<SEC-DOCUMENT>0001104659-20-059301.txt : 20200511
<SEC-HEADER>0001104659-20-059301.hdr.sgml : 20200511
<ACCEPTANCE-DATETIME>20200511111351
ACCESSION NUMBER:		0001104659-20-059301
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20200511
FILED AS OF DATE:		20200511
DATE AS OF CHANGE:		20200511

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:		20863399

	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>tm2019248d1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</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; text-align: center"><B>UNITED STATES </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</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>Form 6-K</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 0.75in; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</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: center">For the month of <U>May 2020</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">Commission File Number <U>001-35297</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant&rsquo;s name
into English)</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"><U>200 Burrard Street, Suite 650, Vancouver,
British Columbia, Canada V6C 3L6</U></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <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">Date: May 11, 2020</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fortuna Silver Mines Inc.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Registrant)</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">By: &nbsp;<U>&nbsp;&nbsp;/s/ &nbsp;&quot;<I>Jorge Ganoza Durant</I>&quot;</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">Jorge
        Ganoza Durant</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">President
        and CEO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></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">&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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;News
Release dated May 11, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;News
Release dated May 11, 2020</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"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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



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

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2019248d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;<IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Fortuna
announces preliminary </B></FONT><B>financial results for the first quarter of 2020</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;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Vancouver, May 11, 2020: Fortuna Silver
Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to announce the following preliminary financial results for the first quarter of 2020:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>First Quarter of 2020 Highlights Preview</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" 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">Sales of $47.5 million, compared to $59.0 million in Q1 2019</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">Net loss of $4.5 million, compared to net income of $2.2 million in Q1 2019</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">Adjusted net loss<SUP>1</SUP> of $2.2 million, compared to adjusted net income of $8.4 million
in Q1 2019</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">Adjusted EBITDA<SUP>1</SUP> of $15.9 million, compared to $23.8 million in Q1 2019</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">Free cash flow from ongoing operations<SUP>1</SUP> of $14.2 million, compared to $2.2 million in
Q1 2019</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">Silver and gold production of 1,819,312 ounces and 10,101 ounces, respectively</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">AISC/oz silver equivalent<SUP>1</SUP> for the San Jose Mine and the Caylloma Mine was $10.7<SUP>2</SUP>
and $16.7<SUP>3</SUP>, respectively</TD></TR></TABLE>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note:</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: 14.2pt"></TD><TD STYLE="width: 14.15pt">1.</TD><TD STYLE="text-align: justify">Refer to non-GAAP financial measures and Forward-Looking Statements at the end of this news release.</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: 14.2pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Si</FONT>lver equivalent production for
Q1 2020 is calculated using a silver to gold ratio of 97.6:1. Silver equivalent is calculated at realized metal prices of $1,571/oz
Au and, $16.09/oz Ag for Q1 2020.</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: 14.2pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify">Silver equivalent production for Q1 2020 is calculated using a silver to lead ratio of 1:20.7 pounds
and silver to zinc ratio of 1:17.9 pounds. Silver equivalent is calculated using realized metal prices of $17.59/oz Ag, $0.85/lb
Pb, and $0.98/lb Zn for Q1 2020.</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>First Quarter of 2020 Results Preview</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1.5pt solid; border-left: black 1pt solid; width: 74%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1.5pt solid; width: 11%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1.5pt solid; width: 11%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #244062">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Consolidated Metrics</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-align: right; color: white"><B>Q1 2020</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-align: right; color: white"><B>(unaudited)</B></P></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-align: right; color: white"><B>Q1 2019</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-align: right; color: white"><B>(unaudited)</B></P></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 5pt; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>(Expressed in $ millions, except per share information)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Sales</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;47.5</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;59.0</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Mine operating income</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;7.5</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;21.5</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Operating income</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;1.8</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;10.9</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Net income (loss)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;(4.5)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;2.2</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Earnings (loss) per share (basic)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;(0.03)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;0.01</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; background-color: #DCE6F1; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Adjusted net income (loss)<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; background-color: #DCE6F1; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(2.2)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;8.4</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Adjusted EBITDA<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">15.9</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;23.8</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Net cash provided by operating activities</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;13.2</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;3.9</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; vertical-align: bottom; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Free cash flow from ongoing operations<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;14.2</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;2.2</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; vertical-align: bottom; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Capex</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; background-color: #DCE6F1; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Sustaining</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;3.5</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;4.7</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Non-sustaining</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;0.1</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;0.8</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Lindero</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #DCE6F1; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;21.4</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;30.9</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Brownfields</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; white-space: nowrap; background-color: #DCE6F1; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;1.6</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;1.2</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #244062">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Mar 31, 2020</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Dec 31, 2019</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Cash, cash equivalents, and short-term investments</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 5pt; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;88.5</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 5pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">$</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;83.4</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Note:</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 5pt; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">1.&nbsp;&nbsp;Refer to non-GAAP financial measures and <I>Forward-Looking Statements</I> at the end of this news release</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><I>&nbsp;</I></FONT></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</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, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><I>Capital
resources 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">As at March 31, 2020, the Company had $88.5
million of cash and cash equivalents and liquidity compared to $123.4 million as at December 31, 2019. As at the end of Q1 2020,
the Company&acute;s $150 million bank credit facility had been fully drawn.</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>Note Regarding Preliminary 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
results for the first quarter of 2020 and liquidity as at the end of the first quarter, are preliminary and have been prepared
by management and remain subject to final review by the Company&rsquo;s audit committee and approval by the Company&rsquo;s board
of directors. The preliminary results for the first quarter of 2020 are subject to the finalization and closing of our accounting
books and records for the period, and should not be viewed as a substitute for full quarterly financial statements prepared in
accordance with accounting principles generally accepted under </FONT>International Financial Reporting Standards (IFRS). The Company&rsquo;s
auditor has not audited the preliminary results, nor have they expressed any opinion or any other form of assurance on the preliminary
results. The Company <FONT STYLE="color: #222222; background-color: white">will release its financial statements and MD&amp;A for
the first quarter of 2020 as approved by its audit committee and board of directors, on Thursday, May 14, 2020 after the market
closes.</FONT></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>Lindero gold Project, Argentina </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">Construction at the Lindero open pit heap
leach gold mine located in Salta Province, Argentina is approximately 94% complete as at March 31, 2020.</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 following table summarizes Lindero
Project spending on construction and preproduction related costs for the three months ended March 31, 2020:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 11%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 11%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 11%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Three months</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cumulative to</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;ended </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed in $ millions)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2019</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31, 2020</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="border-left: black 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Construction capital expenditures</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;268.2</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;21.4</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;289.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractor advances and deposits on equipment, net of transfers</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;10.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(3.5)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;7.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="border-left: black 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Construction Spending</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;278.7</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;17.9</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;296.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preproduction costs</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;8.0</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;9.1</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;17.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="border-left: black 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sustaining spare parts, supplies and materials inventory</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;6.2</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;2.2</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;8.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other costs <SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;4.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;5.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="border-bottom: black 1.5pt solid; border-left: black 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Lindero Project Costs</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;297.4</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;30.0</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1.5pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;327.4</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">Note 1: consists of Argentina financial
transaction taxes, deposits and other 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">There were $17.9 million of construction
trade payables outstanding as at end of the quarter.</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="font-family: Times New Roman, Times, Serif">The
Company reiterates a capex forecast of between $314 to $320 million for the Lindero Project construction. This represents an increase
of 28 percent from the September 2017 feasibility estimate </FONT>(refer to <FONT STYLE="color: #0563c1"><U>Fortuna news release
dated March 11, 2020</U></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">The Company estimates that as of March
31, 2020, the remaining funds required to complete the Project, inclusive of pre-production expenditures, working capital and VAT,
to be in the range of $75 million to $80 million up to the commencement of commercial production in the first quarter of 2021 (refer
to <FONT STYLE="color: #0563c1"><U>Fortuna news release dated May 8, 2020).</U></FONT></P>

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</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, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Non-GAAP Financial Measures Preview</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">The following tables represent the calculation
of certain non-GAAP financial measures as referenced in this news release.</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>Reconciliation to Adjusted Net Income
for the three months ended March 31, 2020 and 2019</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; width: 30%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; width: 9%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; width: 9%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; width: 9%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; width: 9%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; width: 9%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; width: 9%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #203965">
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>(Expressed in $ millions, except per share information)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Q1 2020</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Adjust.</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Q1 2020 Adjusted</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Q1 2019</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Adjust.</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Q1 2019 Adjusted</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;47.5</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;47.5</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;59.0</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;59.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of sales </FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;40.1</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.2</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;40.3</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;37.5</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(0.0)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;37.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DAE3F3">
    <TD STYLE="padding-right: 5pt; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Mine operating income</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;7.5</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;(0.2)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;7.3</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;21.5</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;0.0</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;21.5</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General and administration</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;3.6</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.0</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;3.6</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;6.5</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.1</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;6.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exploration and evaluation</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.4</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.4</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.2</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share of loss from associates</FONT></TD>
    <TD STYLE="padding-right: 5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.0</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(0.0)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.1</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(0.1)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign exchange loss</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;1.3</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(3.2)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(1.9)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;3.7</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(2.9)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other expenses, net</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.3</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(0.3)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.0</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.1</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.0</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DAE3F3">
    <TD STYLE="padding-right: 5pt; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Operating Income</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;1.8</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;3.3</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;5.1</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;10.9</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;2.9</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;13.8</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment income</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;1.1</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(1.1)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest and finance (costs) income, net</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(0.4)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.1</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(0.3)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.1</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.1</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss on derivatives</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(1.6)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;2.3</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DAE3F3">
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;2.6</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;2.3</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;4.9</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;9.5</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;5.3</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;14.8</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current income tax expense</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;5.9</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;5.9</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;8.6</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;8.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred income tax expense (recovery)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;1.2</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(0.0)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;1.1</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(1.3)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(0.9)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(2.2)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DAE3F3">
    <TD STYLE="padding-right: 5pt; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net income and adjusted net income</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;(4.5)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;2.3</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;(2.2)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;2.2</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;6.2</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;8.4</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings per share - basic</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(0.03)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.02-</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.01)</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.01-</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.04-</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.05</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note: Certain figures may not add due to
rounding and certain comparative figures have been reclassified to conform to the current year presentation</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>Reconciliation to Adjusted EBITDA for
the three months ended March 31, 2020 and 2019</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 72%">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; text-align: right; white-space: nowrap; width: 11%">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; width: 11%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #244062">
    <TD STYLE="border-left: black 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">(Expressed in $ millions)</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Q1 2020</B></FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Q1 2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DAE3F3">
    <TD STYLE="border-left: black 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net income for the period</B></FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;(4.5)</B></FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;2.2</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments:</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; white-space: nowrap; padding-left: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventory adjustment</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(0.1)</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; white-space: nowrap; padding-left: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign exchange loss, Lindero project</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;3.3</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;2.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; white-space: nowrap; padding-left: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net finance items</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.3</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(0.2)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; white-space: nowrap; padding-left: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation, depletion, and amortization</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;11.6</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;9.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; white-space: nowrap; padding-left: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income taxes</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;7.1</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;7.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; white-space: nowrap; padding-left: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share of loss from associates</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; white-space: nowrap; padding-left: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment income</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(1.1)</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; padding-left: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other non-cash items</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(0.6)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;2.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DAE3F3">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8pt; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;15.9</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8pt; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;23.8</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Reconciliation to Free cash flow from
ongoing operations for the three months ended March 31, 2020 and 2019</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 72%">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; width: 11%">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; width: 11%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #244062">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">(Expressed in $ millions)</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Q1 2020</B></FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Q1 2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DAE3F3">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net cash provided by operating activities</B></FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;13.2</B></FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;3.9</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:&nbsp;&nbsp;Change in long-term receivables</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(0.2)</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:&nbsp;&nbsp;Additions to mineral properties, plant and equipment</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(4.9)</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(7.0)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:&nbsp;&nbsp;Contractor advances for plant and equipment</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(0.2)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Add:&nbsp;&nbsp;Advances applied to plant and equipment</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;0.1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:&nbsp;&nbsp;Current income tax expense</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(5.9)</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(8.6)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Add:&nbsp;&nbsp;Income taxes paid</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;12.0</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;14.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #DAE3F3">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Free cash flow from ongoing operations<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;14.2</B></FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; white-space: nowrap; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;2.2</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note:</FONT></TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 8pt; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-right: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;From ongoing operations including San Jose and Caylloma and excludes Greenfields exploration</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</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, 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"><B>Non-GAAP Financial Measures</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 tables above and information elsewhere
in this news release refers to non-GAAP financial measures, such as all-in sustaining cash cost silver equivalent; adjusted net
(loss) income; free cash flow from ongoing operations, income taxes, 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 IFRS and therefore, amounts presented may not be comparable to similar data presented by other mining
companies.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">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, currently under construction, in Argentina.&nbsp; The Company is
selectively pursuing acquisition opportunities throughout the Americas and in select other areas.&nbsp; For more information, please
visit its website at</FONT> <FONT STYLE="color: blue"><U>www.fortunasilver.com</U></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">&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">Carlos Baca</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">T (Peru): +51.1.616.6060, ext. 0</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">E:
</FONT>info@fortunasilver.com</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">&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: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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, preliminary estimated financial results for the first quarter
of 2020; a preliminary estimate of the Company&rsquo;s liquidity as at March 31,2020; preliminary estimates of construction expenditures
at the Lindero Project for the first quarter of 2020; statements about the Company's plans for its mines and mineral properties;
the construction of the mine at the Lindero Project and the related costs of construction, timing of commissioning, and timing
of commencement of commercial production; 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;, &ldquo;expected&rdquo;,
 &ldquo;anticipated&rdquo;, &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; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</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, 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>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, the preliminary financial results and liquidity may not be consistent with
the final quarterly results and statement of liquidity subsequently approved by the Board; changes in general economic conditions
and financial markets; changes in prices for silver and other metals; fluctuation in foreign exchange rates; any extension of the
currency controls in Argentina; technological and operational hazards in Fortuna's mining and mine development activities; delays
in the construction at the Lindero Project, delays in the commissioning or commencement of commercial production at the Lindero
Project; 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; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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&rsquo;s financial performance for the first quarter of 2020; that management&rsquo;s preliminary financial
results for the first quarter of 2020 will be consistent with the final full quarterly financial results; 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; text-align: justify">&nbsp;</P>



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

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

<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm2019248d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.2</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; margin-bottom: 0; text-align: center"></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fortuna Announces US$60 Million Bought
Deal Financing </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>Vancouver, May 11, 2020 -- Fortuna Silver
Mines, Inc. (NYSE: FSM) (TSX: FVI) (&ldquo;Fortuna&rdquo; or the Company&rdquo;)</B> announces that it has entered into an agreement
with a syndicate of underwriters (the &ldquo;Underwriters&rdquo;), who have agreed to purchase, on a &ldquo;bought deal&rdquo;
basis, 20,000,000 common shares (the &quot;Shares&quot;) of the Company at a price of US$3.00 per Share, for aggregate gross proceeds
of US$60 million (the &ldquo;Offering&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">The Company has also granted the Underwriters
an over-allotment option, exercisable in whole or in part, on or following the closing of the Offering and for a period of 30 days
thereafter, to purchase up to an additional 3,000,000 Shares, representing 15% of the number of Shares sold under the Offering,
to cover over-allotments, if any, and for market stabilization purposes. In the event that the over-allotment option is exercised
in its entirety, the aggregate gross proceeds to the Company from the Offering will be US$69 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">The Company intends to use the net proceeds
of the Offering to fund remaining construction and preproduction related expenditures at its Lindero gold project in Argentina
and for general working capital purposes.</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 Shares will be offered by way of a
prospectus supplement to the Company&rsquo;s final base shelf prospectus dated April 29, 2020, in all provinces of Canada, except
Qu&eacute;bec, pursuant to National Instrument 44-102 &ndash; <I>Shelf Distributions</I>. The Shares will also be offered and sold
in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States
<I>Securities Act of 1933</I>, as amended (the &quot;U.S. Securities Act&quot;).</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 closing of the Offering is expected
to occur on May 20, 2020 (the &quot;Closing Date&quot;), or such other date as may be agreed by the Underwriters and the Company,
acting reasonably. The closing is subject to certain other conditions including, but not limited to, the receipt of all necessary
regulatory approvals including the approval of the Toronto Stock Exchange and the NYSE.</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>This news <FONT STYLE="background-color: white">release
does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States
or in any other jurisdiction. The securities referred to in this press release have not been and will not be registered under the
U.S. Securities Act and may not be offered or sold without registration under the U.S. Securities Act and all applicable state
securities laws or compliance with the requirements of an exemption from such registration.</FONT></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"><B>About Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2pt 0pt 0; text-align: justify">Fortuna is a growth oriented,
precious metals producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma silver Mine in
southern Peru, the San Jose silver-gold Mine in Mexico and the Lindero gold Project, currently under construction, in Argentina.
The Company is selectively pursuing acquisition opportunities throughout the Americas and in select other areas. For more information,
please visit our website at <FONT STYLE="color: blue"><U>www.fortunasilver.com</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2pt 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</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, Times, Serif; margin: 0pt 0.2pt 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify">ON BEHALF OF THE BOARD</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify">Jorge A. Ganoza</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify">President, CEO and Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify">Fortuna Silver Mines Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify">Trading symbols: NYSE: FSM |
TSX: FVI</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify">T (Peru): +51.1.616.6060, ext.
0</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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 may include, without limitation, statements pertaining to: the use of proceeds from the Offering,
the closing of the Offering and the ability to obtain the necessary regulatory authority and approvals. 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;scheduled&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; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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, the worldwide economic and social impact of COVID-19, the duration and extent
of COVID-19, changes in general economic conditions and financial markets; the re-imposition of government restrictions on business
related to COVID-19; any positive cases of COVID-19 at the Company&rsquo;s mine sites which may cause a reduction or suspension
in operations; 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; changes to current estimates of mineral reserves and resources; changes to production estimates;
governmental and other approvals; changes in government, 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; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Forward-looking Statements contained
herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to the management
of the worldwide economic and social impact of COVID-19, that the duration and extent of COVID-19 is minimized and not long-term,
the 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; how the Company will use the proceeds from the Offering; that
the Offering will close on the Closing Date; that the Company will be able to obtain all necessary regulatory authority and approvals
required under the Offering 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 that these 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.&nbsp;</I></P>

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

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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



<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !7 O8# 2(  A$! Q$!_\0
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MQ3</ER>ZGH">AX- '?4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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MC$F^0DE0, 9)R !TI]AH]G8-YEOYI=CEG>4L6X &23S@#B@"I'XGLVU2\LY
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MD"JT4,I(>7)P  0._O6MI.H#5=*MKX1F+SD#>66#%?;(XJM#X:TJ+=NMO.!
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M/J:RX=(\2M?S1-<26^GF10@CN.0@8\*>H^7;Z5V'GQXSD_D?I1Y\?J?R/TH
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MJ,T /J.8XCZXY'?'>@3(<8)YQV/?I37E5D^4GL>X[T 34444 %%%% !1110
M4444 %%%% !1110 5P'Q*T2.6&UUQX?.CLV N(\9_=YY;ZBN_IDT,=Q!)#,@
M>*12CJW1@>"* /#6LEL;ZZE#&6U5P8W+#+QL,HWN",Y/8C%4S;IK#G1&D2.W
MRDLS2<%U7E8U)_4UT?B#PG>:'N@:Y:303$T=NYBW-:L3G$A'.S_/%8CZ<&?<
MTJ"W>W,9+G<JG!'_ 'R20<CD8H Q]<96>XEC,;21*5SL'S \!0 ,9K<^U_\
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MO4I+?0UOU1#(41MI/'S8_P :OF*-BQ,:DL,-D=1Z&AH8GB\IHU:/&-I''Y4
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M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% $<_\
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MG(@4."T9&]2<;AZC-6_[+L_/$WD_O!CG><'' R,X/XTQ-%T^,$+;#!QP6)P
M<@#)X&>PXH]T?O$EGJ-M?R7"6[[_ "'V.<<9QG@]ZL3?ZO\ $>OK[5%;6-M9
M[OLT*QAL9"].!@5)-_J_Q'KZ^U)VZ#5^I)1112&%%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
'!1110!__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
