changes recognized prospectively over its
remaining useful economic life.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Asset Impairment</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">At the end of each reporting period, the
Company makes an assessment of impairment indicators and if there are such indicators, then the Company performs a test of impairment.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">For the purpose of assessing impairment,
assets are grouped at the lowest level for which there are separately identifiable cash inflows or cash generating units. These
are typically individual mines or development projects. Brownfields exploration projects, located close to existing mine infrastructure,
are assessed for impairment as part of the associated mine cash generating unit.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">An impairment loss is recognized for the
amount by which the asset&rsquo;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset&rsquo;s
fair value less cost of disposal (&ldquo;FVLCD&rdquo;) and value in use.</P>

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

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

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">When the recoverable amount is assessed
using pre-tax discounted cash flow techniques, the resulting estimates are based on detailed mine and/or production plans. For
value in use, recent cost levels are considered, together with expected changes in costs are compatible with the current condition
of the business. The cash flow forecasts are based on best estimates of the expected future revenues and costs, including the future
cash costs of production, sustaining capital expenditures, and reclamation and closure costs.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Where a FVLCD model is used the cash flow
forecast includes net cash flows expected to be realized from extraction, processing, and sale of mineral resources that do not
currently qualify for inclusion in proven or probable reserves and the portion of resources expected to be extracted economically.</P>


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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Where an impairment loss subsequently reverses,
the carrying amount of the asset or cash-generating unit is increased to the revised estimate of recoverable amount but not beyond
the carrying amount that would have been determined had no impairment loss been recognized for the asset or cash-generating unit
in prior years. A reversal of an impairment loss is recognized into earnings immediately.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Borrowing Costs</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Interest and other financing costs incurred
that are attributable to acquiring and developing exploration and development stage mining properties and constructing new facilities.
(&ldquo;qualifying assets&rsquo;) are capitalized and included in the carrying amounts of qualifying assets until those qualifying
assets are ready for their intended use.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Capitalization of borrowing costs incurred
commences on the date the following three conditions are met:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expenditures for the qualifying asset are being incurred;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">borrowing costs are being incurred; and,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">activities that are necessary to prepare the qualifying asset for its intended use are being undertaken.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Borrowing costs incurred after the qualifying
assets are ready for their intended use are expensed in the period in which they are incurred.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Transaction costs, comprised of legal fees
and upfront commitment fee, associated with the credit facility for general working capital and for future capital projects are
recorded as a debit to the bank loan and are amortized over the term of the credit facility using the effective interest rate method.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">All other borrowing costs are expensed in
the period in which they are incurred.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(k)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Assets Held for Sale</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">A non-current asset is classified as held
for sale when it meets the following critieria:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The non-current asset is available for immediate sale in its present condition subject only to
terms that are usual and customary for sales of such assets; and,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The sale of the non-current asset is highly probable. For the sale to be highly probable:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New">o</FONT></TD><TD STYLE="text-align: justify">The appropriate level of management must be committed to a plan to sell the asset;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New">o</FONT></TD><TD STYLE="text-align: justify">An active program to locate a buyer and complete the plan must have been initiated;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New">o</FONT></TD><TD STYLE="text-align: justify">The non-current asset or disposal group must be actively marketed for sale at a price that is reasonable
in relation to its current fair value;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New">o</FONT></TD><TD STYLE="text-align: justify">The sale should be expected to qualify for recognition as a completed sale within one year from
the date of classification as held for sale (with certain exceptions); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New">o</FONT></TD><TD STYLE="text-align: justify">Actions required to complete the plan should indicate that it is unlikely that significant changes
to the plan will be made or that the plan will be withdrawn.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Assets held for sale are not depreciated
and are recorded at the lower of their carrying amount and fair value less costs to sell.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(l)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Leases</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">A lease is classified as a finance lease
when substantially all of the risks and rewards incidental to ownership of the leased asset are transferred from the lessor to
the lessee by the agreement. At the commencement of the lease term, finance leases are recognized as assets and liabilities at
the lower of the fair value of the leased asset and the present value of the minimum lease payments. The assets are depreciated
over the shorter of the asset&rsquo;s useful lives and the term of the lease. Interest on the lease instalments is recognized as
interest expense over the lease term using the effective interest method. Leases for land and buildings are recorded separately
if the lease payments can be allocated accordingly.</P>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Leases that do not transfer all the risks
and rewards of ownership are classified as operating leases. Payments are recorded in profit or loss using the straight line method
over their estimated useful lives.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(m)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Income Taxes</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Income tax expense consists of current and
deferred tax expense.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Current tax expense is the expected tax
payable on the taxable income for the year using tax rates enacted or substantively enacted at period end adjusted for amendments
to tax payable with regards to previous years.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Deferred tax assets and liabilities are
recognized for deferred tax consequences attributable to unused tax loss carry forwards, unused tax credits, and differences between
the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets
and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized
or the liability is settled.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The effect on deferred tax assets and liabilities
of a change in tax rates is recognized in profit or loss in the period that substantive enactment occurs.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">A deferred tax asset is recognized to the
extent that it is probable that future taxable income will be available against which the asset can be utilized. To the extent
that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is reduced.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The following temporary differences do not
result in deferred tax assets or liabilities:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the initial recognition of assets or liabilities, not arising in a business combination, that does
not affect accounting or taxable income;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">goodwill; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">investments in subsidiaries, associates and jointly controlled entities where the timing of reversal
of the temporary differences can be controlled and reversal in the foreseeable future is not probable.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Deferred tax assets and liabilities are
offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when they relate
to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities
on a net basis.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(n)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Provisions</FONT></TD></TR></TABLE>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: italic 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">i.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Closure and Rehabilitation Provisions</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Future obligations to retire an asset, including
dismantling, remediation and ongoing treatment and monitoring of the site related to normal operation are initially recognized
and recorded as a liability based on estimated future cash flows discounted at the risk-free rate.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The closure and reclamation provision (&ldquo;CRP&rdquo;)
is adjusted at each reporting period for changes to the expected amount of cash flows required to discharge the liability, the
timing of such cash flows and the risk-free discount rate.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The liability is accreted to full value
over time through periodic charges to profit or loss.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The amount of the CRP initially recognized
is capitalized as part of the related asset&rsquo;s carrying value and amortized to profit or loss. The method of amortization
follows that of the underlying asset. The costs related to a CRP are only capitalized to the extent that the amount meets the definition
of an asset and can bring about future economic benefit. For a closed site or where the asset which generated a CRP no longer exists,
there is no longer future benefit related to the costs and as such, the amounts are expensed. For operating sites, a revision in
estimates or a new disturbance will result in an adjustment to the CRP with an offsetting adjustment to the capitalized closure
and rehabilitation costs.</P>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: italic 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">ii.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Environmental Disturbance Restoration
                                         Provisions</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">During the operating life of an asset, events
such as infractions of environmental laws or regulations may occur. These events are not related to the normal operation of the
asset and are referred to as environmental disturbance restoration provisions (&ldquo;EDRP&rdquo;). The costs associated with an
EDRP are accrued and charged to earnings in the period in which the event giving rise to the liability occurs. Any subsequent adjustments
to an EDRP due to changes in estimates are also charged to earnings in the period of adjustment. These costs are not capitalized
as part of the long-lived asset&rsquo;s carrying value.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: italic 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">iii.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Other Provisions</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Provisions are recognized when a present
legal or constructive obligation exists as a result of past events, and it is probable that an outflow of resources that can be
reliably estimated will be required to settle the obligation. Where the effect of the time value of money is material the provision
is discounted using an appropriate current market based pre-tax discount rate.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(o)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Share Capital</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Common shares are classified as equity.
Costs directly attributable to the issuance of common share are shown in equity as a deduction from the proceeds.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(p)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Revenue Recognition</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Revenue arising from the sale of metal concentrates
is recognized when all significant risks and rewards of ownership of the concentrates have been transferred to the buyer. The passing
of risk and rewards to the customer is based on the terms of the sales contract. Final commodity prices are set in a period subsequent
to the date of sale based on a specified quotational period either one, two, or three months after delivery. The Company&rsquo;s
metal concentrates are provisionally priced at the time of sale based on the prevailing market price.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Variations between the price recorded at
the delivery date and the final price set under the sales contracts are caused by changes in market prices, and result in an embedded
derivative in accounts receivable. The embedded derivative is recorded at fair value each period until final settlement occurs,
with changes in fair value classified as provisional price adjustments and included in sales in the consolidated income statement.
Sales of metal concentrates are net of refining and treatment charges.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Revenues from metal concentrate sales are
also subject to adjustment upon final settlement of weights and assays as of a date that is typically one, two, or three months
after the delivery date. Typically, the adjustment is based on an inspection of the concentrate by the customer and in certain
cases, an inspection by a third party. Adjustments for weights and assays are recorded when results are determinable or on final
settlement.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(q)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Share-Based Payments</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The fair value method of accounting is used
for share-based payment transactions. Under this method, the cost of stock options and other equity-settled share-based payment
arrangements are recorded based on the estimated fair value at the grant date and charged to earnings over the vesting period.
Where awards are forfeited because non-market based vesting conditions were not satisfied, the expense previously recognized are
reversed in the period the forfeiture occurs.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Share-based payment expenses relating to
cash-settled awards, including deferred and restricted share units are accrued and expensed over the vesting period based on the
quoted market value of Company&rsquo;s common shares. As these awards will be settled in cash, the expense and liability are adjusted
at each reporting period for changes in the underlying share price.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Equity settled share-based payment transactions
with parties other than employees are measured at the fair value of the goods or services received, except where that fair value
cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at
the date the Company obtains the goods or the counter party renders the services.</P>

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


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; color: #003CFF">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.&#9;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 12pt Times New Roman,serif; color: #003CFF; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal">i.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Stock
                                         Option Plan</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company applies the fair value method
of accounting for all stock option awards. Under this method, the Company recognizes a compensation expense for all stock options
awarded to employees, based on the fair value of the options on the date of grant which is determined by using the Black-Scholes
option pricing model. The fair value of the options is expensed over the graded vesting period of the options</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 12pt Times New Roman,serif; color: #003CFF; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal">ii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Deferred
                                         Share Unit (&ldquo;DSU&rdquo;) Plan</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Deferred share units are typically granted
to non-executive directors of the Company. They are payable in cash upon resignation, retirement, removal, failure to achieve re-election,
or upon a change of control of the Company. The DSU compensation liability is accounted for based on the number of DSUs outstanding
and the quoted market value of the Company&rsquo;s common shares at the financial position date. The year-over-year change in the
DSU compensation liability is recognized in profit or loss.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 12pt Times New Roman,serif; color: #003CFF; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal">iii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Share
                                         Unit Plans</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company&rsquo;s amended and restated
share unit plan (the &ldquo;SU Plan&rdquo;) covers all restricted share units (&ldquo;RSUs&rdquo;) and performance share unites
(&ldquo;PSUs&rdquo;) granted by the Company on and after March 1, 2015. All RSUs granted prior to March 1, 2015 are governed by
the restricted share unit plan dated November 12, 2010.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: 0.5in"><FONT STYLE="font-style: normal">Restricted
Share Units (&ldquo;RSUs&rdquo;)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company&rsquo;s RSUs are settled
in either cash or equity, as determined by the Company&rsquo;s Board of Directors at the grant date and typically vest over
three years, in tranches of 20%, 30%, and 50%. For cash-settled RSUs the compensation liability is accounted for based on the
number of RSUs outstanding and the quoted market value of the Company&rsquo;s common shares at the financial position date.
The Company recognizes a compensation cost in profit or loss for cash settled RSUs granted equal to the quoted market value
of the Company&rsquo;s common shares at the date of which RSUs are awarded to each participant over the vesting period on a
graded vesting basis and adjusts for the changes in the fair value until the end of the term of the RSUs. The cumulative
effect of the change in fair value is recognized in profit or loss in the period of change.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The fair value of equity settled RSUs are
determined based on the quoted market value of the Company&rsquo;s common shares at the date of grant and the compensation expense
is recognized over the vesting period on a graded vesting basis with a corresponding amount recorded as reserves.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: 0.5in"><FONT STYLE="font-style: normal">Performance
Share Units (&ldquo;PSUs&rdquo;)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Performance Share Units (&quot;PSUs&quot;)
are performance-based awards for the achievement of specified performance metrics by specified deadlines, which are settled in
cash and vest over a three-year period in tranches of 20%, 30% and 50%. The Company&rsquo;s PSUs are settled in cash. The fair
value of the estimated number of PSUs awarded that will eventually vest, determined as the date of grant is recognized as share-based
payments expense within selling, general and administrative expenses in the consolidated income statement over the vesting period
with a corresponding amount recorded as a liability. Until the liability is settled, the fair value of the PSUs is re-measured
at the end of each reporting period. Any changes in fair value up to the settlement date are recognized as share-based payments
expense or recovery. The fair value of PSUs is estimated for each PSUs granted equal to the quoted market value, up to a maximum
of two times the grant price of the Company&rsquo;s common shares.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">PSUs for which the performance metrics have
not been achieved are forfeited and cancelled.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman,serif; color: #003CFF; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(r)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Related
                                         Party Transactions</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Parties are considered to be related if
one party has the ability directly, or indirectly, to control the other party or exercise significant influence over the other
party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control.
Related parties may be individuals or corporate entities, and include key management personnel of the Company. A transaction is
considered to be a related party transaction when there is a transfer of resources or obligations between related parties.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.&#9;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman,serif; color: #003CFF; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(s)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Earnings
                                         per Share</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Basic earnings per share is computed by
dividing the net income for the year by the weighted average number of common shares outstanding during the year.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The diluted earnings per share calculation
is based on the weighted average number of common shares outstanding during the year, plus the effects of dilutive common share
equivalents. This method requires that the dilutive effect of outstanding options issued should be calculated using the treasury
stock method. This method assumes that all common share equivalents have been exercised at the beginning of the year (or at the
time of issuance, if later), and that the funds obtained thereby were used to purchase common shares of the Company at the average
trading price of the common shares during the year, but only if dilutive.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman,serif; color: #003CFF; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(t)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Segment
                                         Reporting</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company&rsquo;s operating segments are
based on the reports reviewed by the senior management group that are used to make strategic decisions. The Chief Executive Officer,
as chief operating decision maker, considers the business from a geographic perspective considering the performance of the Company&rsquo;s
business units.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">A geographical segment is a distinguishable
component of the entity that is engaged in providing products or services within a particular economic environment and is subject
to risks and returns that are different than those of segments operating in other economic environments.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The business operations comprise the mining
and processing of silver-lead, zinc, and silver-gold and the sale of these products.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman,serif; color: #003CFF; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(u)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Significant
                                         Accounting Estimates and Judgements</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The preparation of these financial statements
requires management to make estimates and judgements that affect the reported amounts of assets and liabilities at the period end
date and reported amounts of expenses during the reporting period. Such judgements and estimates are, by their nature, uncertain.
Actual outcomes could differ from these estimates.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The impacts of such judgements and estimates
are pervasive throughout the financial statements, and may require accounting adjustments based on future occurrences. Revisions
to accounting estimates are recognized in the period in which the estimate is revised and are accounted for prospectively.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">In preparing these consolidated financial
statements for the year ended December 31, 2017, the Company applied the critical judgements and estimates as disclosed in note
4.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman,serif; color: #003CFF; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Adoption
                                         of New Accounting Standards</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The following standards or amendments were
adopted effective January 1, 2017. They had no significant impact on the financial position, results of operations, or cash flows
of the Company previously reported.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Amendments to IAS 12, Recognition
of Deferred Tax Assets for Unrealized Losses. On January 19, 2016, the IASB issued amendments to IAS 12 to clarify how to
account for deferred tax assets related to debt instruments measured at fair value. The Company applied this amendment on January
1, 2017 with no change to the condensed consolidated financial statements.</P>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.&#9;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Amendments to IAS 7, Statement of
Cash Flow, Disclosure Initiative. On January 29, 2016, the IASB issued amendments to IAS 7 to provide investors with additional
information to better understand changes in financial liabilities arising from both cash and non-cash items. The Company applied
this amendment on January 1, 2017. As a result of applying this amendment, the Company presents new disclosures relating to the
changes in financial liabilities arising from financing activities (Note 33).</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman,serif; color: #003CFF; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(w)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">New
                                         Accounting Standards issued but not yet effective</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">In 2014, the IASB issued IFRS 9, Financial
Instruments (&ldquo;IFRS 9&rdquo;), which will replace IAS 39, Financial Instruments: Recognition and Measurement. The standard
includes requirements for recognition and measurement, impairment, derecognition and general hedge accounting. The IASB completed
its project to replace IAS 39 in phases, adding to the standard as it completed each phase. The version of IFRS 9 issued in 2014
supersedes all previous versions and is mandatorily effective for periods beginning on or after January 1, 2018 with early adoption
permitted. IFRS 9 does not replace the requirements for portfolio fair value hedge accounting for interest rate risk (often referred
to as the &ldquo;macro hedge accounting&rdquo; requirements) since this phase of the project was separated from the IFRS 9 project
due to the longer-term nature of the macro hedging project which is currently at the discussion paper phase of the due process.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company expects the following impact
of this standard upon adoption on January 1, 2018:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company does not expect to apply hedge accounting to its metal forward and collar contracts,
and intends to continue to apply hedge accounting to its interest rate swap; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company does not expect a material impact to the measurement of its financial instruments from
any of the other changes to this standard, including the new expected credit loss model for calculating impairment of financial
assets.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company is continuing to evaluate its
disclosure obligations under IFRS 9.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">In 2014, the IASB issued IFRS 15, Revenue
from Contracts with Customers (&ldquo;IFRS 15&rdquo;), which provides guidance on the nature, timing and uncertainty of revenue
and cash flows arising from a contract with a customer. The effective date of this standard is January 1, 2018, with earlier adoption
permitted.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">We have performed an assessment on the impact
of the implementation of IFRS 15 and concluded it will not change the timing of revenue recognition or amounts of revenue to be
recognized compared to how we recognize revenue under current accounting policies.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Our revenues involve a relatively
limited number of contracts and customers. Revenues from concentrates are recognized as provisional sales, at the time the
control of the concentrate is obtained by the customer. Our concentrate sales are subject to change in metal prices between
the time of delivery and their final settlement. However, we are able to reasonably estimate the transaction price for the
concentrate sale at the time control is transferred and then we adjust the values each period using forward prices until
final settlement.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">We will revise our disclosures under IFRS
15 and will present additional disclosure of revenue from contracts with customers in the notes to the financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">In 2016, the IASB issued IFRS 16 Leases
(&ldquo;IFRS 16&rdquo;), which requires lessees to recognize assets and liabilities for most leases. Application of the standard
is mandatory for annual reporting periods beginning on or after January 1, 2019, with earlier adoption permitted. The new standard
is likely to result in increases to both the asset and liability positions of lessees, as well as affect the reported depreciation
expense and finance costs of these entities in the statement of profit or loss. The Company is currently evaluating the impact the new standard will have on its financial results.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman,serif; color: #003CFF; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Comparative
                                         figures</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Certain comparative figures have been reclassified
to conform to the presentation adopted for the year ended December 31, 2017. </P>

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

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

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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.&#9;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Use of Judgements and Estimates</FONT></TD></TR></TABLE>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Critical Accounting Estimates
                                         and Assumptions</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Many of the amounts included in the consolidated
financial statements require management to make judgements and/or estimates. These judgements and estimates are continuously evaluated
and are based on management&rsquo;s experience and knowledge of the relevant facts and circumstances. Areas where critical accounting
estimates and assumptions have the most significant effect on the amounts recognized in the consolidated financial statements include:</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="color: #003CFF; font: italic 11pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Mineral
Reserves and Resources and the Life of Mine Plan</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">We estimate our mineral reserves and mineral
resources in accordance with the Canadian Securities Administrators National Instrument 43-101 Standards of Disclosure for Mineral
Projects requirements. Estimates of the quantities of the mineral reserves and mineral resources from the basis for our life of
mine plans, which are used for the calculation of depletion expense under the units of production method, impairment tests, and
forecasting the timing of the payments related to the environmental rehabilitation provision.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Significant estimation is involved in determining
the reserves and resources included within our life of mine plans. Changes in forecast prices of commodities, exchange rates, production
costs or recovery rates may result in our life of mine plan being revised and such changes could impact depletion rates, asset
carrying values and our environmental rehabilitation provision. As at December 31, 2017 we have used the following long term prices
for our reserve and resource estimations: Gold $1,250/oz, Silver $19/oz, Lead $2,200/t and Zinc $2,500/t.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">In addition to the estimates above, estimation
is involved in determining the percentage of resources ultimately expected to be converted to reserves and hence included in our
life of mine plans. Our life of mine plans include a portion of inferred resources as we believe this provides a better estimate
of the expected life of mine for certain types of deposits, in particular for vein type structures. The percentage of inferred resources
out of the total tonnage included in the life of mine plans is based on site specific geological, technical, and economic considerations.
Estimation of future conversion of resources is inherently uncertain and involves judgement and actual outcomes may vary from these
judgements and estimates and such changes could have a material impact on the financial results. Some of the key judgements of
the estimation process include geological continuity, stationarity in the grades within defined domains, reasonable geotechnical
and metallurgical conditions, treatment of outlier (extreme) values, cut-off grade determination and the establishment of geostatistical
and search parameters. Revisions to these estimates are accounted for prospectively in the period in which the change in estimate
arises. See note 3(g)(i).</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="color: rgb(0,60,255); font: italic 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Valuation
of Mineral Properties and Exploration Properties</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company carries its mineral properties
at cost less accumulated depletion and any accumulated provision for impairment. The costs of each property and related capitalized
expenditures are depleted over the economic life of the property on a units-of-production basis. Costs are charged to the consolidated
statement of income (loss) when a property is abandoned or when there is a recognized impairment in value.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company undertakes a review of the carrying
values of mining properties and related expenditures whenever events or changes in circumstances indicate that their carrying values
may exceed their estimated net recoverable amounts determined by reference to estimated future operating results and discounted
net cash flows. Where previous impairment has been recorded the Company analyzes any impairment reversal indicators. An impairment
loss is recognized when the carrying value of those assets is not recoverable. In undertaking this review, management of the Company
is required to make significant estimates of, amongst other things, future production and sales volumes, metal prices, foreign
exchange rates, mineral resource and reserve quantities, future operating and capital costs to the end of the mine&rsquo;s life,
and reclamation costs. These estimates are subject to various risks and uncertainties which may ultimately have an effect on the
expected recoverability of the carrying values of the mining properties and related expenditures.</P>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.&#9;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company, from time to time, acquires
exploration and development properties. When properties are acquired, the Company must determine the fair value attributable to
each of the properties. When the Company conducts exploration on a mineral property and the results from the exploration do not
support the carrying value, the property is written down to its new fair value which could have a material effect on the consolidated
statement of financial position and the consolidated statement of income (loss).</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="color: rgb(0,60,255); font: italic 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Reclamation and Other
Closure Provisions</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company has obligations for reclamation
and other closure activities related to its mining properties. The future obligations for mine closure activities are estimated
by the Company using mine closure plans or other similar studies which outline the requirements that will be carried out to meet
the obligations. Because the obligations are dependent on the laws and regulations of the countries in which the mines operate,
the requirements could change as a result of amendments in the laws and regulations relating to environmental protection and other
legislation affecting resource companies. As the estimate of the obligations is based on future expectations, a number of estimates
and assumptions are made by management in the determination of closure provisions.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="color: rgb(0,60,255); font: italic 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Revenue Recognition</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Revenue from the sale of concentrate is
recorded at the time the risks and rewards of ownership pass to the buyer using monthly average metal prices on the expected date
of final settlement at which time the final sale prices will be fixed. Variations between the prices at initial recognition and
final settlement may occur due to changes in the market metal prices and result in an embedded derivative in the accounts receivable.
The embedded derivative is recorded at fair value each period until final settlement occurs with changes in the fair value classified
as revenue. For changes in metal quantities upon receipt of new information and assay, the provisional sale quantities are adjusted.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="color: rgb(0,60,255); font: italic 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Contingencies</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Contingencies can be either possible assets
or possible liabilities arising from past events which, by their nature, will only be resolved when one or more future events not
within our control occur or fail to occur. The assessment of such contingencies inherently involves the exercise of significant
judgement and estimates of the outcome of future events. In assessing loss contingencies related to legal proceedings that are
pending against the Company or unasserted claims that may result in such proceedings or regulatory or government actions that may
negatively impact our business or operations, the Company with assistance from its legal counsel evaluates the perceived merits
of any legal proceedings or unasserted claims or actions.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">A liability is recognized in the consolidated
financial statements when the outcome of the legal proceedings is probable and the estimated settlement amount can be estimated
reliably. Contingent assets are not recognized in the consolidated financial statements until virtually certain.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman,serif; color: #003CFF; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Critical
                                         Accounting Judgements in Applying the Entity&rsquo;s Accounting Policies</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Judgements that have the most significant
effect on the amounts recognized in the Company&rsquo;s consolidated financial statements are as follows:</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.&#9;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<P STYLE="color: rgb(0,60,255); font: italic 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Income Taxes</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Deferred tax assets and liabilities are
determined based on differences between the financial statement carrying values of assets and liabilities and their respective
income tax bases (&ldquo;temporary differences&rdquo;) and losses carried forward. The determination of the ability of the Company
to utilize tax loss carry-forwards to offset deferred tax liabilities requires management to exercise judgement and make certain
assumptions about the future performance of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Management is required to assess whether
it is &ldquo;probable&rdquo; that the Company will benefit from these prior losses and other deferred tax assets. Changes in economic
conditions, metal prices and other factors could result in revisions to the estimates of the benefits to be realized or the timing
of utilization of the losses.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="color: rgb(0,60,255); font: italic 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Assessment of Impairment
and Reversal of Impairment Indicators</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Management applies significant judgement
in assessing whether indicators of impairment or reversal of impairment exist for an asset or a group of assets which could result
in a testing for impairment. Internal and external factors such as significant changes in the use of the asset, commodity prices,
life of mines, tax laws or regulations in the countries that our mines operate in and interest rates are used by management in
determining whether there are any indicators of impairment or reversal of previous impairments.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="color: rgb(0,60,255); font: italic 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Functional Currency</P>

<P STYLE="color: #003CFF; font: italic 11pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The functional currency for the Company
and its subsidiaries is the currency of the primary economic environment in which each operates. The Company has determined that
its functional currency and that of its subsidiaries is the U.S. dollar. The determination of functional currency may require certain
judgements to determine the primary economic environment. The Company reconsiders the functional currency used when there is a
change in the events and conditions which determined the primary economic environment.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Short Term Investments</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left; border-bottom: Black 2.5pt double">Term deposits and similar instruments</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">29,500</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">41,100</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">The term deposits have maturities in excess of 90 days and less
than one year on the date of acquisition.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Marketable Securities</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Common shares of Medgold Resources Corp.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,266</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Warrants of Medgold Resources Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">313</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Common shares of Prospero Silver Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">555</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Warrants of Prospero Silver Corp.</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">556</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,579</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">In June 2016, the Company acquired 10 million common
shares and 10 million common share purchase warrants of Medgold Resources Corp. (&quot;Medgold&quot;). In February 2017, the Company
exercised all of the Medgold warrants it held. Upon exercise, the Company held 24.0% of the issued and outstanding common shares
of Medgold (20.4% on a fully diluted basis) and reclassified the amounts to investment in associate (note 7).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">In May 2017, the Company acquired by way of a private
placement 5,357,142 units of Prospero Silver Corp. (&quot;Prospero&quot;) at a price of C$0.28 per unit for cash consideration
of C$1.5 million. Each unit was comprised of one common share and one common share purchase warrant exercisable at C$0.35 per share
until May 2020. Following the transaction, the Company owned approximately 15% of the issued and outstanding common shares of Prospero
and would own 25.95% if all of the warrants were exercised. The Board of Directors of Prospero is required to approve an increase
in the Company&rsquo;s ownership above 19.9%. As at December 31, 2017, the Company owned approximately 15% of the issued common
shares of Prospero.</P>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">During the year ended December 31, 2017,
the Company recognized an unrealized loss of $85 (2016 &ndash;$80 unrealized gain) related to fair value adjustments on its marketable
securities through the income statement and an unrealized loss of $555, related to fair value adjustments on its marketable securities
through other comprehensive income (2016 &ndash; $334 unrealized gain).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD>Investment in Associate</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Medgold is a Canadian public company which
trades on the TSX Venture Exchange under the ticker symbol MED and is quoted in Canadian dollars (&quot;C$&quot;). Medgold's principal
business activity is the acquisition and exploration of resource properties in Serbia.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">On February 7, 2017, the Company exercised
its common share purchase warrants to purchase 10 million common shares of Medgold (note 6) which resulted in the Company increasing
its interest to 24.0% As a result, the Company has significant influence over Medgold commencing on February 7, 2017, and accounts
for its investment using the equity method. As at December 31, 2017, the Company owned a 22% interest in Medgold. The market
value of the Company&rsquo;s investment in Medgold as at December 31, 2017 was $3,200.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company is related to Medgold by virtue
of a director in common.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left">Medgold shares and warrants presented as marketable securities, January 1, 2017</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,579</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash paid upon exercise of warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,372</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">Fair value adjustments prior to February 7, 2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(65</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Balance of Medgold investment at February 7, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,886</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">Share of Medgold's loss for the period February 7, 2017 to December 31, 2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(192</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">Balance at December 31, 2017</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,694</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">8.</TD><TD>Accounts and Other Receivables</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Trade receivables from concentrate sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">34,250</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">23,185</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Advances and other receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,249</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,095</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Value added taxes recoverable</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">871</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">707</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Accounts and other receivables</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">36,370</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">24,987</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">The Company's trade receivables from concentrate sales are expected
to be collected in accordance with the terms of the existing concentrate sales contracts with its customers and no amounts were
past due at December 31, 2017 or December 31, 2016.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">9.</TD><TD>Inventories</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Concentrate stockpiles</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,594</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,285</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ore stockpiles</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,144</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,659</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Materials and supplies</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,015</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,628</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">Inventories</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">17,753</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,572</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">During the year ended December 31, 2017,
the Company expensed $156,614 (2016 &ndash; $127,984), of inventories to cost of sales and wrote down $985 (2016 - $nil) of spare
parts inventory to their net realizable value.<BR CLEAR="ALL">
</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.&#9;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">10.</TD><TD>Derivative Assets and Derivative Liabilities</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">Assets</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Interest rate swap</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">140</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Commodity derivative contracts</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">973</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Derivative assets</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">140</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">973</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest rate swap</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">254</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Commodity derivative contracts</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,328</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Derivative liabilities</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,328</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">254</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Commodity derivative contracts</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">In December 2016, the Company entered into
two sets of zinc forward sales contracts with Scotiabank, to mitigate its commodity price risks. The zinc forward sales contracts
consist of a total of 3,900 tonnes of zinc at a price of $2,650 per tonne and 3,900 tonnes of zinc at a price of $2,750 per tonne
which settled, on average, 650 tonnes per month through to the end of December 2017.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">In January 2017, the Company entered into
a set of lead forward sales contracts with Scotiabank, to mitigate its commodity price risks. The lead forward sales contracts
consist of 2,965 tonnes of lead at a price of $2,340 per tonne which sttled, on average, 270 tonnes per month through to the end
of December 2017.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">In July 2017, the Company entered into zero
cost collars for an aggregate 7,500 tonnes of lead with a floor price of $2,100 per tonne and a cap price of $2,500 per tonne,
maturing from August 2017 to June 2018. In 2017, the Company also entered into zero cost collars for an aggregate 6,500 tonnes
of zinc with a floor price of $2,500 per tonne and a cap price of $2,965 per tonne, maturing during the first half of 2018.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The zinc and lead contracts are derivative
financial instruments and are not accounted for as designated hedges under IAS 39. They were initially recognized at fair value
on the date on which the related derivative contracts were entered into and are subsequently re-measured to estimated fair value.
Any gains or losses arising from changes in the fair value of the derivatives are credited or charged to profit or loss.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The following table summarizes the gains
(losses) from the settlement of and the open positions for the zinc and lead forward sales contracts as at December 31, 2017:</P>

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


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<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #003CE1; font-weight: bold">Realized</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Zinc Contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left">Tonnes settled</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">7,803</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Average settlement price per tonne</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,894</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Settlement gains (losses)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,521</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Lead Contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Tonnes settled</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,465</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Average settlement price per tonne</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,361</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Settlement gains (losses)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #003CE1; font-weight: bold">Unrealized</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Zinc Contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Open positions - tonnes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><P STYLE="margin: 0">&nbsp;7,803</P>


</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Price per tonne</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,500 - 3,190</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><P STYLE="margin: 0">2,650 - 2,750</P>


</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Unrealized gains (losses)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2,957</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><P STYLE="margin: 0">&nbsp;973</P>


</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Lead Contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Open positions - tonnes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Price per tonne</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"> 2,100 - 2,689</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Unrealized gains (losses)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(344</TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt double">)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">-</TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD></TR>
</TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Interest rate swap</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Effective April 1, 2015, the Company entered into an
interest rate swap (&quot;Swap&quot;) on a notional amount of $40,000, which expires on March 25, 2019 and matches the maturity
of the bank loan. The swap has been designated as a hedge for accounting purposes. The swap was entered into to hedge the variable
interest rate risk on the Company&rsquo;s bank loan. The fixed interest rate on the swap is 1.52% and the floating amount is based
on the one-month LIBOR rate. The swap is settled on a monthly basis, with settlement being the net difference between the fixed
and floating interest rates.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">During the year ended December 31, 2017, the Company
recognized unrealized gain of $369 (2016 &ndash; $85), related to fair value adjustments through other comprehensive income. The
Swap was determined to be an effective hedge for the years ended December 31, 2017 and 2016, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Subsequent to December 31, 2017, the Company terminated
the Swap and received a $214 settlement payment.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">11.</TD><TD>Assets held for sale</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">During the year ended December 31, 2017, it was determined
that certain plant and equipment were no longer be required for mining operations at the San Jose Mine and became available for
immediate sale. As a result, the Company wrote-down the carrying amount of these assets by $901 to their estimated fair value of
$1,701 and transferred the balance from property, plant and equipment to assets held for sale.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">12.</TD><TD>Other non-current receivables</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">As at December 31, 2017, there were $1,223 (2016 - $562) of value added
tax recoverable from expenditures on the development of the Lindero Gold Project in Argentina. The Company expects recovery of
these amounts to commence once the Lindero Gold Project reaches commercial production.</P>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">13.</TD><TD>Mineral Properties and Exploration and Evaluation Assets</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Depletable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Not depleted</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Caylloma</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">San Jose</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Lindero</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Other</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">COST</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%">Balance, January 1, 2017</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">100,630</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">151,259</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">130,590</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,844</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">384,323</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Additions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,599</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,888</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,234</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,508</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,229</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Change in rehabilitation provision</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,448</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(931</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">301</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">818</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Disposals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(202</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(202</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">Reclassifications</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(18</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double">Balance, December 31, 2017</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">112,669</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">164,198</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">140,154</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,150</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">421,171</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">ACCUMULATED IMPAIRMENT</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Balance, January 1, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">31,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">31,900</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Impairment reversal (note 14)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(31,900</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(31,900</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">Balance, December 31, 2017</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">ACCUMULATED DEPLETION</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Balance, January 1, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">42,059</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">46,829</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">88,888</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Impairment reversal (note 14)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,038</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,038</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">Depletion</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,956</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,677</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22,633</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">Balance, December 31, 2017</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">61,053</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">63,506</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">124,559</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">NET BOOK VALUE, December 31, 2017</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">51,616</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100,692</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">140,154</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,150</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">296,612</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 30 -->
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Depletable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Not depleted</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Caylloma</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">San Jose</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Lindero</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Other</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">COST</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%">Balance, January 1, 2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">92,973</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">136,666</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,533</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">231,172</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Acquisition of subsidiary</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128,687</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128,687</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Additions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,060</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,643</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,795</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">942</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,440</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Change in rehabilitation provision</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">597</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(414</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">291</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Disposals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(512</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(631</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,143</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">Reclassifications</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">876</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">876</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">Balance, December 31, 2016</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100,630</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">151,259</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">130,590</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,844</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">384,323</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">ACCUMULATED IMPAIRMENT</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">Balance, January 1, 2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">31,900</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">31,900</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">Balance, December 31, 2016</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">31,900</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">31,900</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">ACCUMULATED DEPLETION</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Balance, January 1, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">37,552</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">33,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">70,552</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">Depletion</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,507</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,829</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,336</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double">Balance, December 31, 2016</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">42,059</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">46,829</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">88,888</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double">NET BOOK VALUE, December 31, 2016</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">26,671</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">104,430</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">130,590</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,844</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">263,535</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The assets of Bateas (Caylloma) and Cuzcatlan (San
Jose), and their holding companies, are pledged as security under the Company&rsquo;s credit facility.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">a)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Exploration and Evaluation Assets</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Included in mineral properties are exploration and
evaluation assets which are categorized as not depleted other in the above tables. The Company is currently conducting exploration
and evaluation activities on the following properties:</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 12pt Times New Roman,serif; color: #003CFF; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Tlacolula
                                         Property</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">On August 2, 2017, the Company completed a Purchase
and Sale Agreement with Radius Gold Inc. to acquire the Tlacolula gold property (the &ldquo;Property&rdquo;) for total consideration
of $1,328, comprising of $150 cash and the issuance of 239,385 common shares valued at $1,128. Radius was granted a 2% NSR royalty
on the Property, of which one-half of the royalty can be purchased for $1,500.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">During the year ended December 31, 2017, the Company
spent $158 on the Property, which has been capitalized as part of mineral properties.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 12pt Times New Roman,serif; color: #003CFF; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Northwest
                                         Nevada Initiative</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">In December 2016, the Company entered into an option
agreement with an unrelated party to acquire 6,756 mineral claims in north west Nevada, USA, totaling 239,128 acres (96,773 hectares).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">To maintain this agreement, the Company is required
to make cash payments totaling $2,300, a combination of cash and shares of $4,100 and spend $2,000 in exploration expenditures
by December 6, 2020. A further success payment is required if the Company completes an economic study on a potential mine if certain
minimum technical parameters based on resource size and rate of return are met.</P>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">During the year ended December 31, 2017,
the Company completed a drilling program with less than encouraging results and decided to terminate the option agreement and wrote-off
the carrying value of the Property.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%">Balance, December 31, 2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">200</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Exploration expenditures during the year</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,410</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,610</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Less: charged to exploration expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,301</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Less:&nbsp;&nbsp;transferred to accounts receivable</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(109</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Less: write-off</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(200</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">Balance December 31, 2017</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">b)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Lindero Gold Project</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">On July 28, 2016, Fortuna Silver Mines Inc.
acquired all the issued and outstanding common shares of Goldrock Mines Corp. (&quot;Goldrock&quot;), a public company listed on
the TSX Venture Exchange, by issuing 14,569,045 common shares and 1,514,677 warrants, exercisable at C$6.01 per common share and
expiring on October 31, 2018. Goldrock's principal asset is the 100% owned Lindero Gold Project located in Salta Province, Argentina.
This acquisition has been accounted for as an asset purchase, as Goldrock Mines Corp. and its subsidiaries did not meet the definition
of a business as defined in IFRS 3 &laquo;Business Combinations&raquo;.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The following summarizes the consideration
paid and estimates of fair value of assets acquired and liabilities assumed:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Consideration:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; padding-left: 6pt">14,569,045 common shares of the Company</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">122,813</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 6pt">1,514,677 warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,401</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 6pt">Costs of the transaction</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,226</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 6pt">Cash of Goldrock received</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(528</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 6pt">Costs of the transaction paid by Goldrock prior to closing</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,822</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,876</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">135,090</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Assets acquired and liabilities assumed:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 6pt">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">249</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 6pt">Machinery and Equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,954</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 6pt">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(700</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 6pt">Closure and rehabilitation provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(100</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 6pt">Lindero Gold Project</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">128,687</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double; padding-left: 6pt">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">135,090</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The cash used for the purchase of the Lindero Gold
Project was as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left">Total consideration</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">135,090</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">less: Non-cash issuance of common shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(122,813</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">less: Non-cash issuance of warrants</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,401</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,876</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Comprising:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash transaction costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,404</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">less: Cash of Goldrock received</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(528</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,876</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The consideration was determined based on
the fair value of the Company&rsquo;s shares at the closing date of the acquisition, plus the estimated fair value of warrants
issued and transaction costs incurred. The warrants were accounted for under IFRS 2 &laquo;Share-based Payment&raquo;, and are
treated as equity settled share-based payments. The corresponding credit has been recorded in equity. The purchase price was allocated
to the assets acquired and liabilities assumed on a relative fair value basis.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">On September 21, 2017, the Board of Directors
approved the construction of the Lindero Gold Project, and the expenditures related to this project are no longer classified as
an exploration and evaluation asset.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">14.</TD><TD>Impairment Reversal</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">For the year ended December 31, 2017,
the Company recognized an impairment reversal of $31,119 with respect to the Caylloma Mine. The impairment reversal was due
to the significant increase in resources from the successful exploration drill program at the Animas NE vein &nbsp;and increases in the estimated zinc and lead prices. With
the increase in resources, as well as increases in estimated prices,
management updated its mine plan for the Caylloma mine. The new mine plan significantly improved the production profile and
the associated cash flows compared with the Company&rsquo;s previous estimates and accordingly, was considered to be an
indicator of impairment reversal.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The impairment charges recorded during the
years ended December 31, 2015 and 2013 were $55,000 before tax. The amount of impairment reversal is limited to the carrying amount
had no impairment been recognized in prior periods, net of depletion and amortization which would have been recognized.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The recoverable amount of the Caylloma Mine
was determined based on its fair value less costs of disposal estimated utilizing a discounted cash flow model. The projected cash
flows used are significantly affected by changes in assumptions for metal prices, changes in the amount of recoverable reserves
and resources, production cost estimates, future capital expenditures and discount rates. The discounted cash flow model is a Level
3 measurement in the fair value hierarchy.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">For the year ended December 31, 2017, the
Company's impairment testing incorporated the following key assumptions in addition to the increase in the estimated life of the
mine:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">Weighted average cost of capital</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">As at December
31, 2017, projected cash flows were discounted using a real after-tax discount rate of 4.1% which represented the
estimated weighted average cost of capital.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">Metal Price assumptions</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Metal Price Assumptions</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2022 -2025</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%">Silver price ($ per ounce)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">17.56</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">18.44</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">19.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">19.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">18.40</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Gold price ($ per ounce)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,342</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,325</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,325</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Lead price ($ per tonne)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,469</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,403</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,315</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,205</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,205</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">Zinc price ($ per tonne)</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,175</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,031</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,756</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,756</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,425</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">15.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Plant and Equipment</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 9pt; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 9pt; text-align: right; border-bottom: Black 1pt solid">Machinery<BR>
and <BR>
equipment</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 9pt; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 9pt; text-align: right; border-bottom: Black 1pt solid">Land, buildings<BR>
and leasehold<BR>
improvements</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 9pt; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 9pt; text-align: right; border-bottom: Black 1pt solid">Furniture<BR>
and other <BR>
equipment</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 9pt; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 9pt; text-align: right; border-bottom: Black 1pt solid">Transport <BR>
units</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 9pt; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 9pt; text-align: right; border-bottom: Black 1pt solid">Equipment<BR>
under finance <BR>
lease</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 9pt; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 9pt; text-align: right; border-bottom: Black 1pt solid">Capital<BR>
work in <BR>
progress</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 9pt; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 9pt; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; font-weight: bold">COST</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 37%; font-size: 9pt">Balance, January 1, 2017</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">57,685</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">132,067</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">15,848</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">1,095</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">7,810</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">941</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">215,446</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt">Additions</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">3,290</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">276</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">726</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">108</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">10,812</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">15,212</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt">Disposals</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(3,461</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(1,184</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(3,006</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(110</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(515</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(730</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(9,006</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">Reclassifications</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">4,703</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">579</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(7,253</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">70</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">1,898</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(3</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">Balance, December 31, 2017</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">62,217</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">131,738</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">6,315</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">1,163</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">7,295</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">12,921</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">221,649</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">ACCUMULATED IMPAIRMENT</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt">Balance, January 1, 2017</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">3,776</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">16,154</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">2,365</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">475</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">22,770</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt">Disposals</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(1</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(75</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(76</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 1pt solid">Impairment reversal (note 14)</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(3,775</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(16,154</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(2,365</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(400</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(22,694</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">Balance, December 31, 2017</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">ACCUMULATED DEPRECIATION</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt">Balance, January 1, 2017</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">17,864</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">33,479</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">6,748</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">576</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">3,146</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">61,813</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt">Disposals</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(2,549</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(448</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(1,507</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(101</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(440</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(5,045</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt">Reclassifications</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">3,907</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(3,920</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">13</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left">Impairment reversal (note 14)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">2,449</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">6,484</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">1,253</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">251</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">10,437</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">Depreciation</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">5,899</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">12,838</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">1,316</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">174</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">553</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">20,780</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">Balance, December 31, 2017</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">27,570</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">52,353</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">3,890</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">662</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">3,510</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">87,985</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">NET BOOK VALUE, December 31, 2017</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">34,647</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">79,385</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">2,425</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">501</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">3,785</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">12,921</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">133,664</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 9pt; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 9pt; text-align: right; border-bottom: Black 1pt solid">Machinery<BR>
and <BR>
equipment</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 9pt; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 9pt; text-align: right; border-bottom: Black 1pt solid">Buildings and<BR>
leasehold<BR>
improvements</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 9pt; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 9pt; text-align: right; border-bottom: Black 1pt solid">Furniture<BR>
and other <BR>
equipment</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 9pt; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 9pt; text-align: right; border-bottom: Black 1pt solid">Transport <BR>
units</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 9pt; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 9pt; text-align: right; border-bottom: Black 1pt solid">Equipment<BR>
under finance <BR>
lease</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 9pt; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 9pt; text-align: right; border-bottom: Black 1pt solid">Capital<BR>
work in <BR>
progress</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 9pt; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 9pt; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; font-weight: bold">COST</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 37%; font-size: 9pt">Balance, January 1, 2016</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">28,462</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">94,872</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">15,476</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">711</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">5,215</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">38,792</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">183,528</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt">Acquisition of subsidiary</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">6,954</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">6,954</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt">Additions</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">1,627</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">258</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">368</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">181</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">2,013</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">21,849</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">26,296</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt">Disposals</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(211</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(106</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(64</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(75</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(456</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">Reclassifications</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">20,853</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">36,937</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">110</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">267</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">657</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(59,700</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(876</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">Balance, December 31, 2016</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">57,685</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">132,067</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">15,848</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">1,095</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">7,810</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">941</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">215,446</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">ACCUMULATED IMPAIRMENT</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt">Balance, January 1, 2016</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">3,784</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">16,154</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">2,405</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">483</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">22,826</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">Disposals</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(8</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(40</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(8</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(56</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">Balance, December 31, 2016</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">3,776</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">16,154</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">2,365</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">475</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">22,770</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">ACCUMULATED DEPRECIATION</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt">Balance, January 1, 2016</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">14,816</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">24,466</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">4,387</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">505</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">2,845</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">47,019</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt">Disposals</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(199</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(64</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(60</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(67</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(390</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt"><P STYLE="margin: 0">Reclassifications</P>


</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right"><P STYLE="margin: 0">&nbsp;12&nbsp;</P>


</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">2</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right"><P STYLE="margin: 0">&nbsp;(14</P>


</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">-</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">Depreciation</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">3,235</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">9,011</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">2,439</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">131</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">368</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">15,184</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">Balance, December 31, 2016</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">17,864</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">33,479</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">6,748</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">576</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">3,146</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">61,813</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">NET BOOK VALUE, December 31, 2016</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">36,045</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">82,434</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">6,735</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">519</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">4,189</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">941</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">130,863</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">16.</TD><TD>Trade and Other Payables</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Trade accounts payable</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">13,576</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">15,251</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Refundable deposits to contractors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">686</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,514</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Payroll payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,894</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,755</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mining royalty</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,023</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">755</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Value added taxes payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,285</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,866</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">137</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Due to related parties (note 17(a))</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Other payables</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">411</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">354</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">31,012</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30,619</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Deferred share units payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,094</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,992</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Restricted share units payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,679</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,870</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Performance share units payable</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,691</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,679</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total current share units payable (note 22)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,464</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,541</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Total trade and other payables</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">41,476</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">40,160</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">17.</TD><TD>Related Party Transactions</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">In addition to the related party transactions
and balances disclosed elsewhere in these financial statements, the Company entered into the following related party transactions
during the years ended December 31, 2017 and 2016:</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">a)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Purchase of Goods and Services</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">During the year ended December 31, 2017
and 2016, the Company entered into the following related party transactions with Gold Group Management Inc. and Mill Street Services
Ltd., companies with directors in common with the Company.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Salaries and wages</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">138</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">121</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">General and administrative expenses</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">175</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">103</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">313</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">224</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company has outstanding balances payable
with Gold Group Management Inc. of $nil as at December 31, 2017 (December 31, 2016 - $10). Amounts due to related parties are due
on demand, and are unsecured.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">b)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Key Management Personnel</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Salaries and short term employee benefits</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">4,704</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">3,987</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Directors fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">594</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">357</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Consulting fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">138</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">127</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Share-based payments</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,672</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,527</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,108</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">17,998</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">18.</TD><TD>Bank Loan</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">In April 2015, the Company drew down $40,000
of the $60,000 available under its credit facility agreement with the Bank of Nova Scotia (&ldquo;Credit Facility&rdquo;). The
Credit Facility is secured by a first ranking lien on the assets of Bateas, Cuzcatlan, and their holding companies. Interest on
the Credit Facility is calculated using the one, two, three, or six month US$ LIBOR rates plus a graduated margin based on the
Company&rsquo;s leverage ratio, as defined in the Credit Facility. Interest is payable one month in arrears. The Credit Facility
is repayable with a balloon payment on the maturity date of April 1, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">While the Credit Facility remains drawn,
the Company is required to maintain the following financial covenants:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">Total debt to EBITDA (as defined in the Credit Facility) of not greater than 3:1 calculated on
a rolling four fiscal quarter basis and measured at the end of each fiscal quarter of the Company; and,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">Minimum tangible net worth (as defined in the Credit Facility) in an amount equal to the sum of
(a) 85% of the tangible net worth as at June 30, 2014, (b) 50% of positive quarterly net income earned after June 30, 2014, and
(c) 50% of the value of any equity interests issued by the Company after June 30, 2014.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">As at December 31, 2017 and 2016, the Company
was in compliance with all covenants under the Credit Facility. Other than interest, no payments are required until April 2019.</P>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">On January 26, 2018, the Company
entered into an amended and restated credit facility with the Bank of Nova Scotia (&ldquo;Amended Credit Facility&rdquo;).
The Amended Credit Facility consists of a $40,000 non-revolving credit facility and an $80,000 revolving credit facility. The
Amended Credit Facility is secured by a first ranking lien on the assets of Bateas, Cuzcatlan, Mansfield and their holding
companies. The Company must comply with the terms in the amended agreement related to reporting requirements, conduct of
business, insurance, notices, and must maintain certain covenants.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">19.</TD><TD>Finance Lease Obligations</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Minimum lease payments</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Less than one year</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">912</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,189</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Between one and five years</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">912</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">912</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,101</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Less: future finance charges</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(67</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Present value of minimum lease payments</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">906</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,034</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Presented as:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Current portion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">906</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,128</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double; padding-left: 9pt">Non-current portion</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">906</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">20.</TD><TD>Other Liabilities</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Restricted share units (note 22)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,256</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,619</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Performance share units (note 22)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,866</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Other non-current liabilities</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">59</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,356</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,544</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">21.</TD><TD>Closure and Rehabilitation Provisions</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Closure and rehabilitation provisions</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Caylloma <BR>
Mine</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">San Jose Mine</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Lindero Gold <BR>
Project</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%">Balance January 1, 2017</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">8,182</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">4,822</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">208</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">13,212</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Changes in estimate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,152</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">301</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">910</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Incurred and charged against the provision</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(623</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(170</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(793</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accretion expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">304</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">380</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">684</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Effect of foreign exchange changes</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">220</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">220</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Balance December 31, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,624</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">509</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,233</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 9pt">Current portion</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,533</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">123</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,656</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Non-current portion</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,091</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,977</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">509</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,577</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Closure and reclamation provisions represent
the present value of rehabilitation costs relating to mine and development sites. There have been no significant changes in requirements,
laws, regulations, operating assumptions, estimated timing and amount of closure and rehabilitation obligations during year ended
December 31, 2017, except for the timing caused by the extended Caylloma life of mine.</P>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Closure and rehabilitation provisions</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Caylloma <BR>
Mine</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">San Jose Mine</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Lindero Gold <BR>
Project</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Anticipated settlement date</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2022 - 2029</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2025 - 2037</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2019 - 2032</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; text-align: left">Undiscounted uninflated estimated cash flow</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">9,726</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">5,016</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">444</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">15,186</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Discount rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.76</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.22</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.91</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">Inflation rate</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2.00</TD><TD STYLE="border-bottom: Black 2.5pt double">%</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3.87</TD><TD STYLE="border-bottom: Black 2.5pt double">%</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6.58</TD><TD STYLE="border-bottom: Black 2.5pt double">%</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">22.</TD><TD>Share Based Payments</TD></TR></TABLE>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 12pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
Share Units</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Number of <BR>
Deferred Share <BR>
Units</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Fair Value</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%">Outstanding, December 31, 2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,016,416</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,279</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Grants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">201,319</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">781</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Units paid out in cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(238,027</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,721</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Units transferred to trade payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(96,640</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(902</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Change in fair value</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,555</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Outstanding, December 31, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">883,068</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,992</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Grants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91,108</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">429</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Change in fair value</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(327</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double">Outstanding, December 31, 2017</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">974,176</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,094</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Restricted
Share Units</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Number of <BR>
Restricted Share <BR>
Units</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Fair Value</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%">Outstanding, December 31, 2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,015,846</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,179</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Grants to executive directors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">317,276</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,161</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Grants to officers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">389,991</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,509</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Grants to employees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,679</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">323</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Units paid out in cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(419,019</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,104</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Forfeited or cancelled</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,053</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Change in fair value and vesting</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,421</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Outstanding, December 31, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,337,720</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,489</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Grants to officers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">406,499</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,919</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Grants to employees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,037</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">181</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Units paid out in cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(406,022</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,114</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Forfeited or cancelled</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,007</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Change in fair value and vesting</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,310</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Outstanding, December 31, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,371,227</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,780</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Less:&nbsp;&nbsp;Equity grants to officers</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(390,751</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,845</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">Cash settled restricted share units, December 31, 2017</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">980,476</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,935</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Performance
Share Units</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Number of<BR>
Performance Share <BR>
Units</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Fair Value</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%">Outstanding, December 31, 2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,236,620</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,194</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Units paid out in cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(247,324</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(961</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Forfeited or cancelled</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(103,761</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Change in fair value and vesting</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,312</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Outstanding, December 31, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">885,535</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,545</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Units paid out in cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(332,076</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,770</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Change in fair value and vesting</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">916</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">Outstanding, December 31, 2017</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">553,459</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,691</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">23.</TD><TD>Share Capital</TD></TR></TABLE>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Authorized share capital</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company has an unlimited number of common
shares without par value authorized for issue.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">In February 2017, the Company closed a private
placement by issuing an aggregate of 11,873,750 common shares at a price of US$6.30 per common share for gross proceeds of $74,804,
or net proceeds of $70,497 after share issuance costs.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Stock Options</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company&rsquo;s Stock Option Plan, as
amended and approved from time to time, permits the Company to issue up to 12,200,000 stock options. As at December 30, 2017, a
total of 2,222,905 common shares were available for issuance under the plan.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Number of stock options</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Weighted average <BR>
exercise price</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Canadian dollars</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%">Outstanding, December 31, 2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">3,105,355</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">3.66</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,236,861</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.45</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">Forfeited</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(23,501</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4.79</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Outstanding, December 31, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">844,993</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.19</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(307,160</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.39</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">Granted</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">617,694</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6.35</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double">Outstanding, December 31, 2017</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,155,527</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5.56</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double">Vested and exercisable, December 31, 2016</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">459,578</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3.68</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">Vested and exercisable, December 31, 2017</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">537,833</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4.64</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">During the year ended December 31, 2017, 617,694 options
(2016 - nil) were granted.</P>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The assumptions used to estimate the fair
value of the stock options granted during the year ended December 31, 2017 were a risk-free interest rate of 0.77%, expected volatility
of 63.02%, expected life of 3 years, expected forfeiture rate of 5.57%, and an expected dividend yield of nil. The fair value,
as determined using the Black-Scholes model, was $2.61 per option granted in the period.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">During year ended December 31, 2017, the
Company expensed a total of $674, in share-based payments related to the vesting of stock options (2016 &ndash; $468).</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 12pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Number of stock options</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Weighted average<BR>
exercise price</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Canadian dollars</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Outstanding, December 31, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 60%">Granted</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">1,514,677</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">6.01</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">Exercised</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(931,700</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6.01</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Outstanding, December 31, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">582,977</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.01</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(238,515</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.01</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">Granted</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6.01</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double">Outstanding, December 31, 2017</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">344,462</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6.01</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">24.</TD><TD>Earnings per Share</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">Basic</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 60%; text-align: left">Net income for the year</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 18%; text-align: right">66,305</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">17,858</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">Weighted average number of shares (000's)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">158,036</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">136,888</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double">Earnings per share - basic</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.42</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.13</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">Diluted</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 60%; text-align: left; border-bottom: Black 2.5pt double">Net income for the year</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 18%; border-bottom: Black 2.5pt double; text-align: right">66,305</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 16%; border-bottom: Black 2.5pt double; text-align: right">17,858</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Weighted average number of shares ('000's)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">158,036</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">136,888</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Incremental shares from options</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">236</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Incremental shares from warrants</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">929</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double">Weighted average diluted number of shares (000's)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">158,312</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">138,053</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double">Diluted earnings per share</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.42</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.13</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">As at December 31, 2017, there were no anti-dilutive
options or warrants excluded from the above calculation (2016 &ndash; Nil).</P>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">25.</TD><TD>Sales</TD></TR></TABLE>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
                                         product and geographical area</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="text-align: center; border-bottom: Black 1pt solid">Year ended December 31, 2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Canada</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Peru</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Mexico</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Argentina</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: justify">Silver-gold concentrates</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">179,996</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">179,996</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Silver-lead concentrates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,202</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,202</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">Zinc concentrates</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">45,913</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">45,913</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; border-bottom: Black 2.5pt double">Sales to external customers</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">88,115</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">179,996</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">268,111</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="text-align: center; border-bottom: Black 1pt solid">Year ended December 31, 2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Canada</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Peru</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Mexico</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Argentina</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: justify">Silver-gold concentrates</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">143,151</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">143,151</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Silver-lead concentrates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,442</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,442</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">Zinc concentrates</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26,662</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26,662</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; border-bottom: Black 2.5pt double">Sales to external customers</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">67,104</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">143,151</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">210,255</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
                                         major customer</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%">Customer 1</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">106,850</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">71,184</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Customer 2</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,146</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,967</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Customer 3</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,523</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,238</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Customer 4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,508</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,646</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;Other Customers</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">84</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,220</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">268,111</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">210,255</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">26.</TD><TD>Cost of Sales</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid">Year ended December 31, 2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Caylloma</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">San Jose</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left">Direct mining costs</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">35,476</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">58,187</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">93,663</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Salaries and benefits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,013</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,286</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,299</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Workers' participation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,545</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,805</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,350</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Depletion and depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,175</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,929</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,104</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">Royalties</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,283</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,852</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,135</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">53,492</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">105,059</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">158,551</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid">Year ended December 31, 2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Caylloma</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">San Jose</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left">Direct mining costs</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">32,047</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">46,574</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">78,621</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Salaries and benefits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,399</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,697</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,096</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Workers' participation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">973</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,742</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,715</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Depletion and depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,958</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,759</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,717</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">Royalties</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">873</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,627</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,500</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">47,250</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">82,399</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">129,649</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">27.</TD><TD>Selling, General, and Administrative</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Selling, general and administrative</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">19,320</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">15,616</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Workers' participation</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,750</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,363</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,070</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,979</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Share-based payments</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,841</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,138</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">24,911</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">31,117</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">28.</TD><TD>Other expenses</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Loss (gain) on disposal of property, plant, and equipment</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,450</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(3</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Write off of inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">985</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">280</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Write off of mineral properties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">202</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,143</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Other income</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(956</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2pt double">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">1,681</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2pt double">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">1,420</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">29.</TD><TD>Income Taxes</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reconciliation
                                         of effective tax rate</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Income tax expense differs from the amount
that would be computed by applying the applicable Canadian statutory income tax rate to income before income taxes. The significant
reasons for the differences are as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Net income before tax</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">104,951</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">47,110</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Statutory tax rate</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26.0</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26.0</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Anticipated income tax at statutory rates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,287</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,249</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 6pt">Non-deductible expenditures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,082</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">514</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 6pt">Differences between Canadian and foreign tax rates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,804</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,995</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 6pt">Change in estimate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(511</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 6pt">Effect of change in tax rates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,576</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(622</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 6pt">Inflation adjustment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,242</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(933</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 6pt">Impact of foreign exchange</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(666</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,328</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 6pt">Change in deferred tax assets not recognized</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,194</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,839</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 6pt">Mining taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,568</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,738</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 6pt">Withholding taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">649</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 6pt">Other items</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(542</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(105</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Total income tax expense</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">38,646</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">29,252</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Total income tax represented by:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;Current income tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">34,863</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">29,063</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;Deferred tax expense</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,783</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">189</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">38,646</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">29,252</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">In 2015, Peru underwent a tax reform that
included an announced decrease in tax rates over a four year period. In December of 2016 the future decreases were halted and the
tax rate was increased. The Company's Peruvian operating subsidiary, Minera Bateas, had an agreement with Peruvian government that
stabilized its tax rate until December 31, 2017. The Company will be subject to a Peruvian income tax rate of 29.5% in 2018 and
thereafter.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">On December 27, 2017, the Argentine Congress
passed the proposed tax reform which became effective on January 1, 2018. The changes included an immediate transitional reduction
in corporate income tax rate from 35% to 30% for the two taxation years beginning on or after January 1, 2018. Effective 2020 and
thereafter, the Argentine corporate income tax rate will reduce from 30% to 25%.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Effective January 1, 2018, the British Columbia
provincial tax rate will increase from 11% to 12%, resulting in an increase in the combined Canadian Federal and Provincial statutory
tax rate of 27% starting 2018 and thereafter.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
                                         amounts recognized in profit or loss</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin: 0">Year ended December 31,</P>

</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Current tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left">Current taxes on profit for the year</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">34,940</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">29,791</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Changes in estimates related to prior years</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(77</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(728</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">34,863</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">29,063</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Deferred tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Origination and reversal of temporary differences and foreign exchange rate effects</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,194</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">594</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Changes in estimates related to prior years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">217</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Effect of changes in tax rates</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,576</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(622</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,783</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">189</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Total Tax expense</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">38,646</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">29,252</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

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<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
                                         tax balances</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">The significant components of the recognized deferred tax assets
and liabilities are:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Deferred tax assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; padding-left: 6pt">Reclamation and closure cost obligation</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">3,996</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">3,940</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 6pt">Other</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,268</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,898</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Total deferred tax assets</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10,264</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,838</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Deferred tax liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 6pt">Mineral properties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(30,413</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(14,858</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 6pt">Mining taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,376</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,336</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 6pt">Equipment and buildings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,658</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,363</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 6pt">Other</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(474</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,155</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Total deferred tax liabilities</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(38,921</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(31,712</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Net deferred tax liabilities</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(28,657</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(24,874</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Classification:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2017</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2016</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 6pt">Deferred tax assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">471</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 6pt">Deferred tax liabilities</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(28,657</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(25,345</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Net deferred tax liabilities</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(28,657</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(24,874</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">The Company's movement of net deferred tax liabilities is described below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%">At January 1</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">24,874</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">24,685</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Deferred income tax expense  through income
    statement</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,783</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">189</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double">At December 31</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">28,657</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">24,874</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unrecognized
                                         deferred tax assets and liabilities</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company recognizes tax benefits on losses
or other deductible amounts where it is more likely than not that the deferred tax asset will be realized. The Company's unrecognized
deductible temporary differences and unused tax losses for which no deferred tax asset is recognized consists of the following
amounts:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Unrecognized deductible temporary differences and unused tax losses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: left; padding-left: 6pt">Non capital losses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">73,994</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">55,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 6pt">Provisions and other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,720</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,074</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 6pt">Share issue costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,473</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">624</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 6pt">Mineral properties, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">762</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,801</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 6pt">Derivative liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">254</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 6pt">Capital losses</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">906</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">846</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Unrecognized deductible temporary differences</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">91,855</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">72,099</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">As at December 31, 2017, the Company has
temporary differences associated with investments in subsidiaries for which an income tax liability has not been recognized as
the Company can control the timing of the reversal of the temporary differences and the Company plans to reinvest in its foreign
subsidiaries. The temporary difference associated with investments in subsidiaries aggregate to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%">Mexico</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">69,044</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">66,035</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">Peru</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">98,070</TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">58,017</TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD></TR>
</TABLE>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
                                         loss carryforwards</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">Tax losses have the following expiry dates:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">Year of expiry</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 15%">Canada</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: center">2025 &ndash; 2037</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">74,300</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">55,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2018 &ndash; 2022</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Mexico</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2021 &ndash; 2025</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">332</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">450</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">Barbados</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 2.5pt double">2022 &ndash; 2024</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">266</TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">185</TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">In addition, at December 31, 2017, the Company has accumulated Canadian
resource-related expenses of $5,773 (2016 - $3,271) for which the deferred tax benefit has not been recognized.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">30.</TD><TD>Segmented Information</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">The following summary describes the operations of each reportable segment:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Bateas &ndash; operates the Caylloma silver, lead, and zinc mine</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Cuzcatlan &ndash; operates the San Jose silver-gold mine</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Lindero &ndash; development of the Lindero Gold Project</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Corporate &ndash; corporate stewardship</TD></TR></TABLE>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="text-align: center; border-bottom: Black 1pt solid">Year ended December 31, 2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Corporate</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Bateas</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Cuzcatlan</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Lindero</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%; text-align: left">Revenues from external customers</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">88,115</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">179,996</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">268,111</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Cost of sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(53,492</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(105,059</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(158,551</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Selling, general, and administration</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15,662</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,251</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,998</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,911</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Impairment reversal of mineral properties, plant, and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,119</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,119</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,626</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(116</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,699</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,441</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Finance items</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(867</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,620</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">111</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,376</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Segment profit (loss) before taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18,155</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,755</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,351</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104,951</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Income taxes</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(643</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(17,136</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(20,927</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">60</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(38,646</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Segment profit (loss) after taxes</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(18,798</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">40,619</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">44,424</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">60</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">66,305</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="text-align: center; border-bottom: Black 1pt solid">Year ended December 31, 2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Corporate</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Bateas</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Cuzcatlan</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Lindero</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%; text-align: left">Revenues from external customers</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">67,104</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">143,151</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">210,255</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Cost of sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(47,250</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(82,399</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(129,649</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Selling, general, and administration</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,684</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,616</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,817</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(31,117</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other income (expenses)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">195</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(767</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(376</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(948</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Finance items</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,847</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">718</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(302</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,431</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Segment profit (loss) before taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,336</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,189</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,257</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,110</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Income taxes</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,728</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,411</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(21,935</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(178</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(29,252</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Segment profit (loss) after taxes</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(28,064</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,778</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">33,322</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(178</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">17,858</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="text-align: center; border-bottom: Black 1pt solid">December 31, 2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Corporate</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Bateas</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Cuzcatlan</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Lindero</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%; text-align: left">Total assets</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">82,978</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">156,513</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">316,692</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">150,465</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">706,648</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">57,889</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">35,169</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">48,441</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,565</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">143,064</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Capital expenditures</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">540</TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">13,184</TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">22,577</TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">10,757</TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">47,058</TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="text-align: center; border-bottom: Black 1pt solid">December 31, 2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Corporate</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Bateas</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Cuzcatlan</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Lindero</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%; text-align: left">Total assets</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">40,351</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">105,001</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">279,316</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">138,247</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">562,915</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">57,132</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">23,622</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">57,962</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,048</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">139,764</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Capital expenditures</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">283</TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">8,996</TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">36,773</TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">2,009</TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">48,061</TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">31.</TD><TD>Fair Value Measurements</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Fair value is the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the
measurement date under current market conditions (an exit price) regardless of whether that price is directly observable or estimated
using another valuation technique.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The fair value hierarchy establishes three
levels to classify the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices (unadjusted)
in active markets for identical assets or liabilities. Level 2 inputs are quoted prices in markets that are not active, quoted
prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or
liability (interest rate, yield curves), or inputs that are derived principally from or corroborated observable market data or
other means. Level 3 inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the highest
priority to Level 1 inputs and the lowest priority to Level 3 inputs.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The following sets up the methods and assumptions
used to estimate the fair value of Level 2 and Level 3 financial instruments.</P>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; font-family: Times New Roman,serif; text-align: justify"><U>Financial asset or liability</U></TD>
    <TD STYLE="width: 3%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 65%; font-family: Times New Roman,serif; text-align: justify"><U>Methods and assumptions used to estimate fair value</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Trade receivables</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Trade receivables arising from the sales of metal concentrates are subject to provisional pricing, and the final selling price is adjusted at the end of a quotational period.&nbsp;&nbsp;We mark these to market at each reporting date based on the forward price corresponding to the expected settlement date.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Interest rate swaps, and metal contracts</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Fair value is calculated as the present value of the estimated contractual cash flows. Estimates of future cash flows are based on quoted swap rates, futures prices and interbank borrowing rates.&nbsp;&nbsp;These are discounted using a yield curve, and adjusted for credit risk of the Company or the counterparty.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">Marketable securities - warrants</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">The Company determines the value of the warrants using a Black-Scholes valuation model which uses a combination of quoted prices and market-derived inputs, such as volatility and interest rate estimates. Fair value changes on the warrants are charged to profit and loss.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">During the year ended December 31, 2017, and 2016,
there were no transfers of amounts between Level 1, Level 2, and Level 3 of the fair value hierarchy. The following tables show
the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy.
Fair value information for financial assets and financial liabilities not measured at fair value is not presented if the carrying
amount is a reasonable approximation of fair value.</P>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Carrying value</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Fair value</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">December 31, 2017</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Available<BR>
for sale</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Fair value<BR>
through<BR>
profit or loss</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Fair<BR>
Value <BR>
(hedging)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Loans and<BR>
receivables</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Other <BR>
liabilities</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Level 1</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Level 2</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Level 3</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Carrying value <BR>
approximates <BR>
Fair Value</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">Financial assets measured at Fair Value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 30%; font-size: 8pt">Marketable securities - shares</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">555</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">555</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">555</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left">Marketable securities - warrants</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left">Trade receivables concentrate sales </TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">34,250</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">34,250</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">34,250</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">Interest rate swap asset</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">140</TD><TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">140</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">140</TD><TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double"></TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">555</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">34,251</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">34,946</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">555</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">34,391</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">Financial assets not measured at Fair Value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left">Cash and cash equivalents</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">183,074</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">183,074</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">183,074</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left">Term deposits</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">29,500</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">29,500</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">29,500</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">Other receivables</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">1,251</TD><TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">1,251</TD><TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">1,251</TD><TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">213,825</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">213,965</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">213,825</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">Financial liabilities measured at Fair Value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">Metal forward sales contracts</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(2,328</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(2,328</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(2,328</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(2,328</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(2,328</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(2,328</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">Financial liabilities not measured at Fair Value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left">Trade payables</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">(13,576</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">(13,576</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">(13,576</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left">Payroll payable</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(13,894</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(13,894</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(13,894</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt">Share units payable</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(11,720</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(11,720</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(11,720</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left">Finance lease obligations</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(906</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(906</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(906</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left">Bank loan payable</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(39,871</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(39,871</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(40,000</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">Other payables</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(1,671</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(1,671</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(1,671</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(81,638</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(81,638</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(51,720</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(30,047</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">)</TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><P STYLE="margin: 0">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></P></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Carrying value</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Fair value</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">December 31, 2016</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Available<BR>
for sale</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Fair value<BR>
through<BR>
profit or loss</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Fair<BR>
Value<BR>
 (hedging)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Loans and<BR>
receivables</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Other <BR>
liabilities</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Level 1</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Level 2</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Level 3</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Carrying value<BR>
approximates<BR>
Fair Value</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">Financial assets measured at Fair Value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 30%; font-size: 8pt">Marketable securities - shares</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">1,266</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">1,266</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">1,266</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 0; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">$</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left">Marketable securities - warrants</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">313</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">313</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">313</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left">Trade receivables concentrate sales</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">23,185</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">23,185</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">23,185</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">Zinc forward contracts</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">973</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">973</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">973</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,266</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">24,471</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">25,737</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,266</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">24,471</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">Financial assets not measured at Fair Value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left">Cash and cash equivalents</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">82,484</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">82,484</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">82,484</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left">Term deposits</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">41,100</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">41,100</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">41,100</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">Other receivables</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">72</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">72</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">72</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">123,656</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">123,656</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">123,656</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">Financial liabilities measured at Fair Value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">Interest rate swap liability</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(254</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(254</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(254</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(254</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(254</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(254</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">Financial liabilities not measured at Fair Value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left">Trade payables</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">(15,251</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">(15,251</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">(15,251</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left">Payroll payable</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(10,755</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(10,755</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(10,755</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt">Share units payable</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(13,026</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(13,026</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(13,026</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left">Finance lease obligations</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(3,034</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(3,034</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(3,034</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left">Bank loan payable</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(39,768</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(39,768</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(40,000</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">232</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; border-bottom: Black 1pt solid">Other payables</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(17,605</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(17,605</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(17,605</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(99,439</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(99,439</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(53,026</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">(46,413</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">)</TD></TR>
</TABLE>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">32.</TD><TD>Management of Financial Risk</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Board of Directors has overall responsibility
for the establishment and oversight of the Company&rsquo;s risk management framework and reviews the Company&rsquo;s policies on
an ongoing basis.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company is exposed to certain financial
risks, including credit risk, liquidity risk, currency risk, metal price risk, and interest rate risk.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Credit
                                         Risk</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Credit risk is the risk of an unexpected
loss if a customer or third party to a financial instrument fails to meet its contractual obligations. All of our trade accounts
receivables from concentrate sales are held with large international metals trading companies.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company&rsquo;s cash and cash equivalents
and short term investments are held through large financial institutions. These investments mature at various dates within one
year.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company&rsquo;s maximum exposure to
credit risk as at December 31, 2017 and 2016 is as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">183,074</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">82,484</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Short term investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,100</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Marketable securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">556</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,579</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Derivative assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">973</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Accounts receivable and other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,987</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income tax receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Other non-current receivables</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,223</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">562</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">250,993</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">151,757</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The carrying amount of financial assets
recorded in the financial statements represents the Company&rsquo;s maximum exposure to credit risk. We limit our exposure to counterparty
credit risk on cash and term deposits by only dealing with financial institutions with high credit ratings and through our investment
policy of purchasing only instruments with a high credit rating. Almost all of our concentrate are sold to large well-known concentrate
buyers.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Liquidity
                                         Risk</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Liquidity risk is the risk that we will
not be able to meet our financial obligations as they come due. We manage our liquidity risk by continually monitoring forecasted
and actual cash flows. We have in place a planning and budgeting process to help determine the funds required to support our normal
operating requirements and our development plans. We aim to maintain sufficient liquidity to meet our short term business requirements,
taking into account our anticipated cash flows from operations, our holdings of cash and cash equivalents, and our committed and
anticipated liabilities.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">The following are the remaining contractual maturities of financial
liabilities at the reporting date. The tables include cash flows associated with both interest and principal payments.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Expected payments due by year as at December 31, 2017</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">Less than</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">After</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">1 year</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">1 - 3 years</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">4 - 5 years</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">5 years</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">Trade and other payables</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">41,476</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">41,476</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Bank loan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Derivative liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,328</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,328</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income tax payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,237</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,237</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Finance lease obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">906</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">906</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,356</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,356</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Operating leases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">653</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,025</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">634</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,312</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">Provisions</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,708</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,690</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,465</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,323</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,186</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">61,308</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">47,071</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,099</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,323</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">117,801</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Expected payments due by year as at December 31, 2016</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">Less than</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">After</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">1 year</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">1 - 3 years</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">4 - 5 years</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">5 years</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">Trade and other payables</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">40,160</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">40,160</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Bank loan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Derivative liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">254</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">254</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income tax payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,447</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,447</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Finance lease obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,189</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">912</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,101</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,544</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,544</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Operating leases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">431</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">873</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">Provisions</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,154</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,728</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,172</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,174</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,228</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">58,635</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">47,544</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,254</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,174</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">116,607</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">Operating leases includes leases for office premises, computer
equipment and other equipment used in the normal course of business.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Currency risk</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The functional and reporting currency for
all entities within the consolidated group is the US dollar. We are exposed to fluctuations in foreign exchange rates as a portion
of our expenses are incurred in Canadian dollars, Peruvian soles, Argentinean pesos and Mexican pesos. A significant change in
the foreign exchange rates between the United States dollar relative to the other currencies could have a material effect on the
Company&rsquo;s profit or loss, financial position, or cash flows. We have not hedged our exposure to foreign currency fluctuations.</P>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">As at December 31, 2017 and 2016, the Company was exposed to
currency risk through the following assets and liabilities denominated in foreign currencies:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">December 31, 2017</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">(thousands)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Canadian <BR>
Dollars</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Peruvian <BR>
Soles</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Mexican <BR>
Pesos</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Argentinian <BR>
Pesos</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">4,511</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">693</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">27,842</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">12,186</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Marketable securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">697</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Accounts receivable and other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">292</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,428</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income tax receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">421</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Investments in associates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade and other payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,950</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,244</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(253,702</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,814</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Provisions, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,975</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,418</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income tax payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,631</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(176,977</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,576</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,967</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">Provisions</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(26,242</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(78,567</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Total foreign currency exposure</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,341</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(49,550</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(482,771</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,405</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">US$ equivalent of foreign currency exposure</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(5,852</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(15,270</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(24,462</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">236</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">December 31, 2016</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">(thousands)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Canadian <BR>
Dollars</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Peruvian <BR>
Soles</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Mexican<BR>
 Pesos</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Argentinian <BR>
Pesos</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">9,436</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">4,098</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">7,788</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">16,502</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Marketable securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Accounts receivable and other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">343</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,810</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,369</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income tax receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">243</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Deposits on non-current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,325</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,419</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade and other payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,581</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,666</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(208,364</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,891</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Due to related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Provisions, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,765</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,169</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Income tax payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,564</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(202,804</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">509</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,679</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,220</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">Provisions</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(24,719</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(93,520</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,283</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Total foreign currency exposure</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,195</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(40,563</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(496,595</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,371</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">US$ equivalent of foreign currency exposure</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(5,359</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(12,072</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(24,032</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">904</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">Sensitivity as to change in foreign currency exchange rates on our net foreign
currency exposure as at December 31, 2017 is provided below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 96%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; border-top: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 3%; border-top: Black 1pt solid; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 3%; border-top: Black 1pt solid; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 3%; border-top: Black 1pt solid; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; font-family: Times New Roman,serif; text-align: center">Effect on foreign</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; font-family: Times New Roman,serif; text-align: center">denominated</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-left: Black 1pt solid; font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Currency</TD>
    <TD STYLE="padding-bottom: 1pt; font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Change</TD>
    <TD STYLE="font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center">items</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; font-family: Times New Roman,serif">Mexican Peso</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">+/- 10%</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">$</TD>
    <TD STYLE="border-right: Black 1pt solid; font-family: Times New Roman,serif; text-align: right; padding-right: 5pt">&nbsp;2,351</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-family: Times New Roman,serif">Peruvian Soles</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">+/- 10%</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">$</TD>
    <TD STYLE="border-right: Black 1pt solid; font-family: Times New Roman,serif; text-align: right; padding-right: 5pt">&nbsp;739</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; font-family: Times New Roman,serif">Argentinian Peso</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">+/- 10%</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">$</TD>
    <TD STYLE="border-right: Black 1pt solid; font-family: Times New Roman,serif; text-align: right; padding-right: 5pt">&nbsp;52</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman,serif">Canadian Dollar</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center">+/- 10%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center">$</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right; padding-right: 5pt">&nbsp;509</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Metal Price Risk</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">We are exposed to metal price risk with
respect to our sales of silver, gold, zinc, and lead concentrates. A 10% change in metal prices from the prices used at December
31, 2017 would result in the following change to sales and accounts receivable for sales which are still based on provisional prices
as at December 31, 2017. As a matter of policy, we do not hedge our silver production.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 96%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: black 1pt solid; font-family: Times New Roman,serif; text-align: center; width: 49%; border-top: Black 1pt solid">Metal</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center; width: 3%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center; width: 17%; border-top: Black 1pt solid">Change</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center; width: 3%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center; width: 3%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center; width: 25%; border-top: Black 1pt solid">Effect on Sales</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: black 1pt solid; font-family: Times New Roman,serif">Silver</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">+/- 10%</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">$</TD>
    <TD STYLE="border-right: black 1pt solid; font-family: Times New Roman,serif; text-align: right; padding-right: 5pt">&nbsp;6,708</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: black 1pt solid; font-family: Times New Roman,serif">Gold</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">+/- 10%</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">$</TD>
    <TD STYLE="border-right: black 1pt solid; font-family: Times New Roman,serif; text-align: right; padding-right: 5pt">&nbsp;3,483</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: black 1pt solid; font-family: Times New Roman,serif">Lead</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">+/- 10%</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">$</TD>
    <TD STYLE="border-right: black 1pt solid; font-family: Times New Roman,serif; text-align: right; padding-right: 5pt">&nbsp;279</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; font-family: Times New Roman,serif">Zinc</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center">+/- 10%</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center">$</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: right; padding-right: 5pt">&nbsp;453</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">We mitigate the price risk of our base
metal production from time to time by committing a portion of such production under forward sales and collar contracts. We
have entered into a series of lead and zinc&nbsp;forward sales and collar swaps representing approximately 50% of our
expected lead and zinc production to June 2018 (note 10(a)).</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Interest Rate Risk</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Interest rate risk is the risk that the
fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Currently,
our interest rate exposure mainly relates to interest earned on our cash, cash equivalent, and short term investment balances,
and the mark-to-market value of derivative instruments which depend on interest rates. We have entered into an interest rate swap
to mitigate the interest rate risk on our bank loan.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">33.</TD><TD>Supplemental cashflow information</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">The changes in liabilities arising from financing activities,
including both changes arising from cash flows and non-cash changes were as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Bank Loan</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Finance lease <BR>
obligation</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">Interest rate<BR>
 swaps</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%">As at January 1, 2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">39,486</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,884</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">351</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Additions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,362</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Amortization of transaction costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">282</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Principal payments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,212</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Interest accrued</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Change in fair value</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(84</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>As at January 1, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,768</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,034</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">253</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Amortization of transaction costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Principal payments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,128</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest accrued</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Change in fair value</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(368</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double">As at December 31, 2017</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">39,871</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">906</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(140</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD></TR>
</TABLE>

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


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">34.</TD><TD>Contingencies and Capital Commitments</TD></TR></TABLE>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Bank Letter of Guarantee</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Caylloma Mine closure plan was updated
in March 2017, with total undiscounted closure costs of $9,230 consisting of progressive closure activities of $3,646, final closure
activities of $4,971, and post-closure activities of $613. Pursuant to the closure regulations, the Company is required to place
the following guarantees with the government:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">2017 &ndash; $3,179</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">2018 &ndash; $4,990</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">2019 &ndash; $6,928</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company has established a bank letter
of guarantee in the amount of $4,990 (2016 &ndash; $3,179), on behalf of Bateas in favor of the Peruvian mining regulatory agency,
in compliance with local regulation and to collateralize Bateas&rsquo; mine closure plan. This bank letter of guarantee expires
on December 31, 2018.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Other Commitments</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">As at December 31, 2017, the Company had
capital commitments of $5,715 for civil work, equipment purchases and other services at the Lindero Gold Project expected to be
expended within one year.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Operating leases includes leases for office
premises, computer and other equipment used in the normal course of business.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The expected payments due by period, as
at December 31, 2017 are as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">Less than</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">1 year</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">1 - 3 years</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">4 - 5 years</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">Total</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left">Office premises</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">563</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">988</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">634</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,185</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Computer equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">126</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid">Machinery</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">Total operating leases</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">653</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,025</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">634</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,312</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Tax Contingencies</FONT></TD></TR></TABLE>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="color: rgb(0,60,255); font: italic 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Peru</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company has been assessed $1,750 by
SUNAT, the Peruvian tax authority, including interest and penalties of $573, for tax years 2010 and 2011. The Company is appealing these assessments and has provided a guarantee by way of a letter bond in the amount of $838.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">No amounts have been accrued as at December
31, 2017 or December 31, 2016 in respect of these tax assessments as the Company believes it is more likely than not that the Company&rsquo;s
appeal will be successful.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>Notes to Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">For the years ended December 31, 2017 and 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; border-bottom: Black 0.75pt solid">(Presented in thousands of US dollars
&ndash; unless otherwise noted)</P>

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

<P STYLE="color: rgb(0,60,255); font: italic 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Mexico</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">During 2015, the Company&rsquo;s foreign
trade operations for tax years 2011 to 2014 were reviewed by the Mexican Tax Administration Service (&quot;SAT&quot;) and was subject
to an administrative customs procedure (&quot;PAMA&quot;) for specific temporary import documents (pediments). On October 27, 2015,
the SAT issued an assessment regarding the Company&rsquo;s foreign trade operations for tax years 2011 to 2014, and denied certain
claims, which resulted in the following assessments totaling $198 (the &quot;tax credit&quot;):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">$30 in general import tax, $90 in VAT, and $5 custom management tax, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">associated fines of $94</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">On December 11, 2015, the Company established
a security bond in the amount of $211 in favor of PAMA to collateralize this tax credit of $198. On January 21, 2016, the Company
presented its arguments before the Mexican Federal Court for the nullification and voidance of the tax credit (the &ldquo;Company
claim&rdquo;). On August 18, 2016, the Mexican Federal Court issued a first instance resolution declaring the nullity and voidance
of the tax assessment, which the tax authority appealed.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">On April 6, 2017, the Mexican Federal Court
issued a ruling to reinstate the tax credits in dispute and ordered the tax authority to settle the tax credits. The ruling is
final and unappealable. In October 2017, the security bond was released and fully recovered.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Other Contingencies</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Company is subject to various investigations,
royalties and other claims, legal, labor, and tax proceedings covering matters that arise in the ordinary course of business activities.
Each of these matters is subject to various uncertainties, and it is possible that some of these matters may be resolved unfavorably
for the Company. Certain conditions may exist as of the date the financial statements are issued that may result in a loss to the
Company. None of these matters is expected to have a material effect on the results of operations or financial conditions of the
Company.</P>

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


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<DESCRIPTION>EXHIBIT 99.2
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<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.2</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><IMG SRC="tv488478_ex99-2img1.jpg" ALT=""></P>

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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0pt 0; text-align: center">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS</P>

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

<P STYLE="font: 14pt Times New Roman,serif; margin: 0pt 0; text-align: center">YEAR ENDED DECEMBER 31, 2017</P>

<P STYLE="font: 14pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">As of March
15, 2018</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">(Monetary amounts expressed in US dollars, unless
otherwise indicated)</P>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Table of Contents</B></FONT></TD>
    <TD STYLE="width: 5%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business of the Company</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full Year Financial and Operational Highlights</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lindero Gold Project</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greenfield Exploration</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018 Guidance and Outlook</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Results</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Results of Operations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarterly Information</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity and Capital Resources</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Accounting Standards issued but not yet effective</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Critical Accounting Estimates and Judgments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share Position and Outstanding Warrants and Options</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Controls and Procedures</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-GAAP Financial Measures</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cautionary Statement on Forward-Looking Statements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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


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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">FORTUNA SILVER MINES INC.<BR>
MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS<BR>
For the year ended December 31, 2017<BR>
<BR>
</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: left">Business of the Company</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Fortuna Silver Mines Inc. (&ldquo;Fortuna&rdquo;
or the &ldquo;Company&rdquo;) is engaged in precious and base metal mining and related activities in Latin America, including exploration,
extraction, and processing. The Company</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">operates the Caylloma silver, lead, and zinc mine (&ldquo;Caylloma&rdquo;) in southern Peru,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">operates the San Jose silver and gold mine (&ldquo;San Jose&rdquo;) in southern Mexico, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">is developing the Lindero Gold Project (&ldquo;Lindero Project&rdquo;) in northern Argentina.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Fortuna is a publicly traded company incorporated
and domiciled in British Columbia, Canada. Its common shares are listed on the New York Stock Exchange under the trading symbol
FSM, on the Toronto Stock Exchange under the trading symbol FVI, and on the Frankfurt Stock Exchange under the trading symbol F4S.F.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s registered office is located
at Suite 650, 200 Burrard Street, Vancouver, British Columbia, Canada V6C 3L6.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The consolidated financial statements include wholly-owned
subsidiaries of the Company; the most significant of which at December 31, 2017 and 2016 are presented in the following table:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Name</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Location</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Principal Activity</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: justify">Minera Bateas S.A.C. ("Bateas")</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: justify">Peru</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: center">100%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: justify">Caylloma Mine</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Compania Minera Cuzcatlan S.A. de C.V. ("Cuzcatlan")</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Mexico</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">100%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">San Jose Mine</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">Mansfield Minera S.A. ("Mansfield")</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">Argentina</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid">100%</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify; border-bottom: Black 1pt solid">Mine under construction</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">This Management&rsquo;s Discussion and Analysis
(&ldquo;MD&amp;A&rdquo;) is intended to help readers understand the significant factors that affect the performance of Fortuna
and its subsidiaries, and those that may affect future performance. This MD&amp;A has been prepared as of March 15, 2018 and should
be read in conjunction with the Company&rsquo;s audited consolidated financial statements for the years ended December 31, 2017
and 2016.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company reports its annual financial statements
in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (&ldquo;IFRS&quot;).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">In this MD&amp;A, we refer to various non-GAAP
financial measures. These measures are used by us to manage and evaluate the operating performance of our mines and their ability
to generate cash flows and are widely reported in the mining industry as benchmarks for performance. Refer to the discussion under
the heading &ldquo;Non-GAAP Financial Measures&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Additional information about the Company, including
our Annual Information Form, is available on SEDAR at www.sedar.com</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>This document contains Forward-Looking Statements.
Refer to the cautionary language under the heading &ldquo;Cautionary Statement on Forward-Looking Statements.&rdquo;</I></P>

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


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left; color: #003CFF">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: left">Full Year Financial and Operational
Highlights</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Net income for the year ended December 31, 2017
was $66.3 million or $0.42 per share, compared to net income of $17.9 million, or $0.13 per share for 2016. Adjusted net income
(refer to Non-GAAP Financial Measures) was $48.6 million compared to $18.1 million for 2016. Net cash provided from operating activities
was $70.2 million compared to $52.7 million for 2016.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Silver production approximated 8.5 million ounces
with all-in sustaining cost (&ldquo;AISC&rdquo;) (refer to Non-GAAP Financial Measures) of $6.36 per ounce, compared to approximately
7.4 million ounces and $8.38 AISC per ounce for 2016.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company commenced construction at the Lindero
Gold Project in Salta Province, Argentina in 2017. Total construction capital expenditures are expected to be $239.0 million with
commercial gold production expected in the third quarter of 2019.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal">Operating
Highlights</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom; background-color: #244062">
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif; width: 43%"><FONT STYLE="font-size: 9pt; color: white"><B>Consolidated&nbsp;Metrics</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 9%"><FONT STYLE="font-size: 9pt; color: white"><B>Q4&nbsp;2017</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 9%"><FONT STYLE="font-size: 9pt; color: white"><B>Q4&nbsp;2016</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 9%"><FONT STYLE="font-size: 9pt; color: white"><B>%&nbsp;Change</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 9%"><FONT STYLE="font-size: 9pt; color: white"><B>YTD&nbsp;2017</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 9%"><FONT STYLE="font-size: 9pt; color: white"><B>YTD&nbsp;2016</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 9%"><FONT STYLE="font-size: 9pt; color: white"><B>%&nbsp;Change</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt"><B>Key Indicators</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Silver</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; padding-left: 0.25in; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Metal produced (oz)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">2,310,176</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">2,120,098</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">9%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">8,469,594</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">7,380,217</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">15%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; padding-left: 0.25in; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Metal sold (oz)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">2,332,172</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">2,126,723</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">10%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">8,416,326</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">7,377,509</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">14%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; padding-left: 0.25in; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Realized price ($/oz)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">16.7</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;17.1</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">-2%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;17.0&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;17.2</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">-1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Gold</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; padding-left: 0.25in; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Metal produced (oz)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">15,283</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">13,812</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">11%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">56,441</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">46,551</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">21%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; padding-left: 0.25in; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Metal sold (oz)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">15,333</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">13,803</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">11%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">55,592</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">45,958</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">21%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; padding-left: 0.25in; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Realized price ($/oz)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">1,273</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">1,217</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">5%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">1,257</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">1,253</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Lead</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; padding-left: 0.25in; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Metal produced (000's lbs)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">7,846</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">7,290</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">8%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">29,878</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">32,673</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">-9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; padding-left: 0.25in; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Metal sold (000's lbs)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">8,054</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">7,361</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">9%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">29,508</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">33,187</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">-11%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Zinc</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; padding-left: 0.25in; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Metal produced (000's lbs)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">11,676</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">11,006</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">6%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">44,347</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">43,204</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; padding-left: 0.25in; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Metal sold (000's lbs)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">11,803</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">10,537</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">12%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">44,315</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">43,041</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">All-in sustaining cash cost (US$/oz Ag)*</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">5.16</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">7.33</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">-30%</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">6.36</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">8.38</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">-24%</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">*(net of by-product credits from gold, lead, and
zinc)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">*(refer to Non-GAAP Financial Measures)</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Silver and gold production for the three months
ended December 31, 2017 increased 9% and 11% to 2,310,176 ounces and 15,283 ounces, respectively, over the comparable period in
2016. The increase was a result of higher production from the strongly mineralized Trinidad North area at our San Jose Mine. Lead
and zinc production at Caylloma increased 8% and 6%, respectively, over the comparable period in 2016 as a result of higher zinc
and lead head grades.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Silver and gold production for the year ended December
31, 2017 increased 15% and 21% to 8,469,594 ounces, and 56,441 ounces respectively, over the comparable year in 2016. The increase
was a result of a full year&rsquo;s production at the San Jose Mine following completion of a 50% plant expansion at the end of
the second quarter in 2016. Zinc production increased 3% while lead production decreased 9% as a result of lower head grade. Silver
and gold production were 5% and 8% above our guidance for the 2017 year.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Consolidated all-in sustaining cash cost per payable
ounce of silver, net of by-product credits, was $6.36 per ounce or 24% below the prior year, and below our annual guidance of $9.80
per ounce for 2017. The lower cost per ounce compared to guidance was due primarily to higher by-product credits.</P>

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


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

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal">Financial
Highlights</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom; background-color: #244062">
    <TD NOWRAP STYLE="width: 33%; border-top: black 1pt solid; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt; color: white"><B>Consolidated&nbsp;Financial&nbsp;Metrics</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt; color: white"><B>Q4&nbsp;2017</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt; color: white"><B>Q4&nbsp;2016</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt; color: white"><B>%&nbsp;Change</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt; color: white"><B>YTD&nbsp;2017</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt; color: white"><B>YTD&nbsp;2016</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt; color: white"><B>%&nbsp;Change</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; border-top: black 1pt solid; border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt; color: white"><B>YTD&nbsp;2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>(Expressed
    in $ millions except per share information and all-in sustaining cash cost)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Sales</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;75.4&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;57.9&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">30%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;268.1&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;210.3&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">27%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;154.7&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Mine
    operating income</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;35.2&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;20.7&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">70%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;109.6&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;80.6&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">36%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;43.6&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Operating
    income</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;57.7&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;17.6&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">228%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;110.3&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;48.5&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">127%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;(1.7)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Net
    income</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;34.1&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;6.5&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">425%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;66.3&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;17.9&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">270%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;(10.6)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Earnings
    per share (basic)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;0.21&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">0.04</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">425%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;0.42&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">0.13</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">223%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;(0.08)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Earnings
    per share (diluted)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;0.21&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">0.04</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">425%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;0.42&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">0.13</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">223%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;(0.08)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Adjusted
    net income*</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;12.3&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;7.1&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">73%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;48.6&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;18.1&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">169%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;6.7&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Adjusted
    EBITDA*</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;34.9&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;29.4&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">19%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;122.0&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;83.1&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">47%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;50.4&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Cash
    provided by operating activities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;29.0&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;25.8&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">12%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;70.2&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;52.7&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">33%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;54.8&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Cash
    generated by operating activities before changes in working capital</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;30.4&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;20.4&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">49%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;87.9&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;70.3&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">25%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;30.6&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Capex
    (sustaining)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;8.0&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;5.3&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">51%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;28.0&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;19.8&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">41%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;43.0&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Capex
    (non-sustaining)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;3.1&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;2.0&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">54%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;11.4&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;23.0&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">-50%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;11.7&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Capex
    (Brownfield)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;2.2&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;2.2&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;10.1&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;7.9&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">27%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;4.0&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">All-in
    sustaining cash cost*</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;5.2&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;7.3&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">-30%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;6.4&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;8.4&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">-24%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;18.0&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1.5pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #244062">
    <TD NOWRAP STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt; color: white"><B>Dec&nbsp;31,&nbsp;2017</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt; color: white"><B>Dec&nbsp;31,&nbsp;2016</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt; color: white"><B>%&nbsp;Change</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt; color: white"><B>Dec&nbsp;31,&nbsp;2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Cash,
    cash equivalents, and short-term investments</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;212.6&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;123.6&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">72%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;72.2&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Total
    assets</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;706.6&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;562.9&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">26%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;379.7&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Non-current
    bank loan</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; background-color: #DCE6F1; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;39.9&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;39.8&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1.5pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;39.5&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">*(refer to Non-GAAP
Financial Measures)</FONT></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Certain figures have
been reclassified to conform to the current year&rsquo;s presentation</FONT></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Net income for the three months ended December
31, 2017 was $34.1 million or $0.21 per share compared to $6.5 million or $0.04 per share for the comparable period in 2016. Net
income in the quarter was positively impacted by an after-tax reversal of impairment of $21.9 million. Adjusted net income was
$12.3 million compared to $7.1 million for 2016.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The increase in adjusted net income during
the quarter was due primarily to higher sales and was partially offset by higher selling, general, and administrative
expenses of $6.4 million related mainly to the mark-to-market effects from share-based payments. Additional items impacting
the quarter were $1.5 million of realized losses on derivative contracts, $1.3 million in exploration and evaluation
expenses, and partially offset by foreign exchange gains of $1.3 million. A $1.2 million drilling program on the Northwest
Nevada property under option did not result in any significant mineralization and the Company terminated its option and
wrote-off the $0.2 million carrying value of the property. <FONT STYLE="background-color: white">Adjusted EBITDA (refer to
Non-GAAP Financial Measures) was $34.9 million compared to $29.4 million in the comparable period in 2016 due to increased
sales.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Net income for the year ended December
31, 2017 was $66.3 million or $0.42 per share compared to $17.9 million or $0.13 per share for the comparable year in 2016.
Net income for the year was positively impacted by a reversal of impairment of $31.1 million ($21.9 million net of tax).
Adjusted net income increased to $48.6 million from $18.1 million in 2016 as a result of higher sales. Also contributing to
higher adjusted net income was lower selling, general and administrative expenses by  $6.2 million related primarily to
mark-to-market effects from share-based payments. Adjusted net income was negatively impacted by $2.0 million in foreign
exchange losses from the strengthening of the Mexican Peso against the US dollar, and $1.6 million realized losses on
derivative contracts. Adjusted EBITDA (refer to Non-GAAP Financial Measures) was $122.0 million compared to $83.1 million in
2016.</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_004.jpg" ALT="">&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">For the year
ended December 31, 2017, net cash provided by operating activities was $70.2 million, 33% higher than the $52.7 million in 2016.
This increase was due primarily to a $38.9 million increase in adjusted EBITDA and partially offset by higher income taxes paid
of $18.7 million.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">For the three
months ended December 31, 2017, net cash provided by operating activities was $29.0 million, 12% higher than the $25.8 million
in 2016 due primarily to higher adjusted EBITDA offset by changes in working capital items.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">At December 31, 2017, the Company had cash, cash
equivalents, and short-term investments of $212.6 million (December 31, 2016 &ndash; $123.6 million), an increase of $89.0 million
since the beginning of the year. The increase was due primarily to an equity financing in the first quarter of 2017 for net proceeds
of $70.9 million and net free cash flows from operations during the period.</P>

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

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal">Corporate
Highlights</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2017 the Company:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">completed a $74.8 million equity financing, issuing 11,873,750 common shares at $6.30 per share
for net proceeds of $70.9 million;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Board of Directors approved the construction of the 100% owned Lindero Gold Project. Initial
capital of $239.0 million will be funded primarily from our cash position, the expansion of the existing loan facility by $80.0
million, and from future operating cash flows. Detailed engineering and site preparation activities have commenced, with commissioning
expected in the second quarter of 2019. In the first full year of production, Lindero is expected to increase Fortuna&rsquo;s annual
production to approximately 9 million ounces of silver and 190,000 ounces of gold, or 340,000 gold equivalent ounces (gold equivalent
ounces calculated using a gold to silver ratio of 1 to 60). (See Fortuna news release dated September 21, 2017.); and</TD></TR></TABLE>

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

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a successful drilling program at San Jose and Caylloma Mines replenished the reserves mined during
2017 and yielded a 92% increase in tonnes of inferred resources at Caylloma.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">appointed Kylie Dickson to the Board of Directors. Ms. Dickson is an executive with over 14 years
of experience in the mining industry and has worked with companies at various stages of the mining lifecycle including exploration,
mine development and operations, as well as playing a key role in multiple financings and M&amp;A transactions. Ms. Dickson is
a Canadian Chartered Professional Accountant with a BBA in Accounting from Simon Fraser University;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Gordon Jang, Canadian Chartered Professional Accountant was appointed Vice President of Finance
and Accounting on April 4, 2017.</TD></TR></TABLE>

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

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: left">Lindero  Project</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">On September 21, 2017, the Board of Directors approved
the construction of the Lindero  Project located in the Province of Salta, Argentina. The Lindero
Project was acquired in July 2016 through the acquisition of Goldrock Mines Corp, whose principle asset was the Lindero Project.
The Lindero Gold Project has an approved environmental impact study and has received all the major permits for the construction
of an 18,750 tpd open pit, heap leach gold mine.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Lindero Project is expected to contribute low
cost gold production over a 15-year mine life and has a base case IRR of 18% with a 3.6 years payback. The initial capital cost
for the construction is $239 million, including $19 million for an owner operated mining fleet and $24 million for contingencies.
Sustaining capital costs over the life of the mine are estimated at $105 million. The construction will be funded from our cash
position of $212.6 million, expansion of the existing loan facility and future operating cash flows. The Company does not envision
accessing capital markets or taking hedge positions for this project. <FONT STYLE="color: #222222; background-color: white">The
optimization work conducted over the past year has identified opportunities for improved metallurgical recovery and reduced leach
time. At the same time, technical risks have been mitigated on the process side by adding a SART plant, ore agglomeration and a
conveyor stacking system in year one. Detailed engineering and site activities are currently in process with commissioning expected
in the second quarter of 2019. </FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom; background-color: #8FAADC">
    <TD COLSPAN="3" NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="color: white">Production</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif; width: 71%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif; width: 26%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Mine life<SUP>1</SUP> (years)</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; padding-left: -0.5in; padding-right: 0.05in">15</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Annual ore placed in leach pad (Mt)</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; padding-left: -0.5in; padding-right: 0.05in">6.75</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Strip ratio (waste to ore)</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; padding-left: -0.5in; padding-right: 0.05in">1.2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Head grade (g/t)</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; padding-left: -0.5in; padding-right: 0.05in">0.62</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Recovery (%)</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; padding-left: -0.5in; padding-right: 0.05in">75</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Gold recovered to dor&eacute; (Moz)</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; padding-left: -0.5in; padding-right: 0.05in">1.3</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Average annual gold recovered to dor&eacute;<SUP>2</SUP> (koz)</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; padding-left: -0.5in; padding-right: 0.05in">96</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Peak annual gold recovered to dor&eacute; (koz)</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; padding-left: -0.5in; padding-right: 0.05in">138</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">AISC<SUP>3</SUP> ($/oz Au)</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; padding-left: -0.5in; padding-right: 0.05in">802</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Initial capital ($M)</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; padding-left: -0.5in; padding-right: 0.05in">239</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Sustaining capital ($M)</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; padding-left: -0.5in; padding-right: 0.05in">105</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom; background-color: #8FAADC">
    <TD COLSPAN="3" NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="color: white">Base Case Economics</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 71%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Gold price ($)</TD>
    <TD STYLE="width: 3%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; padding-left: -0.5in; padding-right: 0.05in; width: 26%">1,250</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Exchange rate (ARS<SUP>4</SUP>:USD)</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; padding-left: -0.5in; padding-right: 0.05in">17.8</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">After-tax NPV<SUP>5</SUP> @5% ($M)</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; padding-left: -0.5in; padding-right: 0.05in">130</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">After-tax IRR<SUP>6</SUP> (%)</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; padding-left: -0.5in; padding-right: 0.05in">18</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Payback period<SUP>7</SUP> (years)</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; padding-left: -0.5in; padding-right: 0.05in">3.6</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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

<P STYLE="font: 7.5pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Notes:</P>

<P STYLE="font: 7.5pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7.5pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: left">Includes 20 months of heap rinsing of gold inventory</TD></TR></TABLE>

<P STYLE="font: 7.5pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7.5pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: left">Average over years 1 &ndash; 13. Does not include gold from heap rinsing.</TD></TR></TABLE>

<P STYLE="font: 7.5pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7.5pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: left">All-In Sustaining Cash Cost</TD></TR></TABLE>

<P STYLE="font: 7.5pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7.5pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: left">Argentine Peso</TD></TR></TABLE>

<P STYLE="font: 7.5pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7.5pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">Net Present Value; considers initial capital in one single annual period; excludes High-Pressure-Grinding-Roller
(HPGR) acquired upon the acquisition of Goldrock Mines Corp.</TD></TR></TABLE>

<P STYLE="font: 7.5pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7.5pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify">6.</TD><TD STYLE="text-align: justify">Considers initial capital in one single annual period; excludes High-Pressure-Grinding-Roller (HPGR)
acquired upon the acquisition of Goldrock Mines Corp.</TD></TR></TABLE>

<P STYLE="font: 7.5pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7.5pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: left">Payback based on undiscounted cash flow</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom; background-color: #8FAADC">
    <TD NOWRAP STYLE="border: black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 25%"><FONT STYLE="color: #F2F2F2">Gold Price</FONT><BR>
<FONT STYLE="color: #F2F2F2">($/oz)</FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 25%"><FONT STYLE="color: #F2F2F2">NPV @ 5% </FONT><BR>
<FONT STYLE="color: #F2F2F2">($ M)</FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 25%"><FONT STYLE="color: #F2F2F2">IRR </FONT><BR>
<FONT STYLE="color: #F2F2F2">(%)</FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 25%"><FONT STYLE="color: #F2F2F2">Payback Period </FONT><BR>
<FONT STYLE="color: #F2F2F2">(Years)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; font-family: Times New Roman,serif">1,150</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">68</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">12</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">4.7</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; font-family: Times New Roman,serif">1,250</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">130</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">18</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">3.6</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; font-family: Times New Roman,serif">1,350</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">192</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">23</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">3.1</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; font-family: Times New Roman,serif">1,450</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">253</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">28</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">2.4</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: left">Mineral Reserves and Resources</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white; color: #222222">Mineral
Reserves and Resources for the Lindero Project are reported as of September 9, 2017 based on 132 diamond drill holes totaling 37,897
meters and the addition of 12 new holes drilled by Fortuna in 2016 totaling 4,462 meters. The estimates incorporate a revised geological
interpretation and updated metallurgical recoveries, metal prices and estimated operating costs.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white; color: #222222">Mineral
Resource estimation involved the usage of drill hole samples in conjunction with surface mapping to construct three-dimensional
wireframes defining lithologic, alteration, and grade domains. Samples were selected inside these wireframes, coded, composited
and top cut. Boundaries were treated as hard, firm or soft based on statistical and geostatistical analysis. Gold and copper grades
were estimated by ordinary kriging into a geological block model consisting of 10 m x 10 m x 4 m selective mining units representing
each domain. Estimated grades were validated globally, locally, and visually prior to classification and are reported above a 0.20
g/t Au cut-off grade within a conceptual pit shell.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white; color: #222222">Mineral
Reserve estimates have considered only Measured and Indicated Mineral Resources as only these categories have sufficient geological
confidence to be considered Mineral Reserves. Subject to the application of certain modifying factors, Measured Resources may become
Proven Reserves and Indicated Resources may become Probable Reserves.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom; background-color: #8FAADC">
    <TD COLSPAN="2" NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="color: white">Mineral Reserves - Proven and Probable</FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="color: white">Contained Metal</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #8FAADC">
    <TD NOWRAP STYLE="border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 30%"><FONT STYLE="color: white">Property</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 18%"><FONT STYLE="color: white">Classification</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 12%"><FONT STYLE="color: white">Tonnes</FONT><BR>
<FONT STYLE="color: white">(000)</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 12%"><FONT STYLE="color: white">Au </FONT><BR>
<FONT STYLE="color: white">(g/t)</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 12%"><FONT STYLE="color: white">Cu </FONT><BR>
<FONT STYLE="color: white">(%)</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 16%"><FONT STYLE="color: white">Au </FONT><BR>
<FONT STYLE="color: white">(koz)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Proven</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">26,009</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">0.74</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">0.11</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">618</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><B>Lindero, Argentina</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Probable</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">62,263</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">0.57</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">0.11</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">1,134</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><B>Proven + Probable</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><B>88,272</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><B>0.62</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><B>0.11</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><B>1,749</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom; background-color: #8FAADC">
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif; width: 30%"><FONT STYLE="color: white">Mineral Resources</FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif; width: 18%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif; width: 12%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif; width: 12%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif; width: 12%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 16%"><FONT STYLE="color: white">Contained Metal</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #8FAADC">
    <TD NOWRAP STYLE="border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="color: white">Property</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="color: white">Classification</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="color: white">Tonnes </FONT><BR>
<FONT STYLE="color: white">(000)</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="color: white">Au </FONT><BR>
<FONT STYLE="color: white">(g/t)</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="color: white">Cu </FONT><BR>
<FONT STYLE="color: white">(%)</FONT></TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="color: white">Au </FONT><BR>
<FONT STYLE="color: white">(koz)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Measured</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">610</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">0.24</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">0.06</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">5</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Indicated</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">11,897</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">0.24</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">0.07</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">92</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><B>Lindero, Argentina</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><B>Measured + Indicated</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><B>12,507</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><B>0.24</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><B>0.07</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><B>97</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><B>Inferred</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><B>5,700</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><B>0.36</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><B>0.10</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><B>65</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>


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

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><SUP>1.</SUP></TD><TD STYLE="text-align: justify"><SUP>Mineral Reserves
                                         and Resources are as defined by CIM Definition Standards on Mineral Resources and Mineral
                                         Reserves</SUP></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><SUP>2.</SUP></TD><TD STYLE="text-align: justify"><SUP>Mineral Resources
                                         are exclusive of Mineral Reserves</SUP></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><SUP>3.</SUP></TD><TD STYLE="text-align: justify"><SUP>Mineral Resources
                                         that are not Mineral Reserves do not have demonstrated economic viability</SUP></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><SUP>4.</SUP></TD><TD STYLE="text-align: justify"><SUP>There are no known
                                         legal, political, environmental, or other risks that could materially affect potential
                                         development of the Mineral Resources or Mineral Reserves at Lindero</SUP></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><SUP>5.</SUP></TD><TD STYLE="text-align: justify"><SUP>Mineral Resources
                                         and Mineral Reserves for Lindero are reported as of September 9, 2017</SUP></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><SUP>6.</SUP></TD><TD STYLE="text-align: justify"><SUP>Mineral Reserves
                                         for Lindero are reported based on open pit mining within designed pit shells based on
                                         variable gold cut-off grades and gold recoveries by metallurgical type. Met type 1 cut-off
                                         0.27 g/t Au, recovery 75.4%; Met type 2 cut-off 0.26 g/t Au, recovery 78.2%; Met type
                                         3 cut-off 0.26 g/t Au, recovery 78.5%; and Met type 4 cut-off 0.30 g/t Au, recovery 68.5%.
                                         The cut-off grade and pit designs are considered appropriate for long term gold prices
                                         of $1,250/oz.</SUP></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><SUP>7.</SUP></TD><TD STYLE="text-align: justify"><SUP>Lindero Mineral
                                         Resources are reported within a conceptual pit shell above a 0.2 g/t Au cut-off grade
                                         using a long-term price of $1,250/oz. mining costs at $1.67 per tonne of material, with
                                         total processing and process G&amp;A costs of $7.84 per tonne of ore and an average process
                                         recovery of 75%. The refinery costs, net of pay factor, were estimated to be $6.90 per
                                         ounce of gold. Slope angles are based on 3 sectors (39&deg;, 42&deg; and 47&deg;) consistent
                                         with geotechnical consultant recommendations</SUP></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><SUP>8.</SUP></TD><TD STYLE="text-align: justify"><SUP>Eric Chapman,
                                         P. Geo. (APEGBC #36328) is the Qualified Person for resources and Edwin Gutierrez (SME
                                         Registered Member #411910RM) is the Qualified Person for reserves, both being employees
                                         of Fortuna Silver Mines Inc.</SUP></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><SUP>9.</SUP></TD><TD STYLE="text-align: justify"><SUP>Totals may not
                                         add due to rounding procedures</SUP></TD></TR></TABLE>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: left">Greenfield Exploration</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I><U>Mexico</U></I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">In May 2017, the Company entered into an equity
investment agreement with Prospero Silver Corp whereby the Company can earn a 70% interest in certain selected properties by spending
$8.0 million over six years and completing a Preliminary Economic Analysis of the selected properties as described below.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Matorral Project</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Three drill holes (1,371 meters) were completed
on three different targets in August testing for potential epithermal precious metal mineralization beneath extensive surface outcrops
of jasperoid. Sporadic anomalous silver from trace up to 32 ppm was intersected and the project is on hold until completion of
the entire drill program (see Prospero Silver news release dated August 24, 2017).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Petate Project</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Eleven drill holes (1,502 meters) were completed
on four different targets through December 2017 testing for potential epithermal precious metal mineralization beneath surface
outcrops of jasperoid and zones of extensive alteration typical of that associated with historic precious metal mines in Mexico.
The project is the most advanced in the Prospero Silver portfolio with high level epithermal alteration exposed over a 5-kilometer
by 4-kilometer area with highly anomalous gold and silver mineralization hosted in extensive outcrops and float of strata-bound
jasperoid. Surface sampling by Prospero at the Apartadero target at Petate returned a best continuous channel sample of 67.5m at
0.93 g/t Au (see Prospero Silver news release dated August 24, 2017).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Seven of the eleven drill holes intersected
gold-silver mineralization with the best intervals in the Apartadero SE target (16 meters at 0.75g/t Au, including 3.0 meters
at 1.2g/t Au and 1.6 meters at 1.6g/t Au) and the Tajo target (3.7 meters at 1.9g/t Au and 72g/t Ag, including 0.8 meters at
1.2g/t AU and 271g/t Ag)</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Pachuca SE Project</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Drilling was initiated in January 2018 with approximately
1,850 meters of diamond drilling planned on three different epithermal, precious metal targets.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Bermudez Project</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Drilling will follow in order after completion
of the drilling at Pachuca SE.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I><U>Serbia</U></I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">In June 2016, the Company entered into an equity
investment agreement with Medgold Resources Corp. whereby the Company can earn a 70% interest in the Tiamino Project, and the Barje
and Karamanica prospects by spending $8.0 million over six years and completing a Preliminary Economic Analysis on these prospects.
These prospects are located in Southern Serbia. Diamond drilling of the Barje prospect is planned for April-May 2018, pending receipt
of final drill permits (approximately 1,200 meters in 11 holes). (See Medgold Resources news releases for exploration update.)</P>

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


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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I><U>Argentina</U></I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">In December 2017, the Company signed two
separate option agreements with local Argentine claim holders for the Nueva Esperanza and Incachule epithermal, precious
metal properties. Each agreement allows for the Company to earn a 100% undivided interest in the respective properties
through annual, escalating cash payments and a first-year work commitment. The contract for the Nueva Esperanza property
calls for, cash payments of $3.0 million over five years, while the contract for the Incachule property calls for, cash
payments of $2.0 million over four years, both contracts have a work commitment of $0.5 million in year one, and a first year
payment of $0.05 million. The owners of the properties will each carry a minimal NSR.</P>

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

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 14pt">2018
Guidance and Outlook</FONT></P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">2018 Production Guidance</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 40%; border-top: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><B>Silver </B></TD>
    <TD NOWRAP STYLE="width: 10%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><B>Gold </B></TD>
    <TD NOWRAP STYLE="width: 10%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><B>Lead</B></TD>
    <TD NOWRAP STYLE="width: 10%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><B>Zinc</B></TD>
    <TD NOWRAP STYLE="width: 10%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><B>Cash Cost**</B></TD>
    <TD NOWRAP STYLE="width: 10%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><B>AISCC **</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1.5pt solid; text-align: justify; font-family: Times New Roman,serif"><B>Mine</B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><B>(Moz)</B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><B>(koz)</B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><B>(Mlbs)</B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><B>(Mlbs)</B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><B>($/t)</B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><B>($/ oz Ag)</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">San Jose, Mexico</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;7.5</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;48.3</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">NA</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">NA</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;61.2</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;6.6</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: justify; font-family: Times New Roman,serif">Caylloma, Peru</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;0.8</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;25.8</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;44.8</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;81.3</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;(5.2)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: justify; font-family: Times New Roman,serif"><B>Total</B></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><B>&nbsp;8.3</B></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><B>&nbsp;48.3</B></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><B>&nbsp;25.8</B></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif"><B>&nbsp;44.8</B></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;-</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0; text-align: justify">** Non-GAAP Financial
Measures</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Cambria,serif">-</FONT></TD><TD STYLE="text-align: justify">2018 silver equivalent production guidance of 11.4
million ounces</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Cambria,serif">-</FONT></TD><TD STYLE="text-align: justify">Silver equivalent production does not include lead
or zinc and is calculated using a silver to gold ratio of 65 to 1</TD>
</TR></TABLE>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">2018 All-In-Sustaining Cash Cost Per
Silver Ounce Guidance</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 64%; border-top: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">$/oz Ag</TD>
    <TD NOWRAP STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">San Jose</TD>
    <TD NOWRAP STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">Caylloma</TD>
    <TD NOWRAP STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">Consolidated</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Cash cost, net of by-product credits</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.4</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;(40.3)</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;(2.7)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Adjustments:</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Commercial and government royalties and mining tax</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.2</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;4.1</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;1.5</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Worker's participation</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.9</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;2.4</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;1.1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Selling, general and administrative expenses (operations)</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;0.7</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;4.7</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;1.1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;4.2</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;(29.1)</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;1.0</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Selling, general and administrative expenses (corporate)</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;1.4</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Sustaining capital expenditures</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.2</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;21.1</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;3.1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Brownfield exploration expenditures</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;1.2</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;2.8</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;1.3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">All-in-sustaining cash cost per payable ounce of silver</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;6.6</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;(5.2)</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1.5pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;6.8</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">2018 Capital Expenditure and Exploration
Guidance</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 52%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">in millions of US dollars</TD>
    <TD NOWRAP STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">San Jose</TD>
    <TD NOWRAP STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Caylloma</TD>
    <TD NOWRAP STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Lindero</TD>
    <TD NOWRAP STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Equipment and infrastructure</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;4.1</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;4.3</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;8.4</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Mine development</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;3.5</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;6.4</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;9.9</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Tailings dam expansion</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;5.7</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;5.7</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Brownfield exploration</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;8.4</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;2.2</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;10.6</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Other sustaining capex</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.9</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;0.9</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Non-sustaining capex</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;2.7</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;2.7</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Initial capital construction costs 2018 portion</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;201.0</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;201.0</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Total</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;16.9</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;21.3</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;201.0</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;239.2</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">For 2018, capital expenditures at the Lindero Gold
Project, Argentina are estimated at $201.0 million, representing 84% of the construction budget.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Subsequent to December 31, 2017, the Company has
expanded its existing loan facility by $80.0 million to ensure the Company has sufficient liquidity to fund the construction of
the Lindero Gold Project.</P>

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

<P STYLE="color: #003CFF; font: 14pt Times New Roman,serif; margin: 0pt 0; text-align: left">Financial Results</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Sales</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">QUARTERLY RESULTS</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">YEAR TO DATE RESULTS</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif">Three months ended December 31,</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif">Year ended December 31,</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; width: 34%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 10%">2017</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 10%">&nbsp;2016</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 10%">% Change</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 10%">2017</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 10%">&nbsp;2016</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif; width: 10%">% Change</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Provisional sales ($ million)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">74.9</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">60.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">24%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">267.9</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">209.1</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">28%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Caylloma</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">25.2</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">18.2</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">38%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">87.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">65.8</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">33%</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">San Jose</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">49.7</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">42.3</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">17%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">180.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">143.3</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">26%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Adjustments ($ million) *</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">0.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;(2.6)</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif">119%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">0.2</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">1.2</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif">-83%</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Sales ($ million)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">75.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">57.9</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">30%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">268.1</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">210.3</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">27%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Silver</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Provisional sales ($ million)</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">36.2</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">32.8</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">10%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">133.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">114.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">17%</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Metal produced (oz)</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">2,310,176</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">2,120,098</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">9%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">8,469,594</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">7,380,217</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">15%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Provisional Sales (oz)</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">2,332,172</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">2,126,723</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">10%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">8,416,326</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">7,377,509</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">14%</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Realized Price ($/oz)**</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">16.69</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">17.10</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">-2%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">17.04</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">17.23</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">-1%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Net Realized Price ($/oz)***</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">15.52</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">15.42</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">1%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">15.85</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">15.51</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">2%</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Gold</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Provisional sales ($ million)</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">17.2</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">13.9</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">24%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">61.3</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">47.6</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">29%</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Metal produced (oz)</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">15,283</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">13,812</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">11%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">56,441</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">46,551</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">21%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Provisional Sales (oz)</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">15,333</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">13,803</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">11%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">55,592</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">45,958</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">21%</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Realized Price ($/oz)**</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,273</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,217</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">5%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,257</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,253</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">0%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Net Realized Price ($/oz)***</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,122</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,004</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">12%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,103</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,035</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">7%</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Lead</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Provisional sales ($ million)</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">8.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">5.7</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">49%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">27.9</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">21.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">30%</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Metal produced (000's lbs)</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">7,846</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">7,290</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">8%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">29,878</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">32,673</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">-9%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Provisional Sales (000's lbs)</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">8,054</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">7,361</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">9%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">29,508</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">33,187</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">-11%</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Realized Price ($/lb)**</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1.13</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">0.97</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">16%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1.05</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">0.84</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">25%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Net Realized Price ($/lb)***</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1.06</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">0.77</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">37%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">0.95</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">0.64</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">47%</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Zinc</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Provisional sales ($ million)</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">13.0</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">8.1</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">60%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">45.3</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">25.8</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">76%</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Metal produced (000's lbs)</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">11,676</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">11,006</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">6%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">44,347</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">43,204</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">3%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Provisional Sales (000's lbs)</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">11,803</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">10,537</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">12%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">44,315</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">43,041</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">3%</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Realized Price ($/lb)**</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1.47</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1.15</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">28%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1.32</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">0.95</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">39%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">Net Realized Price ($/lb)***</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">1.10</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">0.77</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">43%</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">1.02</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">0.60</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">71%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">* Adjustments consists of mark to market, final price
adjustments, and final assay adjustments</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">** Based on provisional sales before final price adjustments</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">*** Net after payable metal deductions, treatment,
and refining charges</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Treatment charges are allocated to base
metals at Caylloma and to gold at San Jose&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Sales</B> for the fourth quarter ended December
31, 2017 were $75.4 million, a 30% increase over the comparable period in 2016 which was due mainly to increases in silver and
gold sales volume, combined with increases in realized prices for zinc and lead as well as improved treatment and refining charges
across all of our concentrate products. Sales at Caylloma were 41% higher than the comparable quarter in 2016 due to a 16%, and
28% increase in realized prices for lead and zinc, and a 12% increase in zinc sales volume. Sales at San Jose were 26% higher
than the comparable quarter in 2016 due to a 14% and 12% increase in silver and gold sales volume, a 5% increase in realized price
for gold and partially offset by 2% decrease in realized price for silver.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="11" NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif">SALES AND REALIZED PRICES</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="11" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Three months ended December 31,</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">2017</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;2016</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 34%; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">Caylloma</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">San Jose</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">Consolidated</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">Caylloma</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">San Jose</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">Consolidated</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Provisional Sales ($ million)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;25.2</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;49.7</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;74.9</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;18.2</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;42.3</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;60.5</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">Adjustments ($ million) *</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;0.1</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;0.4</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;0.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;(0.2)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;(2.4)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;(2.6)</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">Sales ($ million)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;25.3</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;50.1</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;75.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;18.0</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;39.8</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;57.9</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Silver</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Provisional Sales (oz)</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">243,051</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">2,089,121</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">2,332,172</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">294,425</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,832,298</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">2,126,723</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Realized Price ($/oz)**</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;16.70</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;16.69</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;16.69</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;17.11</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;17.10</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;17.10</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Net Realized Price ($/oz)***</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;15.05</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;15.58</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;15.52</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;14.93</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;15.50</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;15.42</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Gold</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Provisional Sales (oz)</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;15,333</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;15,333</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">57</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">13,746</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">13,803</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Realized Price ($/oz)**</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,273</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,273</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,277</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,216</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,217</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Net Realized Price ($/oz)***</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,122</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,122</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">38</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,008</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,004</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Lead</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Provisional Sales (000's lbs)</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">8,054</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">8,054</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">7,361</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">7,361</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Realized Price ($/lb)**</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.13</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.13</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.97</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.97</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Net Realized Price ($/lb)***</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.06</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.06</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.77</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.77</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Zinc</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Provisional Sales (000's lbs)</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">11,803</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">11,803</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">10,537</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">10,537</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Realized Price ($/lb)**</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.47</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.47</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.15</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.15</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">Net Realized Price ($/lb)***</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;1.10</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;1.10</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;0.77</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;0.77</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">* Adjustments consists of mark to market, final price
adjustments, and final assay adjustments</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">** Based on provisional sales before final price adjustments</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">*** Net after payable metal deductions, treatment,
and refining charges</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Treatment charges are allocated to base
metals at Caylloma and to gold at San Jose</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Sales </B>for the year ended December 31, 2017
were $268.1 million or 27% higher than in 2016. The increase was due primarily to the San Jose Mine operating at full production
for 2017 compared to in 2016 when the San Jose Mine was operating at full production for the second half of 2016 after the completion
of the 50% plant expansion to 3,000 tpd at the end of the second quarter in 2016. Sales also increased as a result of an increase
in realized prices for lead and zinc of 25% and 39%  respectively, during the year.</P>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="11" NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif">SALES AND REALIZED PRICES</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="11" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Year ended December 31,</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">2017</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;2016</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 34%; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">Caylloma</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">San Jose</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">Consolidated</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">Caylloma</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">San Jose</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">Consolidated</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Provisional Sales ($ million)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;87.4</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;180.5</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;267.9</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;65.8</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;143.3</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;209.1</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">Adjustments ($ million) *</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;0.7</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;(0.5)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;0.2</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;1.3</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;(0.1)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;1.2</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">Sales ($ million)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;88.1</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;180.0</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;268.1</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;67.1</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;143.2</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;210.3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Silver</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Provisional Sales (oz)</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">934,710</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">7,481,616</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">8,416,326</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,274,842</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">6,102,667</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">7,377,509</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Realized Price ($/oz)**</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;17.06</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;17.03</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;17.04</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;16.96</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;17.29</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;17.23</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Net Realized Price ($/oz)***</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;15.17</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;15.93</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;15.85</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;14.67</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;15.69</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;15.51</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Gold</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Provisional Sales (oz)</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">180</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">55,412</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">55,592</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">57</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">45,901</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">45,958</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Realized Price ($/oz)**</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,271</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,257</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,257</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,277</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,253</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,253</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Net Realized Price ($/oz)***</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">242</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,106</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,103</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">38</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,036</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,035</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Lead</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Provisional Sales (000's lbs)</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">29,508</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">29,508</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">33,187</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">33,187</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Realized Price ($/lb)**</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.05</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.05</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.84</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.84</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Net Realized Price ($/lb)***</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.95</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.95</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.64</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.64</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Zinc</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Provisional Sales (000's lbs)</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">44,315</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">44,315</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">43,041</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">43,041</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Realized Price ($/lb)**</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.32</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.32</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.95</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.95</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">Net Realized Price ($/lb)***</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;1.02</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;1.02</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;0.60</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;0.60</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0; text-align: justify">* Adjustments
consists of mark to market, final price adjustments, and final assay adjustments</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">** Based on provisional sales before final price adjustments</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">*** Net after payable metal deductions, treatment,
and refining charges</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Treatment charges are allocated to base
metals at Caylloma and to gold at San Jose</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Operating income (loss)
and Adjusted EBITDA</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="8" NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Three months ended December 31,</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="8" NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Year ended December 31,</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 32%; border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif">(Expressed in $ millions)</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif">2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">%*</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;2016</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">%*</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif">2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">%*</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;2016</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">%*</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Operating income (loss)</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">Caylloma (see below)<SUP>1</SUP></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">&nbsp;41.4</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">164%</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;4.5</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">25%</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;62.4</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">71%</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;16.5</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">25%</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">San Jose</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">&nbsp;23.3</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">47%</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;13.7</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">34%</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;65.2</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">36%</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;55.6</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">39%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">Corporate</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;(7.0)</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;(0.6)</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;(17.3)</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;(23.6)</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Total</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;57.7</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">77%</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;17.6</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">30%</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;110.3</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">41%</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;48.5</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">23%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Adjusted EBITDA**</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">Caylloma</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">&nbsp;10.8</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">43%</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;7.4</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">41%</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;39.0</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">44%</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;25.2</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">38%</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">San Jose</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">&nbsp;31.0</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">62%</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;22.5</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">57%</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;99.9</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">56%</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;81.1</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">57%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">Corporate</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;(6.9)</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;(0.5)</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;(16.9)</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;(23.2)</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Total</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;34.9</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">46%</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;29.4</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">51%</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;122.0</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">46%</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;83.1</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">39%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left"><I>Note: figures may not add due to rounding</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left"><I>* as a percentage of Sales</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left"><I>** refer to Non-GAAP financial measures</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><SUP>1 </SUP>excluding the pre-tax $31.1 million reversal
of impairment, operating income would have been $10.3 million with an operating margin of 41% for the fourth quarter of 2017 and
$31.3 million with an operating margin of 35% for the year 2017.</P>

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


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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Operating Income</B> for the three months ended
December 31, 2017 was $57.7 million or $40.1 million higher than the comparable quarter in 2016. Operating income in the quarter
was positively impacted by a $31.1 million reversal of impairment at the Caylloma Mine. Excluding the reversal of impairment, operating
income increased $9.0 million as a result of higher sales volume of silver and gold of 10% and 11% respectively, higher zinc and
lead prices, and reduced treatment and refining charges. The following items, in order of magnitude, had a negative impact on operating
income in the quarter: a $6.4 million increase in selling, general, and administrative expenses relating to higher share-based
payments over the same period in 2016 due to mark-to-market effects on liability-classified awards, higher unit cash costs of 5%
and 15% at San Jose and Caylloma, respectively, and increased exploration and evaluation costs,</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Operating Income </B>for the year ended
December 31, 2017 was $110.3 million compared to $48.5 million in 2016. Operating income in the year was positively impacted
by a $31.1 million reversal of impairment at the Caylloma Mine. Excluding the reversal of impairment, operating income
increased $30.7 million due to a 14% and 21% increase in silver and gold sales volume, higher zinc and lead prices, and
reduced treatment and refining charges. Also contributing to higher operating income was a $6.2 million decrease in selling,
general, and administrative expenses relating to lower share-based payments. The following items, in order of magnitude, had
a negative impact on operating income in the quarter: higher unit cash costs of 5% and 10% at San Jose and Caylloma
respectively, a foreign exchange loss of $2.0 million and higher exploration and evaluation costs of $1.5 million. The San
Jose Mine was operating at capacity for the full year in 2017 compared to 2016 when it was operating at full capacity for the
second half of 2016, after the completion of the 3,000 tpd plant expansion.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Adjusted EBITDA</B> for the three months ended
December 31, 2017 was $34.9 million compared to $29.4 million for the comparable period in 2016. Excluding the following non-cash
items relating to the reversal of impairment at Caylloma, the write downs of obsolete inventories, and unrealized losses on commodity
derivative contracts, the same items affecting operating income also affected adjusted EBITDA. Adjusted EBITDA at Caylloma increased
46% to $10.8 million driven by increases in zinc and lead metal prices of 28% and 16% respectively, as well as reduced treatment
and refining charges over the comparative period in 2016. This was partially offset by higher unit cash cost and a $1.5 million
realized loss on commodity derivative contracts. Adjusted EBITDA at San Jose increased 38% to $31.0 million driven mostly by higher
silver and gold sales volume of 14% and 12%, respectively, as well as reduced treatment and refining charges.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Adjusted EBITDA</B> for the year ended December
31, 2017 was $122.0 million compared to $83.1 million in 2016. At the San Jose Mine, adjusted EBITDA increased 23% to $99.9 million
over 2016 as San Jose operated at full capacity compared to 2016 when the San Jose Mine operated at full capacity starting in the
second half of 2016. Adjusted EBITDA at Caylloma increased 55% to $39.0 million driven by a $26.0 million increase in lead and
zinc sales to $73.2 million, higher realized prices for lead (25%) and zinc (39%), as well as reduced treatment and refining charges
over the comparative period in 2016. This increase was partially offset by higher unit cash costs and $3.3 million of unrealized
loss on commodity derivative contracts.</P>

<P STYLE="color: #003CFF; font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Selling, General, and Administration</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Three months ended December 31,</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Year ended December 31,</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 29%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">$ millions</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;2016</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">% Change</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;2016</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">% Change</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">Operating mines SG&amp;A</TD>
    <TD STYLE="padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;2.2</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.2</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Cambria,serif">83%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;7.5</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;6.1</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Cambria,serif">23%</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">Corporate SG&amp;A</TD>
    <TD STYLE="padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;2.6</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;2.6</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Cambria,serif">0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;11.8</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;9.5</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Cambria,serif">24%</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">Share-based payments</TD>
    <TD STYLE="padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;3.0</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;(2.2)</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Cambria,serif">236%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;3.8</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;14.1</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Cambria,serif">-73%</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">Workers' participation</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;0.6</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;0.4</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Cambria,serif">50%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;1.8</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;1.4</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Cambria,serif">29%</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">Total</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;8.4</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;2.0</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Cambria,serif">320%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;24.9</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;31.1</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Cambria,serif">-20%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Selling, general and administrative (&ldquo;SG&amp;A&rdquo;)
expenses </B>for the three months ended December 31, 2017 increased 320% to $8.4 million compared to $2.0 million for the comparable
period in 2016. The increase was due primarily to higher share-based payments and increased operating mine SG&amp;A costs. The
Company&rsquo;s share price increased 17% in the fourth quarter of 2017 which increased share-based payment expense compared to
2016 when the share price declined 20% and resulted in a   share-based payment recovery.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2017, selling,
general and administrative expenses decreased 20% to $24.9 million compared to $31.1 million in 2016. The decrease was due primarily
to the lower mark-to-market effects on cash settled share-based payments compared to 2016 when the share priced increased 59%,
year-over-year, resulting in share-based payment expense of $14.1 million. SG&amp;A at our operating mines increased by $1.4 million
and SG&amp;A at Corporate increased by $2.3 million which includes $2.1 million of non-recurring expenses related to legal and
accounting fees to address the Securities and Exchange Commission enquiries on the use of inferred resources in the determination
of the Caylloma Mine and San Jose Mine life of mine plans and internal control remediation efforts.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Exploration and evaluation spending </B>for
the three months ended December 31, 2017 was $1.3 million compared to $nil for the comparable period in 2016. A $1.3 million drilling
program on the Northwest Nevada property under option did not result in any significant mineralization and the Company terminated
its option and wrote-off the cost of the drilling program  against exploration and evaluation expenses.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2017, exploration
and evaluation spending increased $1.3 million to $1.5 million compared to $0.2 million in 2016 for the reasons described above.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Foreign exchange gain </B>for the three months
ended December 31, 2017 was $1.3 million compared to $0.3 million gain for the comparative period in 2016. Approximately $1.1 million
of the foreign exchange gain was due to an 8.6% decline in the Mexican Peso against the US dollar which impacted our Mexican Peso
denominated working capital accounts.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2017 the foreign
exchange loss totaled $2.0 million compared to a $0.6 million foreign exchange gain in 2016. The loss was due almost entirely to
movements in the Mexican Peso against the US dollar whereby the Peso increased 15% during the first half of 2017 and decreased
10% in the second half of 2017 for a net 5% increase for the year.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Reversal of impairment</B> of $31.1 million
(after-tax - $21.9 million) was recognized during the three and twelve months ended December 31, 2017 at the Caylloma Mine. The
reversal was the result of increases in metal prices, as well as a successful infill drilling program at the Caylloma Mine which
yielded a 92% increase in inferred resources, which resulted in the extension of the estimated mine life by an additional 2.5 years.</P>

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

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Other Expenses</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif">Three months ended</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif">Year ended</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">December 31,</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">December 31,</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 52%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"></TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;2016</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;2016</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Loss on disposal of property, plant, and equipment</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.3</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.5</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Write off of inventories</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.4</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.3</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.0</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.3</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Write off of mineral properties</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.1</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.1</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.2</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.1</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Other income</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;(0.7)</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;(1.0)</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;0.1</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;1.4</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;1.7</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;1.4</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Other expenses</B> for the three
months ended December 31, 2017 were $0.1 million compared to $1.4 million for the comparable quarter in 2016. This is
comprised of other operating income of $0.7 million (Q4 2016 - $nil) offset by the write off of inventories of $0.4 million
(Q4 2016 - $0.3 million), loss on disposal of property, plant, and equipment $0.3 million Q4 2016 - $nil) and write off of
mineral properties $0.1 million (Q4 2016 - $1.1 million).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Other expenses</B> for the year
ended December 31, 2017 were $1.7 million compared to $1.4 million in 2016 This is comprised of a loss on disposal of
property, plant, and equipment of $1.5 million (2016 - $nil), write off of inventories and mineral property of $1.0 million
(2016 - $0.3 million) and $0.2 million (2016 - $1.1 million), respectively and offset by other operating income of $1.0
million (2016 - $nil).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Income tax expense</B> for the
three months ended December 31, 2017 was $22.8 million compared to $11.1 million for the comparable quarter in 2016 and is
comprised of an $11.4 million current income tax expense (Q4 2016 - $11.3 million) and an $11.4 million deferred income tax
expense (Q4 2016 -  $0.2 million deferred income tax recovery). The effective tax rate (&ldquo;ETR&rdquo;) for the fourth
quarter of 2017 was 40.0% compared to 62.9% for the comparable quarter in 2016. The lower effective tax rate was due
primarily to benefits of an unusually high inflation rate in Mexico (1.6% decrease to San Jose&rsquo;s ETR), and lower
interest withholding tax in the fourth quarter as compared to Q4 2016.</P>

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


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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Income tax expense</B> for the year ended
December 31, 2017 was $38.6 million compared to $29.3 million for the comparable period in 2016 and is comprised of a $34.8
million current income tax expense (2016 - $29.1 million) and $3.8 million deferred income tax expense (2016 - $0.2 million
deferred income tax expense). The ETR for the year ended December 31, 2017 was 36.8% compared to 62.1% for the comparative
period in 2016. The appreciation of the Mexican Pesos against the US dollar, a high Mexico inflation rate in 2017, lower
interest withholding taxes, and lower tax benefits not recognized for operating losses in Canada lowered the ETR.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: left">Results of Operations</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">San Jose Mine Operating
Results</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">San Jose is an underground silver-gold mine located
in the state of Oaxaca in southern Mexico. The following table shows the main variables used to measure the operating performance
of the mine &ndash; throughput, grade, recovery, gold and silver production and unit costs.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">QUARTERLY RESULTS</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">YEAR TO DATE RESULTS</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">San Jose</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Three months ended, December 31,</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Year ended, December 31,</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 40%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Mine Production</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; background-color: White">2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;2016</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; background-color: White">2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;2016</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Tonnes milled</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">271,370</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">273,036</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,070,790</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">905,467</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Average tonnes milled per day</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">3,015</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">3,103</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">3,044</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">2,596</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Silver</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Grade (g/t)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">259</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">225</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">238</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">228</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Recovery (%)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">92</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">92</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">92</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">92</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Production (oz)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">2,071,762</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,828,110</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">7,526,556</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">6,124,235</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Metal sold (oz)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">2,089,121</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,832,298</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">7,481,616</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">6,102,667</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Realized price ($/oz)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">16.69</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">17.10</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">17.03</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">17.29</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Gold</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Grade (g/t)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1.89</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1.69</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1.77</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1.72</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Recovery (%)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">92</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">92</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">92</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">92</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Production (oz)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">15,177</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">13,660</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">55,950</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">46,018</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Metal sold (oz)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">15,333</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">13,746</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">55,412</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">45,901</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Realized price ($/oz)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,273</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,216</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,257</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,253</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Unit Costs</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Production cash cost (US$/oz Ag)*</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">0.04</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1.85</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">0.95</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1.77</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Production cash cost (US$/tonne)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">57.91</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">55.09</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">59.70</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">56.90</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Unit Net Smelter Return (US$/tonne)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">181.65</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">154.21</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">169.78</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">158.76</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in; border-bottom: Black 1pt solid">All-in sustaining cash cost (US$/oz Ag)*</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">6.51</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">6.73</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">7.11</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">7.58</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">* Net of by-product credits from gold</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Production cash costs and All-in sustaining cash
cost are Non-GAAP Financial Measures</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">QUARTERLY RESULTS</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">YEAR TO DATE RESULTS</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Three months ended, December 31,</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Year ended, December 31,</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 40%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><B>Financial Information (expressed in $000's)</B></TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; background-color: White">2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;2016</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; background-color: White">2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;2016</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Sales</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;50,087</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;39,843</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;179,996</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;143,151</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Operating income</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;23,302</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;13,683</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;65,240</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;55,559</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Adjusted EBITDA</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;31,012</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;22,524</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;99,899</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;81,145</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Sustaining capital expenditures</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;5,115</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;2,522</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;18,385</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;12,260</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Non-sustaining capital expenditures</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;206</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;17,808</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">Brownfield exploration expenditures</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;1,276</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;1,625</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;6,439</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;6,705</TD></TR>
</TABLE>
<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Annual Results</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Silver and gold annual production for 2017 increased
23% and 22% respectively, to 7,526,556 and 55,950 ounces which was above the prior year&rsquo;s production. The increases were
the result of 18% higher throughput  as well as 4% and 3% higher head grades of gold and silver over the comparative period in
2016. Silver and gold annual production were 6% and 8% above 2017 guidance, respectively. The processing plant treated 1,070,790
tonnes for the year ended December 31, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Cash cost per tonne of processed ore for 2017 was
$59.70 (refer to non-GAAP financial measures), or 5% above the cost in the prior year. Cash cost per tonne for 2017 was 5% above
guidance due to higher mine support costs and local inflation on the cost of energy and materials.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">All-in sustaining cash cost per payable ounce of
silver, net of by-product credits, was $7.11 for 2017 (refer to non-GAAP financial measures), and below the annual guidance of
$8.40 as a result of higher gold price.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Cash cost per payable ounce of silver, cash
cost per tonne of processed ore, and all-in sustaining cash cost per payable ounce are non-GAAP financial measures (refer to Non-GAAP
financial measures for the reconciliation of cash cost to the cost of sales).</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Quarterly Results</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The San Jose Mine produced 2,071,762 ounces of
silver and 15,177 ounces of gold in the fourth quarter, both were 17% above plan and 13% and 11% above the comparable period in
2016. Average head grades for silver and gold were 259 g/t and 1.89 g/t or 4% and 6% higher than plan and were 15% and 12% higher
than the comparable period in 2016. Mine production was sourced from Trinidad Central and Trinidad North, with each area contributing
57% and 43% of ore, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Cash cost per tonne of processed ore was $57.91,
being 5% above the $55.09 cash cost for the comparable quarter in 2016.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Cash cost per payable ounce of silver,  cash
cost per tonne of processed ore, and all-in sustaining cash cost per payable ounce are Non-GAAP Financial Measures (refer to Non-GAAP
Financial Measures for the reconciliation of cash cost to the cost of sales).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Brownfield Exploration</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Exploration drilling is currently underway at San
Jose with five drill rigs. Two rigs are drilling the Magdalena area conducting step-out drilling to the north of the currently
defined resource shell, two rigs are drilling on the sub-parallel Victoria vein (formerly the Ocotlan vein), a blind discovery
made in 2015, located 350 meters to the east of current mine workings and one rig is exploring the San Ignacio target located approximately
1 kilometer south of the current mine workings. Refer to Fortuna news release dated October 11, 2017 for details of drill results.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Caylloma Mine Operating
Results</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Caylloma is an underground silver, lead, and zinc
mine located in the Arequipa Department in southern Peru. Its commercial products are silver-lead and zinc concentrates. The table
below shows the main variables used to measure the operating performance of the mine.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">QUARTERLY RESULTS</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">YEAR TO DATE RESULTS</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Caylloma</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Three months ended, December 31,</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Year ended, December 31,</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 40%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Mine Production</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; background-color: White">2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">2016</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; background-color: White">2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">2016</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Tonnes milled</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">134,635</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">135,121</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">529,704</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">514,828</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Average tonnes milled per day</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,513</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,501</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,488</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,438</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Silver</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Grade (g/t)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">65</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">82</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">66</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">90</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Recovery (%)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">85</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">82</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">84</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">84</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Production (oz)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">238,414</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">291,988</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">943,038</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,255,981</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Metal sold (oz)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">243,051</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">294,425</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">934,710</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,274,842</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Realized price ($/oz)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">16.70</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">17.11</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">17.06</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">16.96</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Lead</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Grade (%)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">2.91</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">2.60</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">2.81</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">3.06</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Recovery (%)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">91</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">94</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">91</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">94</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Production (000's lbs)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">7,846</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">7,290</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">29,878</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">32,673</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Metal sold (000's lbs)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">8,054</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">7,361</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">29,508</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">33,187</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Realized price ($/lb)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1.13</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">0.97</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1.05</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">0.84</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Zinc</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Grade (%)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">4.36</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">4.06</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">4.21</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">4.25</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Recovery (%)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">90</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">91</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">90</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">90</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Production (000's lbs)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">11,676</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">11,006</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">44,347</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">43,204</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Metal sold (000's lbs)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">11,803</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">10,537</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">44,315</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">43,041</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Realized price ($/lb)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1.47</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1.15</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1.32</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">0.95</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Unit Costs</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Production cash cost (US$/oz Ag)*</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">(44.43)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">(14.59)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">(34.56)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">(6.78)</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Production cash cost (US$/tonne)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">82.02 </TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">71.15 </TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">79.11 </TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">71.89 </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in">Unit Net Smelter Return (US$/tonne)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">184.09 </TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">136.92 </TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">166.18 </TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">126.91 </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; padding-left: 0.125in; border-bottom: Black 1pt solid">All-in sustaining cash cost (US$/oz Ag)*</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">(18.37)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">1.72 </TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">(13.04)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">4.34 </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">*Net of by-product credits from gold, lead and
zinc</P>

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

<P STYLE="font: 9pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Production cash costs and All-in sustaining cash
cost are Non-GAAP Financial Measures</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 9pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">QUARTERLY RESULTS</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">YEAR TO DATE RESULTS</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Three months ended, December 31,</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Year ended, December 31,</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 40%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><B>Financial Information (expressed in $000's)</B></TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; background-color: White">2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">2016</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif; background-color: White">2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">2016</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Sales</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;25,267</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;18,023</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;88,115</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;67,104</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Operating income (loss)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;41,413</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;4,458</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;62,375</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;16,470</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Adjusted EBITDA</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;10,771</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;7,407</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;38,992</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;25,173</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Sustaining capital expenditures</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;2,922</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;2,807</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;9,589</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;7,589</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Non-sustaining capital expenditures</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;247</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;2,860</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">Brownfield exploration expenditures</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;955</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;605</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;3,614</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;1,216</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Annual Results</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Total lead production for 2017 decreased 8% from
2016 to 29.9 million pounds while zinc production increased 3% to 44.3 million pounds, over 2016. Silver production decreased 25%
to 943,038 ounces compared to 2016 production of 1,255,981 ounces. Head grades for lead, zinc, and silver were 8%, 1%, and 27%
lower than in 2016, respectively, However, this decline in head grades was partially offset by a 3% increase in ore processed.
Silver, zinc, and lead annual production were 6% below, 8% above, and in line with 2017 guidance. The processing plant treated
1,488 tpd for the year ended December 31, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Cash cost per tonne of processed ore for 2017 was
$79.11 (refer to non-GAAP financial measures) or 10% higher than in 2016 and 5% above guidance. The increase in cash costs was
due mainly to higher mining, energy, and labour costs.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">All-in sustaining cash cost per payable ounce of
silver, net of by-product credits, was $(13.04) per ounce for 2017 (refer to non-GAAP financial measures), and below the annual
guidance of $10.80 per ounce.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Cash cost per payable ounce of silver,  cash
cost per tonne of processed ore, and all-in sustaining cash cost per payable ounce are non-GAAP financial measures (refer to Non-GAAP
financial measures for the reconciliation of cash cost to the cost of sales).</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Quarterly Results</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Caylloma Mine produced 7.8 million pounds of
lead and 11.7 million pounds of zinc, which were 5% and 14% above plan as well as 8% and 6% higher than the comparable quarter
in 2016. Average head grades for lead and zinc were 2.91% and 4.36% which were 3% and 9% higher than plan. Silver production was
238,414 ounces which was 5% below plan and 18% lower than the comparable period in 2016. Average silver head grade was 65 g/t or
8% below plan but was partially offset by a higher metallurgical recovery of 85% which was 5% above plan.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Mine production was sourced primarily from the
Animas NE and the Animas Central areas, with each contributing 58% and 32% of ore respectively.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Cash cost per tonne of processed ore for the fourth
quarter of 2017 was $82.02, which was 15% higher than the $71.15 cash cost for the comparable quarter in 2016. The increase
over the fourth quarter of 2016 was due primarily to higher energy, ground support, and labour costs.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Cash cost per payable ounce of silver,  cash
cost per tonne of processed ore, and all-in sustaining cash cost per payable ounce are Non-GAAP Financial Measures (refer to Non-GAAP
Financial Measures for the reconciliation of cash cost to the cost of sales).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Brownfield Exploration</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">A successful brownfield exploration drill program
over 2017 at Caylloma has yielded an increase in Inferred Resources of 2.7 Mt or 92% year over year. Furthermore, lead and zinc
grades increased 69% and 37%, respectively, whereas silver grade decreased by 17%.</P>

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


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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Exploration drilling at Caylloma is scheduled to
begin in April 2018 and will focus on extending previously discovered mineralization along the principal Animas NE vein. Surface
exploration work at other targets with the Company&rsquo;s claim block to define additional drill targets on other veins is currently
underway.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: left">Quarterly Information</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The following table provides information for eight
fiscal quarters up to December 31, 2017:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="15" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Expressed in $000's, except per share data</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="15" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Quarters ended</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 28%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">Q4 2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">Q3 2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">Q2 2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">Q1 2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">Q4 2016</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">Q3 2016</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">Q2 2016</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">Q1 2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">Dec 31, <BR>
2017</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">Sep 30, <BR>
2017</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">Jun 30, <BR>
2017</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">Mar 31, <BR>
2017</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">Dec 31, <BR>
2016</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">Sep 30, <BR>
2016</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">Jun 30, <BR>
2016</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">Mar 31, <BR>
2016</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; font-family: Times New Roman,serif">(restated)</TD>
    <TD NOWRAP STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Sales</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;75,354</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;64,012</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;63,911</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;64,834</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;57,866</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;65,212</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;44,485</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;42,692</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Mine operating income</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;35,222</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;24,944</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;22,211</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;27,183</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;20,721</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;28,414</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;15,917</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;15,554</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Operating income</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;57,666</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;18,888</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;14,214</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;19,556</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;17,607</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;21,160</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;3,641</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;6,134</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Net income (loss)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;34,137</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;10,268</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;8,898</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;12,999</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;9,273</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;10,157</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;(1,390)</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;2,578</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Basic EPS</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.21</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.06</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.06</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.08</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.06</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.08</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;(0.01)</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.02</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Diluted EPS</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.21</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.06</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.06</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.08</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.08</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.07</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;(0.01)</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.02</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Total assets</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;706,648</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;652,889</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;637,805</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;638,285</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;562,914</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;543,356</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;387,713</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;392,165</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">Long term bank loan</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;39,871</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;39,845</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;39,820</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;39,794</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;39,768</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;39,633</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;39,568</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;39,531</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">During the fourth quarter of 2017, net income was
positively impacted by increased sales volumes and an impairment reversal at our Caylloma Mine. In the third quarter of 2017, sales
volumes increased, and operating costs decreased. In the second quarter of 2017, the Company experienced higher sales volumes offset
by lower realized prices, and higher operating costs. In the first quarter of 2017, sales increased due to a decrease in mark-to-market
spot price adjustments and assay adjustments of our provisional sales, which carried through to the increase in net income.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">During the fourth quarter of 2016,
the Company had determined that the warrants issued as part of the consideration for the Goldrock acquisition had been
classified as a liability in error.&nbsp; The Company restated its third quarter 2016 financial statements reclassifying the
warrants from liability to reserves, a component of shareholders equity and reduced its earnings by $1.7 million relating to
the reversal of unrealized gains on the warrants.&nbsp; Basic earnings per share decreased $0.02 to $0.07 per share.</P>

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

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: left">Liquidity and Capital Resources</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Cash, Cash Equivalents
and Short-Term Investments</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company had cash, cash equivalents, and short-term
investments of $212.6 million, an $89.0 million increase from $123.6 million at December 31, 2016. Cash reserves consist of $183.1
million of cash and cash equivalent and short-term investments of $29.5 million. The increase in cash and short-term investments
was primarily due to a $74.8 million bought deal equity financing which was completed in early February 2017 when the Company issued
11,873,750 common shares at a price of $6.30 per share for net proceeds of $70.9 million as well as cash generated by operations,
net of capital expenditures.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Working Capital</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Working capital increased $103.1 million to $211.9
million at December 31, 2017 compared to $108.8 million of working capital at December 31, 2016. The increased working capital
was primarily due to the proceeds from the equity financing in the first quarter. Non-cash working capital balances increased approximately
$20.0 million during the year as concentrate sales receivables increased $11.1 million and concentrate, ore, and supplies inventory
increased $4.2 million.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Long-Term Debt</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">As of December 31, 2017, the Company had
a $40.0 million term credit facility due on April 1, 2019. Interest on the term credit facility is calculated from the
one, two, three, or six-month LIBOR plus a graduated margin based on the Company&rsquo;s leverage ratio and is payable
monthly in arrears. Subsequent to December 31, 2017, the Company negotiated an $80.0 million increase to the credit facility,
the proceeds of which will be used in part, to fund the construction of the Lindero Project.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Subject to the various risks
and uncertainties, the Company believes it will generate sufficient cash flows and has sufficient available credit and cash
on hand to finance on-going operations, contractual obligations, Lindero construction, and planned capital and
exploration investment programs.</P>

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

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="color: #003BFF">Sensitivities</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Sales are affected by fluctuations in metal prices
beyond the Company&rsquo;s control. The following table illustrates the sensitivity of the Company&rsquo;s sales to a 10% change
in metal prices:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 49%; border-top: black 1pt solid; border-left: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 17%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Effect on Sales</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Metal</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Change</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">($000's)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Silver</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">+/- 10%</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;6,708</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Gold</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">+/- 10%</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif">3,483</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Lead</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">+/- 10%</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;279</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Zinc</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">+/- 10%</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;453</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company mitigates the price risk associated
with its base metal production by entering into forward sale and collar contracts for some of its forecasted base metal production.
The Board of Directors continually assesses the Company&rsquo;s strategy towards its base metal exposure, depending on market conditions.
As at December 31, 2017, the Company has hedged 6,500 tonnes of zinc and 6,000 tonnes of lead representing approximately 43% of
its Caylloma&rsquo;s production until June 2018.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company reports its financial statements in
USD; however, the Company operates in jurisdictions that utilize other currencies. As a consequence, the financial results of the
Company&rsquo;s operations as reported in USD are impacted by changes in the value of the USD relative to local currencies in the
countries where the Company operates. Since the Company&rsquo;s sales are denominated in USD and a portion of the Company&rsquo;s
operating costs and capital spending are in local currencies, the Company is negatively impacted by strengthening local currencies
relative to the USD and positively impacted by the inverse.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The following table illustrate the Company&rsquo;s
sensitivities to certain currencies and the impact the fluctuation in exchange rates, will have on foreign denominated financial
assets and liabilities:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 49%; border-top: black 1pt solid; border-left: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 17%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; border-top: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Effect on foreign</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif">denominated</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; text-align: center; font-family: Times New Roman,serif">items</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Currency</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Change</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">($000's)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Mexican Peso</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">+/- 10%</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;2,351</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Peruvian Soles</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">+/- 10%</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;739</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Argentinian Peso</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">+/- 10%</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;52</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Canadian Dollar</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">+/- 10%</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;509</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-top: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Management's Discussion and Analysis, page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="color: #003CFF; font: 12pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Contractual Obligations</P>

<P STYLE="color: #003CFF; font: 12pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company expects the following maturities of
its financial liabilities, finance leases, and other contractual commitments:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Expected payments due by year as at December 31, 2017</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 35%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; text-align: right; font-family: Times New Roman,serif">Less than</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 11%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 11%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; text-align: right; font-family: Times New Roman,serif">After</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 11%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">1 year</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">1 - 3 years</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">4 - 5 years</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">5 years</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;Total</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Trade and other payables</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;41.5</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;41.5</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Bank loan</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;40.0</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;40.0</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Derivative liabilities</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;2.3</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;2.3</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Income tax payable</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;14.2</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;14.2</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Finance lease obligations</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.9</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.9</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Other liabilities</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1.4</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.4</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Operating leases</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.7</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.0</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.6</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;2.3</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Provisions</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;1.7</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;4.7</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;5.5</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;3.3</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;15.2</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;61.3</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;47.1</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;6.1</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;3.3</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;117.8</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Operating leases include leases for office premises
and for computer and other equipment used in the normal course of business.</P>

<P STYLE="color: #003CFF; font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Other Commitments</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">As at December 31, 2017, the Company had capital
commitments of $5,715 for civil work, equipment purchases and other services at the Lindero Gold Project expected to be expended
within one year.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Operating leases includes leases for office premises,
computer and other equipment used in the normal course of business.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The expected payments due by period, as at December
31, 2017 are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="11" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Expressed in $'000's</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 34%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; text-align: right; font-family: Times New Roman,serif">Less than</TD>
    <TD NOWRAP STYLE="width: 2%; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 13%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 13%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 13%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">1 year</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">1 - 3 years</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">4 - 5 years</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;Total</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Office premises</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;563</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;988</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;634</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;2,185</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Computer equipment</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;89</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;37</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;126</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Machinery</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;1</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;1</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">Total operating leases</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;653</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;1,025</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;634</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;2,312</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: left; color: #003CFF">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Related Party Transactions</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: left">Purchase of Goods and Services</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company shares office space, personnel and
other administrative services with Gold Group Management Inc. (&ldquo;GGMI&rdquo;) and Mill Street Services Ltd for consulting
services, related by a director in common. During the three and twelve months ended December 31, 2017 and 2016, GGMI provided the
following services to the Company:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">Three months ended December 31,</TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">Year ended December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 48%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">(expressed in $000's)</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;2016</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;2016</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Personnel costs</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">&nbsp;16</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">&nbsp;16</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">&nbsp;138</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">&nbsp;121</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">General and administrative expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">&nbsp;24</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">&nbsp;14</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">&nbsp;175</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Times New Roman,serif">&nbsp;103</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif; border-top: Black 1pt solid">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif; border-top: Black 1pt solid">&nbsp;40</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif; border-top: Black 1pt solid">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif; border-top: Black 1pt solid">&nbsp;30</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif; border-top: Black 1pt solid">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif; border-top: Black 1pt solid">&nbsp;313</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; font-family: Times New Roman,serif; border-top: Black 1pt solid">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif; border-top: Black 1pt solid">&nbsp;224</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company has outstanding balances payable with
Gold Group Management Inc. of $nil as at December 31, 2017 (December 31, 2016 $10). Amounts due to related parties are due on demand
and are unsecured.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: left">Acquisition of Tlacolula Silver Project (expressed in $000&rsquo;s)</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">On August 2, 2017, the Company completed a purchase
and sale agreement with Radius to acquire the Property for total consideration of $1,328, comprising of $150 cash, and the issuance
of 239,385 common shares. In addition, Radius was granted a 2% NSR royalty on the Property. The Company has the right to purchase
one-half of the royalty for $1,500.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Key Management Personnel</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Three
    months ended December 31,</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Year ended December 31,</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 48%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">(expressed in $000's)</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">2016</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">2017</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">2016</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Salaries and short term employee benefits</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1,009</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;847</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;4,704</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;3,987</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Directors fees</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;186</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;94</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;594</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;357</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Consulting fees</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;35</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;34</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;138</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;127</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">Share-based payments</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;2,871</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;(2,189)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;3,672</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;13,527</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;4,101</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;(1,214)</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;9,108</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;17,998</TD></TR>
</TABLE>
<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: left">Off-Balance Sheet Arrangements</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company does not have any off-balance sheet
arrangements or commitments that are expected to have a current or future effect on the financial condition, results of operations,
liquidity, capital expenditures, or capital resources that are material to investors.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: left">New Accounting Standards issued but
not yet effective</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">In 2014, the IASB issued IFRS 9, Financial Instruments
(&ldquo;IFRS 9&rdquo;), which will replace IAS 39, Financial Instruments: Recognition and Measurement. The standard includes requirements
for recognition and measurement, impairment, derecognition and general hedge accounting. The IASB completed its project to replace
IAS 39 in phases, adding to the standard as it completed each phase. The version of IFRS 9 issued in 2014 supersedes all previous
versions and is mandatorily effective for periods beginning on or after January 1, 2018 with early adoption permitted. IFRS 9 does
not replace the requirements for portfolio fair value hedge accounting for interest rate risk (often referred to as the &ldquo;macro
hedge accounting&rdquo; requirements) since this phase of the project was separated from the IFRS 9 project due to the longer-term
nature of the macro hedging project which is currently at the discussion paper phase of the due process.</P>

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


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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company expects the following impact of this
standard upon adoption on January 1, 2018:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company does not expect to apply hedge accounting to its metal forward and collar contracts,
and intends to continue to apply hedge accounting to its interest rate swap; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company does not expect a material impact to the measurement of its financial instruments from
any of the other changes to this standard, including the new expected credit loss model for calculating impairment of financial
assets.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company is continuing to evaluate its disclosure
obligations under IFRS 9.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">In 2014, the IASB issued IFRS 15, Revenue from
Contracts with Customers (&ldquo;IFRS 15&rdquo;), which provides guidance on the nature, timing and uncertainty of revenue and
cash flows arising from a contract with a customer. The effective date of this standard is January 1, 2018, with earlier adoption
permitted.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">We have performed an assessment on the impact of
the implementation of IFRS 15 and concluded it will not change the timing of revenue recognition or amounts of revenue to be recognized
compared to how we recognize revenue under current accounting policies.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Our revenues involve a relatively limited
number of contracts and customers. Revenues from concentrates are recognized as provisional sales, at the time the control of
the concentrate is obtained by the customer. Our concentrate sales are subject to change in metal prices between the time of
delivery and their final settlement. However, we are able to reasonably estimate the transaction price for the concentrate
sale at the time control is transferred and then we adjust the values each period using forward prices until final
settlement.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">We will revise our disclosures under IFRS 15 and
will present additional disclosure of revenue from contracts with customers in the notes to the financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">In 2016, the IASB issued IFRS 16 Leases (&ldquo;IFRS
16&rdquo;), which requires lessees to recognize assets and liabilities for most leases. Application of the standard is mandatory
for annual reporting periods beginning on or after January 1, 2019, with earlier adoption permitted. The new standard is likely
to result in increases to both the asset and liability positions of lessees, as well as affect the reported depreciation expense
and finance costs of these entities in the statement of profit or loss. The Company is currently evaluating the financial impact
the new standard will have on its financial results</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: left">Critical Accounting Estimates and
Judgments</P>

<P STYLE="color: #003CFF; font: 14pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Many of the amounts included in the consolidated
financial statements require management to make judgements and/or estimates. These judgements and estimates are continuously evaluated
and are based on management&rsquo;s experience and knowledge of the relevant facts and circumstances. Areas where critical accounting
estimates and assumptions have the most significant effect on the amounts recognized in the consolidated financial statements include:</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="color: #003CFF; font: italic 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">Mineral
Reserves and Resources and the Life of Mine Plan</FONT></P>

<P STYLE="color: #003CFF; font: italic 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">We estimate our mineral reserves and mineral resources
in accordance with the Canadian Securities Administrators National Instrument 43-101 Standards of Disclosure for Mineral Projects
requirements. Estimates of the quantities of the mineral reserves and mineral resources for the basis for our life of mine plans,
which are used for the calculation of depletion expense under the units of production method, impairment tests, and forecasting
the timing of the payments related to the environmental rehabilitation provision.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Significant estimation is involved in determining
the reserves and resources included within our life of mine plans. Changes in forecast prices of commodities, exchange rates, production
costs or recovery rates may result in our life of mine plan being revised and such changes could impact depletion rates, asset
carrying values and our environmental rehabilitation provision. As at December 31, 2017 we have used the following long-term prices
for our reserve and resource estimations and life of mine plans: Gold $1,250/oz, Silver $19/oz, Lead $2,200/t and Zinc $2,500/t.</P>

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


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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">In addition to the estimates above, estimation
is involved in determining the percentage of resources ultimately expected to be converted to reserves and hence included in our
life of mine plans. Our life of mine plans includes a portion of inferred resources as we believe this provides a better estimate
of the expected life of mine for certain type of deposits, in particular for vein type structures. The percentage of inferred resources
out of the total tonnage included in the life of mine plans is based on site specific geological, technical, and economic considerations.
Estimation of future conversion of resources is inherently uncertain and involves judgement and actual outcomes may vary from these
judgements and estimates and such changes could have a material impact on the financial results. Some of the key judgements of
the estimation process include; geological continuity; stationarity in the grades within defined domains; reasonable geotechnical
and metallurgical conditions; treatment of outlier (extreme) values; cut-off grade determination and the establishment of geostatistical
and search parameters. Revisions to these estimates are accounted for prospectively in the period in which the change in estimate
arises.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="color: rgb(0,60,255); font: normal 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Valuation of
Mineral Properties and Exploration Properties</P>

<P STYLE="color: #003CFF; font: italic 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company carries its mineral properties at cost
less accumulated depletion and any accumulated provision for impairment. The costs of each property and related capitalized expenditures
are depleted over the economic life of the property on a units-of-production basis. Costs are charged to the consolidated statement
of income (loss) when a property is abandoned or when there is a recognized impairment in value.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company undertakes a review of the carrying
values of mining properties and related expenditures whenever events or changes in circumstances indicate that their carrying values
may exceed their estimated net recoverable amounts determined by reference to estimated future operating results and discounted
net cash flows. Where previous impairment has been recorded the Company analyzes any reversal of impairment indicators. An impairment
loss is recognized when the carrying value of those assets is not recoverable. In undertaking this review, management of the Company
is required to make significant estimates of, amongst other things, future production and sales volumes, metal prices, foreign
exchange rates Mineral Resource and Reserve quantities, future operating and capital costs, and reclamation costs to the end of
the mine&rsquo;s life. These estimates are subject to various risks and uncertainties which may ultimately have an effect on the
expected recoverability of the carrying values of the mining properties and related expenditures.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2017, the Company
performed an assessment for indicators for and/or reversal of impairment on each of its cash generating units.&nbsp; Significant
increases in the price of lead and zinc during the fourth quarter as well as a successful brownfield drilling program at Caylloma
that lead to a 92% increase in inferred resources were indicators for reversal of impairment.&nbsp; Based on the following assumptions,
a 4.1% discount rate and a range of metal prices from $1.12 per pound of lead short-term to $1.00 per pound long-term, $1.44 per
pound of zinc short-term to $1.10 per pound long term and $17.56 per ounce of silver short term to $18.40 per ounce long term,
the Company has determined that a reversal of impairment was warranted. Sensitivities were also used by increasing the discount
rate to 7% and decreasing the metal prices by 10% yielded a positive result and hence, a reversal of impairment of $31.1 million
(after-tax: $21.1 million) was warranted.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company, from time to time, acquires exploration
and development properties. When properties are acquired, the Company must determine the fair value attributable to each of the
properties. When the Company conducts exploration on a mineral property and the results from the exploration do not support the
carrying value, the property is written down to its new fair value which could have a material effect on the consolidated statement
of financial position and the consolidated statement of income (loss).</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="color: rgb(0,60,255); font: normal 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Reclamation and
Other Closure Provisions</P>

<P STYLE="color: #003CFF; font: italic 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company has obligations for reclamation and
other closure activities related to its mining properties. The future obligations for mine closure activities are estimated by
the Company using mine closure plans or other similar studies which outline the requirements that will be carried out to meet the
obligations. Because the obligations are dependent on the laws and regulations of the countries in which the mines operate, the
requirements could change as a result of amendments in the laws and regulations relating to environmental protection and other
legislation affecting resource companies. As the estimate of the obligations is based on future expectations, a number of estimates
and assumptions are made by management in the determination of closure provisions.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="color: rgb(0,60,255); font: normal 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Revenue Recognition</P>

<P STYLE="color: #003CFF; font: italic 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Revenue from the sale of concentrate to independent
smelters is recorded at the time the risks and rewards of ownership pass to the buyer using monthly average metal prices on the
expected date of final settlement at which time the final sale prices will be fixed. Variations between the prices set under the
smelting contracts may be caused by changes in the market prices and result in an embedded derivative in the accounts receivable.
The embedded derivative is recorded at fair value each period until final settlement occurs with changes in the fair value classified
as revenue. For changes in metal quantities upon receipt of new information and assay, the provisional sale quantities are adjusted.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>


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

<P STYLE="color: rgb(0,60,255); font: normal 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Contingencies</P>

<P STYLE="color: #003CFF; font: italic 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Contingencies can be either possible assets or
possible liabilities arising from past events which, by their nature, will only be resolved when one or more future events not
within our control occur or fail to occur. The assessment of such contingencies inherently involves the exercise of significant
judgement and estimates of the outcome of future events. In assessing loss contingencies related to legal proceedings that are
pending against the Company or unasserted claims that may result in such proceedings or regulatory or government actions that may
negatively impact our business or operations, the Company with assistance from its legal counsel evaluates the perceived merits
of any legal proceedings or unasserted claims or actions.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">A liability is recognized in the consolidated financial
statements when the outcome of the legal proceedings is probable, and the estimated settlement amount can be estimated reliably.
Contingent assets are not recognized in the consolidated financial statements until virtually certain.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Judgements that have the most significant effect
on the amounts recognized in the Company&rsquo;s consolidated financial statements are as follows:</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="color: rgb(0,60,255); font: normal 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Income Taxes</P>

<P STYLE="color: #003CFF; font: italic 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Deferred tax assets and liabilities are determined
based on differences between the financial statement carrying values of assets and liabilities and their respective income tax
bases (&ldquo;temporary differences&rdquo;) and losses carried forward. The determination of the ability of the Company to utilize
tax loss carry-forwards to offset deferred tax liabilities requires management to exercise judgement and make certain assumptions
about the future performance of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Management is required to assess whether it is
&ldquo;probable&rdquo; that the Company will benefit from these prior losses and other deferred tax assets. Changes in economic
conditions, metal prices and other factors could result in revisions to the estimates of the benefits to be realized or the timing
of utilization of the losses.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="color: rgb(0,60,255); font: normal 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Assessment of
Impairment and Reverse Impairment Indicators</P>

<P STYLE="color: #003CFF; font: italic 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Management applies significant judgement is assessing
whether indicators of impairment or reverse impairment exist for an asset or a group of assets which could result in a testing
for impairment. Internal and external factors such as significant changes in the use of the asset, commodity prices, tax laws or
regulations in the countries that our mines operate in and interest rates are used by management in determining whether there are
any indicators of impairment or reversal of previous impairments.</P>

<P STYLE="color: #003CFF; font: italic 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="color: rgb(0,60,255); font: normal 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Functional Currency</P>

<P STYLE="color: #003CFF; font: italic 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The functional currency for the Company and its
subsidiaries is the currency of the primary economic environment in which each operates. The Company has determined that its functional
currency and that of its subsidiaries is the U.S. dollar. The determination of functional currency may require certain judgements
to determine the primary economic environment. The Company reconsiders the functional currency used when there is a change in events
and conditions which determined the primary economic environment.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: left">Share Position and Outstanding Warrants
and Options</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">The Company&rsquo;s outstanding share position as
at March 15, 2018 is 159,636,983 common shares. In addition, 1,890,740 incentive stock options, equity-settled restricted share
units, and warrants are currently outstanding as follows:</P>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 40%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 15%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; text-align: right; font-family: Times New Roman,serif"><B>Exercise</B></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 25%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; font-family: Times New Roman,serif"><B>Price </B></TD>
    <TD NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><B>Type of Security</B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><B>No. of Shares</B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><B>&nbsp;(CAD$)</B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif"><B>Expiry Date</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Warrants</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">344,462</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;6.01</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">October 31, 2018</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Incentive Stock Options:</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">20,000</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.85</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">November 5, 2018</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">517,833</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;4.79</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">March 18, 2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">617,694</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;6.35</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">May 28, 2022</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">1,155,527</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Equity-Settled RSUs:</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">390,751</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">n/a</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">May 29, 2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><B>Total outstanding</B></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">1,890,740</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: left">Controls and Procedures</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Evaluation of Disclosure
Controls and Procedures</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Disclosure controls and procedures have been designed
to provide reasonable assurance that all material information related to the Company is identified and communicated to management
on a timely basis. Management of the Company, under the supervision of the President and Chief Executive Officer and the Chief
Financial Officer, is responsible for the design and operation of disclosure controls and procedures in accordance with the requirements
of National Instrument 52-109 of the Canadian Securities Administrators (&ldquo;National Instrument 52-109&rdquo;) and as defined
in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the U.S. Exchange Act).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Based on management&rsquo;s evaluation, the Company&rsquo;s
Chief Executive Officer and Chief Financial Officer concluded that the Company&rsquo;s disclosure controls and procedures were
effective as at December 31, 2017.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Management&rsquo;s Report
on Internal Control over Financial Reporting</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s internal control over financial
reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial
statements for external reporting purposes in accordance with the International Financial Reporting Standards as issued by the
International Accounting Standards Board. However, due to its inherent limitations, internal control over financial reporting may
not prevent or detect all misstatements and fraud.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Management assesses the
effectiveness of the Company&rsquo;s internal control over financial reporting using the Internal Control &ndash; Integrated Framework
(2013) issued by the Committee of Sponsoring Organization of the Treadway Commission. Management conducted an evaluation of the
effectiveness of internal control over financial reporting and concluded that it was effective as at December 31, 2017.</P>

<P STYLE="color: #003CFF; font: 12pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Changes in Internal Control
over Financial Reporting</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">During 2017 the Company completed the following
remediation activities to address the material weaknesses identified during the testing of the operating effectiveness of internal
controls over financial reporting for the year ended December 31, 2016:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Hired a Vice-President of Finance and Accounting, an Internal Controls Manager, and a Corporate
Tax Manager, and local internal control analysts at each of its operations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Engaged external specialists to assist in the documentation and review of its internal controls;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Completed a fraud risk assessment; and</TD></TR></TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Redesigned general information technology controls over user access privileges, unauthorized access,
and segregation of duties.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Other than those described above, there have been
no changes in the Company&rsquo;s internal control over financial reporting during the year ended December 31, 2017, that have
materially affected, or that are reasonably likely to materially affect, the Company&rsquo;s internal control over financial reporting.</P>

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

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: left">Non-GAAP Financial Measures</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">This MD&amp;A refers to various non-GAAP financial
measures, including cash cost per payable ounce of silver; cash cost per tonne of processed ore; total production cash cost per
tonne; all-in sustaining cash cost; all-in sustaining cash cost per payable ounce; adjusted net (loss) income; income taxes, and
interest income; and adjusted EBITDA.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">These measures are used by the Company to manage
and evaluate operating performance and ability to generate cash flow and are widely reported in the mining industry as benchmarks
for performance. The Company believes that certain investors use these Non-GAAP Financial Measures to evaluate the Company&rsquo;s
performance. However, the measures do not have a standardized meaning and may differ from measures used by other companies with
similar descriptions. Accordingly, Non-GAAP Financial Measures should not be considered in isolation or as a substitute for measures
of performance prepared in accordance with International Financial Reporting Standards (&ldquo;GAAP&rdquo; or &ldquo;IFRS&rdquo;).
To facilitate a better understanding of these measures as calculated by the Company, descriptions and reconciliations are provided
here.</P>

<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Cash Cost per Payable Ounce
of Silver and Cash Cost per Tonne of Processed Ore</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Cash cost per payable ounce of silver and cash
cost per tonne of processed ore are key performance measures that management uses to monitor performance. Management believes that
certain investors also use these Non-GAAP Financial Measures to evaluate the Company&rsquo;s performance. Cash cost is an industry-standard
method of comparing certain costs on a per unit basis; however, they do not have a standardized meaning or method of calculation,
even though the descriptions of such measures may be similar. These performance measures have no meaning under International Financial
Reporting Standards (&ldquo;IFRS&rdquo;), and, therefore, amounts presented may not be comparable with similar data presented by
other mining companies.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The following tables present a reconciliation of
cash cost per tonne of processed ore and cash cost per payable ounce of silver to the cost of sales in the consolidated financial
statements for the three months and year ended December 31, 2017 and 2016.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">CONSOLIDATED
    MINE CASH COST</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 44%; text-align: justify; font-family: Times New Roman,serif"></TD>
    <TD NOWRAP STYLE="width: 5%; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 11%; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 11%; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">YTD</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 11%; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 11%; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">YTD</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Expressed
    in $'000's, except unit costs</FONT></TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Q4
    2017</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Q4
    2017</FONT></TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Q4
    2016</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Q4
    2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cost
    of sales</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;40,132&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;158,551&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;37,145&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;129,649&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Add
    (subtract):</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Change
    in concentrate inventory</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;87&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;1,308&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;245&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(172)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Depletion
    and depreciation in concentrate inventory</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(14)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(435)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(92)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(9)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Commercial
    and government royalties and mining taxes</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(1,338)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(4,135)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(708)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(2,500)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Workers
    participation</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(2,556)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(7,350)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(1,637)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(5,715)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Depletion
    and depreciation</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(9,552)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(42,104)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(10,297)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(32,717)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash
    cost</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">A</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;26,759&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;105,835&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;24,656&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;88,536&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash
    cost</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">A</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;26,759&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;105,835&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;24,656&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;88,536&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Add
    (subtract):</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">By-product
    credits from gold, lead and zinc</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(38,308)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(135,593)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(27,812)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(94,577)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Refining
    charges</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;1,571&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;5,749&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;2,374&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;8,434&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash
    cost applicable per payable ounce</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">B</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(9,978)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(24,008)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(782)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;2,393&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Payable
    ounces of silver production</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">C</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,244,861</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8,219,463</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,044,674</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,108,170</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-top: black 1pt solid; border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash
    cost per ounce of payable silver ($/oz)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">=B/C</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(4.44)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(2.92)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(0.38)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;0.34&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">SAN
    JOSE MINE CASH COST</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 44%; text-align: justify; font-family: Times New Roman,serif"></TD>
    <TD NOWRAP STYLE="width: 5%; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 11%; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 11%; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">YTD</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 11%; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 11%; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">YTD</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Expressed
    in $'000's, except unit costs</FONT></TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Q4
    2017</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Q4
    2017</FONT></TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Q4
    2016</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Q4
    2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cost
    of sales</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;26,268&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;105,059&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;24,883&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;82,399&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Add
    (subtract):</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Change
    in concentrate inventory</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;269&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;729&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;134&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;425&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Depletion
    and depreciation in concentrate inventory</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(97)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(272)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(55)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(172)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Commercial
    and government royalties and mining taxes</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(815)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(2,852)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(435)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(1,627)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Workers
    participation</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(2,118)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(5,805)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(1,407)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(4,742)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Depletion
    and depreciation</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(7,791)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(32,929)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(8,078)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(24,759)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash
    cost</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">A</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;15,716&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;63,930&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;15,042&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;51,524&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Total
    processed ore (tonnes)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">B</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">271,370</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,070,791</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">273,036</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">905,468</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash
    cost per tonne of processed ore ($/t)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">=A/B</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;57.91&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;59.70&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;55.09&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;56.90&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash
    cost</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">A</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;15,716&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;63,930&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;15,042&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;51,524&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Add
    (subtract):</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">By-product
    credits from gold, lead and zinc</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(17,022)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(61,875)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(13,763)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(47,670)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Refining
    charges</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;1,390&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;4,899&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;1,986&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;6,623&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash
    cost applicable per payable ounce</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">B</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;84&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;6,954&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;3,265&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;10,477&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Payable
    ounces of silver production</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">C</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,018,368</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,323,578</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,767,286</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,914,989</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash
    cost per ounce of payable silver ($/oz)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">=B/C</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;0.04&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;0.95&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;1.85&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;1.77&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Mining
    cost per tonne</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;29.54&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;32.45&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;29.81&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;30.41&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Milling
    cost per tonne</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;16.64&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;16.55&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;15.81&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;15.42&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Indirect
    cost per tonne</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;6.48&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;6.12&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;6.15&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;6.67&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Community
    relations cost per tonne</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;1.19&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;0.93&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;0.39&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;1.08&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Distribution
    cost per tonne</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;4.06&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;3.65&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;2.93&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;3.32&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Total
    production cost per tonne</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;57.91&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;59.70&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;55.09&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;56.90&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">CAYLLOMA
    MINE CASH COST</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 44%; text-align: justify; font-family: Times New Roman,serif"></TD>
    <TD NOWRAP STYLE="width: 5%; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 11%; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 11%; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">YTD</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 11%; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 11%; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">YTD</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Expressed
    in $'000's, except unit costs</FONT></TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Q4
    2017</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Q4
    2017</FONT></TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Q4
    2016</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Q4
    2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cost
    of sales</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;13,864&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;53,492&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;12,262&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;47,250&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Add
    (subtract):</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Change
    in concentrate inventory</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(182)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;579&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;111&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(597)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Depletion
    and depreciation in concentrate inventory</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;83&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(163)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(37)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;163&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Commercial
    and government royalties and mining taxes</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(523)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(1,283)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(273)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(873)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Workers
    participation</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(438)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(1,545)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(230)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(973)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Depletion
    and depreciation</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(1,761)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(9,175)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(2,219)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(7,958)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash
    cost</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">A</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;11,043&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;41,905&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;9,614&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;37,012&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Total
    processed ore (tonnes)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">B</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">134635</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">529,704</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">135,121</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">514,829</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash
    cost per tonne of processed ore ($/t)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">=A/B</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;82.02&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;79.11&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;71.15&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;71.89&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash
    cost</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">A</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;11,043&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;41,905&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;9,614&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;37,012&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Add
    (subtract):</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">By-product
    credits from gold, lead and zinc</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(21,286)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(73,718)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(14,049)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(46,907)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Refining
    charges</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;181&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;851&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;388&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;1,811&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash
    cost applicable per payable ounce</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">B</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(10,062)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(30,962)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(4,047)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(8,084)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Payable
    ounces of silver production</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">C</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">226,493</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">895,885</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">277,388</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,193,181</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash
    cost per ounce of payable silver ($/oz)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">=B/C</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(44.43)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(34.56)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(14.59)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;(6.78)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Mining
    cost per tonne</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;41.00&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;40.39&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;34.76&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;35.34&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Milling
    cost per tonne</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;13.71&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;13.76&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;12.64&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;12.51&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Indirect
    cost per tonne</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;18.03&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;17.12&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;16.18&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;15.27&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Community
    relations cost per tonne</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;2.02&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;0.60&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;0.23&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;0.20&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Distribution
    cost per tonne</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;7.26&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;7.24&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;7.34&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;8.57&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Total
    production cost per tonne</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;82.02&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;79.11&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;71.15&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;71.89&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">All-in Sustaining Cash
Cost and All-in Cash Cost per Payable Ounce of Silver</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company believes that &ldquo;all-in-sustaining
cash cost&rdquo; and &ldquo;all-in cash cost&rdquo; meet the needs of management, analysts, investors, and other stakeholders of
the Company in understanding the costs associated with producing silver, the economics of silver mining, the Company&rsquo;s operating
performance and the Company&rsquo;s ability to generate cash flow from current operations, and on an overall company basis.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company, in conjunction with an initiative
undertaken within the gold mining industry, has adopted an all-in-sustaining cost performance measure; however, this performance
measure has no standardized meaning. The Company conforms its all-in-sustaining cost definition to that set out in the guidance
issued by the World Gold Council (&ldquo;WGC,&rdquo;), a non-regulatory market development organization for the gold industry whose
members comprise global senior gold mining companies.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">All-in-sustaining cash cost and all-in cash cost
are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered
in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not necessarily
indicative of operating profit or cash flow from operations as determined under IFRS. Although the WGC has published a standardized
definition, companies may calculate these measures differently.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">All-in sustaining cash cost includes total production
cash costs incurred at the Company&rsquo;s mining operations, less by-product credits to calculate the cash cost. Sustaining capital
expenditures, corporate selling, general and administrative expenses, and brownfield exploration expenditures are added to the
cash cost to calculate the all-in-sustaining cost. The Company believes that this measure represents the total costs of producing
silver from operations and provides the Company and its stakeholders with additional information on the Company&rsquo;s operational
performance and the ability to generate cash flows. Certain cash expenditures such as new project spending, tax payments, dividends,
and financing costs are not included. We report this measure on a silver ounce sold basis.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The following tables show a breakdown of the all-in
sustaining cash cost per ounce for the three months and year ended December 31, 2017 and 2016</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="11" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">CONSOLIDATED MINE ALL-IN CASH COST</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 44%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">YTD</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">YTD</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Expressed in $'000's, except unit costs</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Q4 2017</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Q4 2017</FONT></TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Q4 2016</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Q4 2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Cash cost applicable, net of by-product credits</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;(9,978)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;(24,008)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;(782)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2,393&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Commercial and government royalties and mining tax</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;3,027&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;9,803&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2,383&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;6,718&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Workers' participation</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;3,190&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;9,119&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2,036&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;7,085&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Selling, general and administrative expenses (operations)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2,464&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;7,480&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;1,073&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;6,079&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Adjusted operating cash cost</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;(1,297)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2,394&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;4,710&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;22,275&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Selling, general and administrative expenses (corporate)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2,609&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;11,821&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2,725&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;9,538&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Sustaining capital expenditures<SUP>1</SUP></FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;8,037&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;27,974&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;5,329&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;19,849&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Brownfield exploration expenditures<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2,231&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;10,053&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2,230&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;7,921&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">All-in sustaining cash cost</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;11,580&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;52,242&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;14,994&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;59,583&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Exploration and evaluation expenses</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;1,341&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;1,534&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;(17)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;177&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Non-sustaining capital expenditures<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;3,070&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;11,389&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;1,997&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;22,959&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">All-in cash cost</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;15,991&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;65,165&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;16,974&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;82,719&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Payable ounces of silver production</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2,244,861&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;8,219,463&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2,044,674&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;7,108,170&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">All-in sustaining cash cost per ounce of payable silver</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;5.16&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;6.36&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;7.33&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;8.38&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">All-in cash cost per ounce of payable silver</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;7.12&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;7.93&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;8.30&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;11.64&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><SUP>1</SUP> presented on a cash basis</P>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="11" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">SAN JOSE MINE ALL-IN CASH COST</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 44%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">YTD</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">YTD</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Expressed in $'000's, except unit costs</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Q4 2017</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Q4 2017</FONT></TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Q4 2016</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Q4 2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Cash cost applicable, net of by-product credits</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;84&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;6,954&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;3,265&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;10,477&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Commercial and government royalties and mining tax</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2,504&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;8,520&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2,110&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;5,845&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Workers' participation</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2,646&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;7,256&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;1,765&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;5,934&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Selling, general and administrative expenses (operations)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;1,506&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;4,547&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;600&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;3,632&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Adjusted operating cash cost</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;6,740&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;27,277&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;7,740&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;25,888&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Sustaining capital expenditures<SUP>1</SUP></FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;5,115&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;18,385&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2,522&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;12,260&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Brownfield exploration expenditures<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;1,276&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;6,439&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;1,625&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;6,705&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">All-in sustaining cash cost</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;13,131&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;52,101&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;11,887&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;44,853&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Exploration and evaluation expenses</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;-</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;65&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;-</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;5&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Non-sustaining capital expenditures<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;-</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;206&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;17,808&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">All-in cash cost</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;13,131&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;52,166&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;12,093&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;62,666&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Payable ounces of silver production</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2,018,368&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;7,323,578&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;1,767,286&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;5,914,989&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">All-in sustaining cash cost per ounce of payable silver</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;6.51&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;7.11&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;6.73&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;7.58&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">All-in cash cost per ounce of payable silver</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;6.51&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;7.12&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;6.84&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;10.59&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><SUP>1</SUP> presented on a cash basis</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" NOWRAP STYLE="text-align: center; font-family: Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">CAYLLOMA MINE ALL-IN CASH COST</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 44%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">YTD</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">YTD</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Expressed in $'000's, except unit costs</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Q4 2017</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Q4 2017</FONT></TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Q4 2016</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Q4 2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Cash cost applicable, net of by-product credits</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;(10,062)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;(30,962)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;(4,047)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;(8,084)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Commercial and government royalties and mining tax</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;523&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;1,283&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;273&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;873&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Workers' participation</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;544&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;1,863&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;268&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;1,142&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Selling, general and administrative expenses (operations)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;958&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2,933&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;572&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2,447&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Adjusted operating cash cost</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;(8,037)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;(24,883)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;(2,934)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;(3,622)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Sustaining capital expenditures<SUP>1</SUP></FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2,922&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;9,589&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2,807&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;7,589&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Brownfield exploration expenditures<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;955&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;3,614&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;605&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;1,216&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">All-in sustaining cash cost</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;(4,160)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;(11,680)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;478&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;5,183&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Non-sustaining capital expenditures<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;247&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2,860&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">All-in cash cost</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;(4,160)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;(11,680)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;725&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;8,043&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Payable ounces of silver production</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;226,493&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;895,885&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;277,388&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;1,193,181&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">All-in sustaining cash cost per ounce of payable silver</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;(18.37)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;(13)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;1.72&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;4.34&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">All-in cash cost per ounce of payable silver</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;(18.37)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;(13.04)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;2.61&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">&nbsp;6.74&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><SUP>1</SUP> presented on a cash basis</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #003CFF">Adjusted Net Income</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #003CFF">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company uses the financial measure of &ldquo;adjusted
net income&rdquo; to supplement information in its consolidated financial statements. The Company believes that in addition to
conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information and
information obtained from conventional IFRS measures to evaluate the Company&rsquo;s performance. The term &ldquo;adjusted net
income&rdquo; does not have a standardized meaning prescribed by IFRS, and therefore the Company&rsquo;s definitions are unlikely
to be comparable to similar measures presented by other companies.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="11" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">ADJUSTED NET INCOME</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Three months ended December 31,</TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Year ended December 31,</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 40%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"></TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">2017</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;2016</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">2017</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Net Income</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;34.1</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;6.5</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;66.3</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;17.9</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; font-family: Times New Roman,serif">Adjustments, net of tax:</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">Unrealized (gain) loss on financial instruments</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;(0.5)</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;(0.4)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;2.3</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;(0.7)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">Impairment reversal of mineral properties</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;(21.9)</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;(21.9)</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">Write-off of mineral properties</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.1</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.8</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.2</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.8</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">Write-down of plant and equipment</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.2</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;1.0</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">Write-down of inventories</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;0.3</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;0.2</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;0.7</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;0.1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">Adjusted Net Income (a non-GAAP measure)</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;12.3</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;7.1</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;48.6</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;18.1</TD></TR>
</TABLE>
<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Adjusted EBITDA</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company uses other financial measures whose
presentation is not meant to be a substitute for other subtotals or totals presented in accordance with IFRS measures but that
rather should be evaluated in conjunction with IFRS measures. The item described and presented below does not have standardized
meanings prescribed by IFRS, and therefore the Company&rsquo;s definitions are unlikely to be comparable to similar measures presented
by other companies. The Company believes that its presentation provides useful information for investors.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="11" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">ADJUSTED EBITDA</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Three months ended December 31,</TD>
    <TD NOWRAP STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">Year ended December 31,</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 40%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif"></TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">2017</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;2016</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">2017</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 13%; border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Net Income</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;34.1</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;6.5</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;66.3</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;17.9</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">Add back:</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">Net finance items</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.8</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.4</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;2.5</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">Depreciation, depletion, and amortization</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;9.6</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;10.4</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;42.5</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;33.0</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">Income taxes</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;22.8</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;11.0</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;38.6</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;29.3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">Share of loss of equity-accounted investee</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.1</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;0.2</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">Impairment reversal of mineral properties</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;(31.1)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;(31.1)</TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Times New Roman,serif">&nbsp;-</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 12pt; text-align: justify; font-family: Times New Roman,serif">Other operating expenses</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;(0.6)</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;0.7</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;5.1</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font-family: Times New Roman,serif">&nbsp;0.4</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">Adjusted EBITDA (a non-GAAP measure)</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;34.9</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;29.4</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;122.0</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: justify; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center; font-family: Times New Roman,serif">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-family: Times New Roman,serif">&nbsp;83.1</TD></TR>
</TABLE>
<P STYLE="color: #003CFF; font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Qualified Person</P>

<P STYLE="font: 9.5pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white; color: #222222">Eric
Chapman, P.Geo (APEGBC #36328) is the Vice-President of Technical Services of the Company and is the Company&rsquo;s Qualified
Person (as defined by National Instrument 43-101). &nbsp;Mr. Chapman is responsible for ensuring that the technical information
contained in this M&amp;DA is an accurate summary of the original reports and data provided to or developed by the Company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">Other Information, Risks
and Uncertainties</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">For further information regarding the Company&rsquo;s
operational risks, please refer to the section entitled &ldquo;Description of the Business - Risk Factors&rdquo; in the Company&rsquo;s
most recent Annual Information Form available at www.sedar.com and <U>www.sec.gov/edgar.shtml</U>.</P>

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


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-top: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Management's Discussion and Analysis, page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<DIV STYLE="float: left; width: 48%">

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: left">Cautionary Statement on Forward-Looking
Statements</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">This MD&amp;A and any documents incorporated by
reference into this MD&amp;A contain forward-looking statements which constitute forward-looking statements within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the United States Securities Exchange Act of 1934,
as amended, and forward-looking information within the meaning of applicable Canadian securities legislation (collectively, &ldquo;Forward-looking
Statements&rdquo;). All statements included herein, other than statements of historical fact, are Forward-looking Statements and
are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially
from those reflected in the Forward-Looking Statements. The Forward-looking Statements in this MD&amp;A include, without limitation,
statements relating to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">mineral &ldquo;reserves&rdquo; and &ldquo;resources&rdquo; as they involve the implied assessment,
based on estimates and assumptions that the reserves and resources described exist in the quantities predicted or estimated and
can be profitably produced in the future;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">production rates at the Company&rsquo;s properties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">cash cost estimates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">timing for delivery of materials and equipment for the Company&rsquo;s properties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the sufficiency of the Company&rsquo;s cash position and its ability to raise equity capital or
access debt facilities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company&rsquo;s planned greenfield exploration programs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the Company&rsquo;s planned capital expenditures and brownfield exploration at the San Jose Mine;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the Company&rsquo;s planned capital expenditures and brownfield exploration at the Caylloma Mine;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company&rsquo;s planned mine construction of the Lindero Project and the anticipated timing
of commissioning of the mine;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">maturities of the Company&rsquo;s financial liabilities, finance leases and other contractual commitments;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expiry dates of bank letters of guarantee;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">estimated mine closure costs; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">management&rsquo;s expectation that any investigations, claims, and legal, labour and tax proceedings
arising in the ordinary course of business will not have a material effect on the results of operations or financial condition
of the Company.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Often, but not always, these Forward-looking Statements
can be identified by the use of words such as &ldquo;anticipates&rdquo;, &ldquo;believes&rdquo;, &ldquo;plans&rdquo;, &ldquo;estimates&rdquo;,
&ldquo;expects&rdquo;, &ldquo;forecasts&rdquo;, &ldquo;scheduled&rdquo;, &ldquo;targets&rdquo;, &ldquo;possible&rdquo;, &ldquo;strategy&rdquo;,
&ldquo;potential&rdquo;, &ldquo;intends&rdquo;, &ldquo;advance&rdquo;, &ldquo;goal&rdquo;, &ldquo;objective&rdquo;, &ldquo;projects&rdquo;,
&ldquo;budget&rdquo;, &ldquo;calculates&rdquo; or statements that events, &ldquo;will&rdquo;, &ldquo;may&rdquo;, &ldquo;could&rdquo;
or &ldquo;should&rdquo; occur or be achieved and similar expressions, including negative variations.</P>

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

</div>
<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Forward-looking Statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially
different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties
and factors include, among others:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty of mineral resource and reserve estimates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks associated with mineral exploration and project development;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">operational risks associated with mining and mineral processing;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty relating to concentrate treatment charges and transportation costs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty relating to capital and operating costs, production schedules, and economic returns;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainties relating to general economic conditions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">competition;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">substantial reliance on the Caylloma and San Jose mines for revenues;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to the integration of businesses and assets acquired by the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks associated with potential legal proceedings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in national and local government legislation, taxation, controls, regulations and political
or economic developments in countries in which the Company does or may carry on business;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">fluctuations in metal prices;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks associated with entering into commodity forward and option contracts for base metals production;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">environmental matters including potential liability claims;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reliance on key personnel;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential conflicts of interest involving the Company&rsquo;s directors and officers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">property title matters;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">dilution from further equity financing;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">currency exchange rate fluctuations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">adequacy of insurance coverage;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">sufficiency of monies allotted for land reclamation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential legal proceedings;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">as well as those factors referred to in the &ldquo;Risks
and Uncertainties&rdquo; section in this MD&amp;A and in the &ldquo;Risk Factors&rdquo; section in our Annual Information Form
filed with the Canadian Securities Administrators and available at www.sedar.com and filed with the U.S. Securities and Exchange
Commission as part of the Company&rsquo;s Form 40-F and available at www.sec.gov/edgar.shtml.&nbsp; Although the Company has attempted
to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking
Statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.</P>

</div>
<DIV STYLE="clear:both;"></div>
<P STYLE="float: left; top: 0; bottom: 0; left: 0; right: 0; width: 100%"></P>

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-top: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Management's Discussion and Analysis, page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<DIV STYLE="float: left; width: 48%">

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Forward-looking Statements contained in this MD&amp;A
are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all required third party contractual, regulatory and governmental approvals will be obtained for
the exploration, development, construction and production of its properties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">there being no significant disruptions affecting operations, whether relating to labour, supply,
power, damage to equipment or other matter;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">permitting, construction, development and expansion proceeding on a basis consistent with the Company&rsquo;s
current expectations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expected trends and specific assumptions regarding metal prices and currency exchange rates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">prices for and availability of fuel, electricity, parts and equipment and other key supplies remaining
consistent with current levels;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">production forecasts meeting expectations; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the accuracy of the Company&rsquo;s current mineral resource and reserve estimates.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">These Forward-looking Statements are made as of
the date of this MD&amp;A. There can be no assurance that Forward-looking Statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned not to
place undue reliance on Forward-looking Statements. Except as required by law, the Company does not assume the obligation to revise
or update these forward looking-statements after the date of this document or to revise them to reflect the occurrence of future
unanticipated events.</P>

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

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Cautionary Note to United States
Investors Concerning Estimates of Reserves and Resources</P>

<P STYLE="color: #003CFF; font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Reserve and resource estimates included in this
MD&amp;A have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (&ldquo;NI
43-101&rdquo;) and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral
Reserves. NI 43-101 is a rule developed by the Canadian Securities</P>

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

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

</div>
<DIV STYLE="float: right; width: 48%">
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Administrators that establishes standards for public disclosure
by a Canadian company of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101,
differ significantly from the requirements of the United States Securities and Exchange Commission (&ldquo;SEC&rdquo;), and reserve
and resource information contained in this news release may not be comparable to similar information disclosed by U.S. companies.
In particular, the term &ldquo;resource&rdquo; does not equate to the term &ldquo;reserves&rdquo;. Under U.S. standards, mineralization
may not be classified as a &ldquo;reserve&rdquo; unless the determination has been made that the mineralization could be economically
and legally produced or extracted at the time the reserve determination is made.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The SEC&rsquo;s disclosure standards normally do
not permit the inclusion of information concerning &ldquo;measured mineral resources&rdquo;, &ldquo;indicated mineral resources&rdquo;
or &ldquo;inferred mineral resources&rdquo; or other descriptions of the amount of mineralization in mineral deposits that do not
constitute &ldquo;reserves&rdquo; by U.S. standards in documents filed with the SEC. Readers are cautioned not to assume that resources
will ever be converted into reserves. Readers should also understand that &ldquo;inferred mineral resources&rdquo; have a great
amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Readers should also
not assume that all or any part of an &ldquo;inferred mineral resource&rdquo; will ever be upgraded to a higher category. Under
Canadian rules, estimated &ldquo;inferred mineral resources&rdquo; may not form the basis of feasibility or pre-feasibility studies
except in rare cases. Readers are cautioned not to assume that all or any part of an &ldquo;inferred mineral resource&rdquo; exists
or is economically or legally mineable. Disclosure of &ldquo;contained ounces&rdquo; in a resource is permitted disclosure under
Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute &ldquo;reserves&rdquo;
by SEC standards as in-place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for identification
of &ldquo;reserves&rdquo; are also not the same as those of the SEC, and reserves reported in compliance with NI 43-101 may not
qualify as &ldquo;reserves&rdquo; under SEC standards. Accordingly, information concerning mineral deposits set forth in this news
release may not be comparable with information made public by companies that report in accordance with U.S. standards.</P>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>tv488478_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.3</B></P>

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

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fortuna reports consolidated financial
results for 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(All amounts expressed in US dollars,
unless otherwise stated)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Vancouver, March 15, 2018: Fortuna Silver
Mines Inc. (NYSE: FSM) (TSX: FVI) </B>today reported 2017 full year net income of $66.3 million, adjusted net income of $48.6 million,
and adjusted EBITDA of $122.0 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 317.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jorge A. Ganoza, President and CEO, commented,
&ldquo;Our results in the fourth quarter of 2017 reflect record sales and EBITDA that have contributed to our strongest year to
date in financial performance.&rdquo; Mr. Ganoza continued, &ldquo;Annual sales of $268.1 million, with EBITDA margins of 46% and
strong cash accumulation from our mines attest to the strength of our assets and the positive momentum in our business. Drivers
for year over year performance are higher precious metal production, higher base metal prices for our by-products, and improved
commercial terms. &rdquo; Mr. Ganoza concluded, &ldquo;Our Lindero gold project in Argentina is in the early stages of construction
with on-site activities ramping up during the course of the second quarter&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2017 Consolidated Financial Statements
and MD&amp;A Highlights</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sales of $268.1 million, compared to $210.3
million in 2016</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net income of $66.3 million, compared
to $17.9 million in 2016 </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adjusted net income of $48.6 million,
compared to $18.1 million in 2016</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Earnings per share of $0.42, compared
to $0.13 in 2016</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adjusted EBITDA<SUP>1</SUP> of $122.0
million, compared to $83.1 million in 2016 </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Impairment reversal at Caylloma of $31.1
million before taxes driven by a successful resource expansion</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash position, including short-term investments
as at December 31, 2017 was $212.6 million </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">$120.0 million credit facility in place
with $80.0 million undrawn</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Silver and gold production of 8,469,593
ounces and 56,441 ounces, respectively</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">AISC<SUP>2</SUP> per ounce of payable
silver, net of by-product credits for gold, lead and zinc, was $6.4</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Fourth Quarter 2017 Financial Statements
and MD&amp;A Highlights</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sales of $75.4 million, compared to $57.9
million in the fourth quarter of 2016</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net income of $34.1 million, compared
to $6.5 million in the fourth quarter of 2016</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adjusted net income of $12.3 million,
compared to $7.1 million in the fourth quarter of 2016</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adjusted EBITDA of $34.9 million, compared
to $29.4 million in the fourth quarter of 2016</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Silver and gold production of 2,310,176
ounces and 15,283 ounces, respectively</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">AISC per ounce of payable silver, net
of by-product credits for gold, lead and zinc, was $5.2</FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">EBITDA = Earnings Before Interests, Taxes, Depreciations
and Amortizations</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">AISC = All-in Sustaining Cash Cost</TD>
</TR></TABLE>

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

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

<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2017 Year-end and Fourth Quarter 2017
Consolidated Results</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Consolidated
    Financial Metrics</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Q4
    2017</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Q4
    2016</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%
    <BR>
    Change</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">YTD
    2017</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">YTD
    2016</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%
    <BR>
    Change</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">YTD
    2015</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="28" STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(Expressed
    in $ millions except per share information and all-in sustaining cash cost)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 23%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Sales</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">75.4</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">57.9</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">30</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">268.1</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">210.3</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">27</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">154.7</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Mine operating income</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">35.2</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">20.7</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">70</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">109.6</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">80.6</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">36</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">43.6</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Operating income</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">57.7</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">17.6</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">228</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">110.3</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">48.5</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">127</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(1.7</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Net income</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">34.1</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">6.5</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">425</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">66.3</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">17.9</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">270</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(10.6</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Earnings per share (basic)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.21</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.04</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">425</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.42</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.13</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">223</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(0.08</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Earnings per share (diluted)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.21</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.04</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">425</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.42</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.13</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">223</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(0.08</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Adjusted net income*</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">12.3</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">7.1</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">73</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">48.6</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">18.1</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">169</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">6.7</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Adjusted EBITDA*</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">34.9</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">29.4</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">19</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">122.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">83.1</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">47</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">50.4</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Cash provided by operating activities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">29.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">25.8</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">12</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">70.2</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">52.7</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">33</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">54.8</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Cash
    generated by operating activities before changes in working capital</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">30.4</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">20.4</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">49</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">87.9</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">70.3</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">25</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">30.6</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Capex (sustaining)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">8.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">5.3</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">51</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">28.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">19.8</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">41</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">43.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Capex (non-sustaining)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">3.1</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">2.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">54</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">11.4</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">23.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-50</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">11.7</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Capex (Brownfield)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">2.2</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">2.2</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">10.1</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">7.9</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">27</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">4.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">All-in sustaining cash cost*</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">5.2</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">7.3</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-30</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">6.4</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">8.4</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-24</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">18.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dec
    31, 2017</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dec
    31, 2016</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%<BR>
    Change</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dec
    31, 2015</FONT></TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="width: 22%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Cash, cash equivalents, and
    short-term investments</FONT></TD>
    <TD STYLE="width: 34%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">212.6</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">123.6</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">72</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">72.2</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Total assets</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">706.6</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">562.9</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">26</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">379.7</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Non-current bank loan</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">39.9</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">39.8</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">39.5</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">* refer to Non-GAAP Financial Measures &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</P>




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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">1. Refer to Non-GAAP
Financial Measures</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Fourth Quarter 2017 Results</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net income for the fourth quarter of 2017
was $34.1 million or $0.21 per share compared to $6.5 million or $0.04 per share for the fourth quarter of 2016. Net income in
the quarter was positively impacted by an after-tax reversal of impairment of $21.9 million at the Caylloma Mine. Adjusted net
income was $12.3 million compared to $7.1 million for fourth quarter of 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The increase in adjusted net income
during the quarter was due primarily to higher sales across all of our products and was partially offset by higher selling,
general and administrative expenses of $6.4 million, related mainly to the mark-to-market effect from share-based payments and
higher production costs. Additional items impacting the quarter were a $1.5 million of realized losses from derivative
contracts, $1.3 million in exploration and evaluation expenses, and partially offset by foreign exchange gains of $1.3
million.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Adjusted
EBITDA was $34.9 million compared to $29.4 million in the comparable period in 2016 due to increased sales.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">For
the three months ended December 31, 2017, net cash provided by operating activities was $29.0 million or 12% higher than the $25.8
million in 2016 due primarily to higher adjusted EBITDA offset by changes in working capital items.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_005.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Annual Results</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net income for the year ended December
31, 2017 was $66.3 million or $0.42 per share compared to $17.9 million or $0.13 per share for the comparable year in 2016. Net
income was positively impacted by the after-tax reversal of impairment of $21.9 million at the Caylloma Mine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Adjusted net income for 2017 increased
to $48.6 million from $18.1 million in 2016 mostly as a result of higher sales across all our products, reflecting the first full
year of production at the expanded capacity of 3,000 tpd at the San Jose mine, strong by-product metal prices of lead and zinc,
and significantly improved treatment and refining charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Also contributing to higher
adjusted net income were lower selling, general and administrative expenses by $6.2 million related primarily to market-to-market effect from share-based payments. Adjusted net income was negatively impacted by higher production cash costs, $2.0
million in foreign exchange losses from the strengthening of the Mexican Pesos against the US dollar, and $1.6 million
realized losses on derivative contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Adjusted EBITDA was $122.0 million compared
to $83.1 million in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2017,
net c<FONT STYLE="background-color: white">ash provided by operating activities in 2017 was $70.2 million, 33% higher than
the $52.7 million in 2016. This increase was due primarily to a $38.9 million increase in adjusted EBITDA and partially
offset by higher income taxes paid of $18.7 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_004.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><I>Balance
sheet and Liquidity</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At December 31, 2017, the Company had cash,
cash equivalents, and short-term investments of $212.6 million (December 31, 2016: $123.6 million), an increase of $89.0 million
since the beginning of the year. The increase was due primarily to an equity financing in the first quarter of 2017 for net proceeds
of $70.9 million and free cash flows from operations during the period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 26, 2018, the Company closed
an amendment to its existing credit facility with Scotiabank to expand the facility from $40.0 million to $120.0 million. This takes
our total sources of liquidity as at year end to over $290.0 million which along with the current rate of free cash flow by our existing
operations, the Company expects to have sufficient liquidity to meet our funding needs during the construction of the Lindero project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>San Jose Mine, Mexico</B></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">QUARTERLY RESULTS</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">YEAR TO DATE RESULTS</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">San Jose</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three months ended, December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Year ended, December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Mine Production</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; font-size: 10pt; text-align: left">Tonnes milled</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">271,370</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">273,036</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,070,790</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">905,467</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Average tonnes milled per day</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,015</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,103</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,044</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,596</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Silver</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Grade (g/t)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">259</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">225</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">238</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">228</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Recovery (%)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">92</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">92</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">92</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">92</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Production (oz)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,071,762</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,828,110</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,526,556</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,124,235</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Metal sold (oz)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,089,121</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,832,298</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,481,616</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,102,667</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Realized price ($/oz)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16.69</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17.10</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17.03</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17.29</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Gold</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Grade (g/t)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.89</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.69</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.77</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.72</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Recovery (%)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">92</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">92</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">92</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">92</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Production (oz)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15,177</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,660</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">55,950</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">46,018</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Metal sold (oz)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15,333</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,746</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">55,412</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">45,901</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Realized price ($/oz)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,273</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,216</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,257</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,253</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Unit Costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Production cash cost (US$/oz Ag)*</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.04</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.85</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.95</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.77</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Production cash cost (US$/tonne)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">57.91</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">55.09</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">59.70</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">56.90</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Unit Net Smelter Return (US$/tonne)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">181.65</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">154.21</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">169.78</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">158.76</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;All-in sustaining cash cost (US$/oz Ag)*</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6.51</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6.73</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7.11</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7.58</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">* Net of by-product credits from gold &nbsp; &nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Quarterly Results</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The San Jose Mine produced 2,071,762 ounces
of silver and 15,177 ounces of gold in the fourth quarter of 2017, 13% and 11% above the comparable period in 2016. Average head
grades for silver and gold were 259 g/t and 1.89 g/t, 15% and 12% higher than the comparable period in 2016. Mine production was
sourced from Trinidad Central and Trinidad North, with each area contributing 57% and 43% of ore, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash cost per tonne of processed ore was
$57.9,  5% above the $55.1 cash cost for the comparable quarter in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Silver and gold annual production for
2017 increased 23% and 22%  above prior year&rsquo;s production to 7,526,555 ounces and 55,950 ounces. The increases were the
result of 18% higher throughput as well as 4% and 3% higher head grades of gold and silver over the comparative period in
2016. Silver and gold annual production was 6% and 8% above 2017 guidance, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Annual Results</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash cost per tonne of processed ore for
2017 was $59.7, or 5% higher than the cost in the prior year. Cash cost per tonne for 2017 was 5% above guidance due to higher mine
support costs and local inflation on the cost of energy and materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All-in sustaining cash cost per payable
ounce of silver, net of by-product credits, was $7.1 for 2017 and below the annual guidance of $8.4 as a result of higher gold
price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash cost per payable ounce of silver,
and cash cost per tonne of processed ore, are non-GAAP financial measures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Caylloma Mine, Peru</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">QUARTERLY RESULTS</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">YEAR TO DATE RESULTS</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Caylloma</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three months ended, December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Year ended, December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Mine Production</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; font-size: 10pt; text-align: left">Tonnes milled</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">134,635</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">135,121</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">529,704</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">514,828</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Average tonnes milled per day</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,513</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,501</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,488</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,438</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Silver</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Grade (g/t)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">65</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">82</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">66</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">90</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Recovery (%)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">85</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">82</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">84</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">84</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Production (oz)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">238,414</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">291,988</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">943,038</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,255,981</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Metal sold (oz)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">243,051</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">294,425</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">934,710</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,274,842</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Realized price ($/oz)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16.70</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17.11</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17.06</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16.96</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Lead</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Grade (%)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.91</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.60</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.81</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3.06</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Recovery (%)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">91</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">94</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">91</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">94</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Production (000's lbs)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,846</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,290</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">29,878</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32,673</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Metal sold (000's lbs)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,054</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,361</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">29,508</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">33,187</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Realized price ($/lb)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.13</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.97</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.05</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.84</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Zinc</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Grade (%)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4.36</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4.06</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4.21</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4.25</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Recovery (%)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">90</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">91</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">90</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">90</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Production (000's lbs)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,676</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,006</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">44,347</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">43,204</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Metal sold (000's lbs)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,803</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,537</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">44,315</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">43,041</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Realized price ($/lb)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.47</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.15</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.32</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.95</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Unit Costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Production cash cost (US$/oz Ag)*</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(44.43</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(14.59</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(34.56</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(6.78</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Production cash cost (US$/tonne)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">82.02</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">71.15</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">79.11</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">71.89</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Unit Net Smelter Return (US$/tonne)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">184.09</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">136.92</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">166.18</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">126.91</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;All-in sustaining cash cost (US$/oz Ag)*</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(18.37</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.72</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(13.04</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4.34</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">* Net of by-product credits from gold, lead and zinc &nbsp; &nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Quarterly Results</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Caylloma Mine produced 7.8 million
pounds of lead and 11.7 million pounds of zinc, which were 8% and 6% higher than the comparable quarter in 2016 as a result of
higher head grades of 12% and 7% respectively. Silver production was 238,414 ounces or 18% lower than the comparable period in
2016. Average silver head grade was 65 g/t or 21% below 2016 but was partially offset by a higher metallurgical recovery of 85%
compared to 82%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash cost per tonne of processed ore
for the fourth quarter ended December 31, 2017 was $82.0, which was 15% higher than the $71.2 cash cost for the comparable
quarter in 2016. The increase was due primarily to higher energy, ground support, and labour
costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Annual Results</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total zinc production for
2017 increased 3% to 44.3 million pounds over 2016. While lead production decreased 8% to 29.9 million pounds. Silver
production decreased 25% to 943,038 ounces compared to 2016 production of 1,255,981 ounces. Silver production was within 96%
of annual guidance. Head grades for lead, zinc, and silver were 8%, 1 %, and 27% lower than in 2016, respectively.
However, this decline in head grades was partially offset by a 3% increase in processed ore. Silver, zinc, and lead annual
production were 6% below, 8% above, and in line with 2017 guidance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash cost per tonne of processed ore for
2017 was $79.1 or 10% higher than in 2016 and 5% above guidance. The increase in cash costs was due mainly to higher mining, energy,
and labour costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All-in sustaining cash cost per payable
ounce of silver, net of by-product credits, was $(13.04) per ounce for 2017, and below the annual guidance of $10.80 per ounce.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash cost per payable ounce of silver,
and cash cost per tonne of processed ore, are non-GAAP financial measures</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Reconciliation of Adjusted Net Income
for Fourth Quarter and Year to Date</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">Q4 2017</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Adjustments</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Q4 2017 adjusted</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">YTD 2017</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Adjustments</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">YTD 2017 adjusted</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 34%; font: 10pt Times New Roman, Times, Serif">Sales</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">75.4</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">75.4</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">268.1</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">268.1</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Cost of sales</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">40.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"></TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">40.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">158.6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"></TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">158.6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Mine operating income</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">35.2</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">35.2</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">109.6</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">109.6</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Selling, general and administration</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24.9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24.9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Exploration and evaluation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Share of loss of equity-accounted investee</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Foreign exchange loss (gain)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Impairment reversal of mineral properties, plant <BR> &nbsp;and equipment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(31.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">31.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(31.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">31.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">0.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(0.8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(0.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">1.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(2.6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(0.9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Operating Income</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">57.7</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(30.3</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">27.4</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">110.3</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(28.5</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">81.8</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Interest income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Interest expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Accretion of provisions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Loss (gain) on financial assets and liabilities carried at fair value</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">0.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">0.6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">1.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">5.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(3.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">1.6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Income before taxes</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">56.9</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(30.9</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">26.0</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">104.9</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(25.1</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">79.8</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Current income tax expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">34.8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">34.8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Deferred income tax expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">11.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(9.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">2.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">3.8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(7.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(3.6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net income for the year</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">34.1</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(21.8</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">12.3</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">66.3</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(17.7</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">48.6</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">EPS</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.21</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.07</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.42</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.11</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.31</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements and MD&amp;A
are available on SEDAR and have also been posted on the company's website at <U>https://www.fortunasilver.com/investors/financials/2017/</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Conference call to review 2017 year-end
financial and operational results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A conference call to discuss 2017 year-end
financial and operational results will be held on Tuesday, March 20, 2018 at 9:00 a.m. Pacific | 12:00 p.m. Eastern. Hosting the
call will be Jorge A. Ganoza, President and CEO, and Luis D. Ganoza, Chief Financial Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders, analysts, media and interested
investors are invited to listen to the live conference call by logging onto the webcast at: <U>https://www.webcaster4.com/Webcast/Page/1696/24991
</U>or over the phone by dialing just prior to the starting time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Conference call details:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: Tuesday, March 20, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Time: 9:00 a.m. Pacific | 12:00 p.m. Eastern</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dial in number (Toll Free): +1.877.407.8035</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dial in number (International): +1.201.689.8035</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Replay number (Toll Free): +1.877.481.4010</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Replay number (International): +1.919.882.2331</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Replay Passcode: 10449</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 8 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Playback of the conference call will be
available until April 3, 2018 at 11:59 p.m. Eastern. Playback of the webcast will be available until June 20, 2018. In addition,
a transcript of the call will be archived in the company&rsquo;s website: <U>https://www.fortunasilver.com/investors/financials/2017/</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fortuna is a growth oriented, precious
metal producer with its primary assets being the Caylloma silver mine in southern Peru, the San Jose silver-gold mine in Mexico
and the Lindero gold Project in Argentina. The company is selectively pursuing acquisition opportunities throughout the Americas
and in select other areas. For more information, please visit its website at <U>www.fortunasilver.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ON BEHALF OF THE BOARD</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jorge A. Ganoza</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">President, CEO and Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fortuna Silver Mines Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trading symbols: NYSE: FSM | TSX: FVI</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investor Relations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Carlos Baca- T (Peru): +51.1.616.6060,
ext. 0</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">E: <U>info@fortunasilver.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I><U>Forward looking Statements</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>This news release contains forward looking statements which
constitute &quot;forward looking information&quot; within the meaning of applicable Canadian securities legislation and &quot;forward
looking statements&quot; within the meaning of the &quot;safe harbor&quot; provisions of the Private Securities Litigation Reform
Act of 1995 (collectively, &quot;Forward looking Statements&quot;). All statements included herein, other than statements of historical
fact, are Forward looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause
actual events or results to differ materially from those reflected in the Forward looking Statements. The Forward looking Statements
in this news release include, without limitation, statements about the Company's plans for its mines and mineral properties; the
Company's business strategy, plans and outlook; the merit of the Company's mines and mineral properties; the future financial or
operating performance of the Company; and proposed expenditures. Often, but not always, these Forward looking Statements can be
identified by the use of words such as &quot;estimated&quot;, &quot;potential&quot;, &quot;open&quot;, &quot;future&quot;, &quot;assumed&quot;,
&quot;projected&quot;, &quot;used&quot;, &quot;detailed&quot;, &quot;has been&quot;, &quot;gain&quot;, &quot;planned&quot;, &quot;reflecting&quot;,
&quot;will&quot;, &quot;containing&quot;, &quot;remaining&quot;, &quot;to be&quot;, or statements that events, &quot;could&quot;
or &quot;should&quot; occur or be achieved and similar expressions, including negative variations.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Forward looking Statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially
different from any results, performance or achievements expressed or implied by the Forward looking Statements. Such uncertainties
and factors include, among others, changes in general economic conditions and financial markets; changes in prices for silver and
other metals; technological and operational hazards in Fortuna's mining and mine development activities; risks inherent in mineral
exploration; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; governmental
and other approvals; political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those
factors discussed under &quot;Risk Factors&quot; in the Company's Annual Information Form. Although the Company has attempted to
identify important factors that could cause actual actions, events or results to differ materially from those described in Forward
looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated
or intended.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Forward looking Statements contained herein are based on
the assumptions, beliefs, expectations and opinions of management, including but not limited to expectations regarding the Company's
plans for its mines and mineral properties; mine production costs; expected trends in mineral prices and currency exchange rates;
the accuracy of the Company's current mineral resource and reserve estimates; that the Company's activities will be in accordance
with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company or its
properties; that all required approvals will be obtained; that there will be no significant disruptions affecting operations and
such other assumptions as set out herein. Forward looking Statements are made as of the date hereof and the Company disclaims any
obligation to update any Forward looking Statements, whether as a result of new information, future events or results or otherwise,
except as required by law. There can be no assurance that Forward looking Statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue
reliance on Forward looking Statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>This news release also refers to non-GAAP financial measures,
such as cash cost per tonne of processed ore; cash cost per payable ounce of silver; total production cost per tonne; all-in sustaining
cash cost; all-in cash cost; adjusted net (loss) income; operating cash flow per share before changes in working capital, income
taxes, and interest income; and adjusted EBITDA. These measures do not have a standardized meaning or method of calculation, even
though the descriptions of such measures may be similar. These performance measures have no meaning under International Financial
Reporting Standards (IFRS) and therefore, amounts presented may not be comparable to similar data presented by other mining companies.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
