<SEC-DOCUMENT>0001062993-16-011993.txt : 20161103
<SEC-HEADER>0001062993-16-011993.hdr.sgml : 20161103
<ACCEPTANCE-DATETIME>20161103124041
ACCESSION NUMBER:		0001062993-16-011993
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20160930
FILED AS OF DATE:		20161103
DATE AS OF CHANGE:		20161103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENDEAVOUR SILVER CORP
		CENTRAL INDEX KEY:			0001277866
		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:	001-33153
		FILM NUMBER:		161970877

	BUSINESS ADDRESS:	
		STREET 1:		700 WEST PENDER STREET
		STREET 2:		SUITE 301
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 1G8
		BUSINESS PHONE:		604-685-9775

	MAIL ADDRESS:	
		STREET 1:		700 WEST PENDER STREET
		STREET 2:		SUITE 301
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 1G8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ENDEAVOUR GOLD CORP
		DATE OF NAME CHANGE:	20040128
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Endeavour Silver Corp.: Form 6-K - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF" style="font-size: 10pt;">
<hr noshade align="center" width="100%" size=3 color="black">

<p align="center"><font size="5"><strong>UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</strong></font><br>
  Washington, D.C. 20549</p>

<p align="center"><b><font size="5">FORM 6-K</font></b></p>
<p align="center"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
  OR 15d-16 <br>
  UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>
<p align="center">For the month of <b>November, 2016</b></p>

<p align="center">Commission File Number: <B>001-33153</B></p>

<p align="center"><b><u><font size=5>ENDEAVOUR SILVER CORP.</font></u></b><br>
  (Translation of registrant's name into English) </p>

<p align="center"><b>Suite 301 - 700 West Pender Street<br>
  <u>Vancouver, British Columbia, Canada, V6C 1G8</u></b><br>
  (Address of principal executive offices) </p>

<p align="center">Indicate by check mark whether the registrant files or will
  file annual reports under cover Form 20-F or Form 40-F.</p>
<p align="center">[<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]
  Form 20-F&nbsp;&nbsp;&nbsp;[ x ] Form 40-F</p>
<p align="center">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): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]</p>
<p align="center"> 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): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]</p>
<p align="center">Indicate by check mark whether by furnishing the information
  contained in this Form, the registrant is also thereby furnishing the information
  to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
  of 1934.</p>
<p align="center">Yes [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]
  No [ x ]</p>
<p align="center"> If &quot;Yes&quot; is marked, indicate below the file number
  assigned to the registrant in connection with Rule 12g3-2(b): 82- _________
</p>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<p align="center"><img src="endeavourlogo.gif" width="289" height="75"></p>
<p align="justify">Exhibits 99.1 through 99.2, respectively, are hereby incorporated by  reference as exhibits to the Registration Statement on Form F-10 (File No.  &nbsp;333-210911) of Endeavour Silver Corp., as amended or supplemented.</p>
<p align="center"><b><u>SUBMITTED HEREWITH</u></b></p>
<p align="left"><u>Exhibits</u></p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td width="5%" valign="top" bgcolor="#EEEEEE"><a href="exhibit99-1.htm">99.1</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-1.htm">Condensed Consolidated Interim Financial Statements for the Three and
    Nine Months Ended
    September 30, 2016 and 2015</a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-2.htm">99.2</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-2.htm">Management&#146;s Discussion and Analysis for the period Ended
    September 30, 2016</a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-3.htm">99.3</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-3.htm">Form 52-109F2 Certification of Interim Filings Full   Certificate - CEO</a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-4.htm">99.4</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-4.htm">Form 52-109F2 Certification of Interim Filings Full   Certificate - CFO</a></td>
  </tr>
</table>
<p>&nbsp;</p>

<hr noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<p align="center"><strong><u>SIGNATURES</u></strong></p>

<p align="justify">Pursuant to the requirements of the Securities Exchange Act
  of 1934, the registrant has duly caused this report to be signed on its behalf
  by the undersigned, thereunto duly authorized.</p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><b>Endeavour Silver Corp.</b></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">(Registrant)</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">Date: November 3, 2016</td>
    <td valign="top">By:</td>
    <td><I>/s/ Bradford Cooke</I></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td><hr noshade align="center" width="100%" size=1 color="black"> </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>Bradford Cooke</td>
  </tr>
  <tr>
    <td width="50%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">Title:</td>
    <td>CEO</td>
  </tr>
</table>
<p>&nbsp; </p>

<hr noshade align="center" width="100%" size=5 color="Black"></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><IMG src="exhibit99-1x1x1.jpg" border=0 width="459" height="77"> </P>
<P align=center><B>Condensed Consolidated Interim Financial Statements </B></P>
<P align=center>Prepared by Management </P>
<P align=center><B>Third Quarter Report <BR></B><B>Three and Nine Months Ended
September 30, 2016 and 2015 </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 height="60">

  <TR vAlign=top>
    <TD noWrap align=left height="13"><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15"><B>CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL
      POSITION</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">(unaudited &#150; prepared by management) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left height="17">(expressed in
      thousands of US dollars) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"></TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><STRONG>September
      30,</STRONG> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">December 31, </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">Notes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>ASSETS</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Current assets</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Cash and cash
      equivalents </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B></B></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff><STRONG>$</STRONG></TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>83,240</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;20,413 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Investments </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>108</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">614 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Accounts
      receivable </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>4 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>25,924</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>24,343 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Inventories </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">5 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>11,995</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">17,350 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp;Prepaid expenses </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>1,230</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>2,510 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Total current assets </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>122,497</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">65,230 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Non-current deposits </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>798</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">855 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Deferred income tax asset </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>223 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Mineral properties, plant and equipment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%">7 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>56,193</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">47,925 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Total assets</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>179,488</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;114,233 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>LIABILITIES AND
      SHAREHOLDERS' EQUITY</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Current liabilities</B>
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD vAlign=bottom align=left width="1%"><B></B></TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"><STRONG>$</STRONG></TD>
    <TD vAlign=bottom align=right width="10%"><B>16,138</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;18,949 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Finance lease
      obligation </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>9 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>276</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1,180 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Income taxes payable </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>4,147</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">5,844 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp;Credit facility </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%" bgColor=#e6efff>8 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>10,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>22,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Total current liabilities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>30,561</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">47,973 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Credit facility - long term </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">8 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>1,500</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Provision for reclamation and
      rehabilitation </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>7,825</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>7,762 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Deferred income tax liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>6,689</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">7,623 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Total liabilities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>46,575</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>63,358 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Shareholders' equity</B>
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Share capital, unlimited common shares
      authorized, no par value, issued&nbsp;<BR>&nbsp;&nbsp;&nbsp;and
      outstanding 125,882,181 shares (Dec 31, 2015 - 102,776,470 shares) </TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=center width="10%">Page 4 </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="10%"><B>444,392</B> </TD>
    <TD vAlign=bottom align=right width="2%"></TD>
    <TD vAlign=bottom align=right width="1%"></TD>
    <TD vAlign=bottom align=right width="10%">368,898 </TD>
    <TD vAlign=bottom align=left width="2%"></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Contributed surplus </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>Page 4 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>6,319</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>9,465 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Accumulated comprehensive income (loss) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">Page 4 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>66</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(145</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Retained earnings (deficit) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>(317,864</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(327,343</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left><B>Total shareholders' equity</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>132,913</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">50,875 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Total liabilities and shareholders' equity</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>179,488</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;114,233 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>Subsequent events (Notes 7(c)) </P>
<P align=justify>Commitments and contingencies (Notes 7, 9 and 15) </P>
<P align=justify>The accompanying notes are an integral part of these condensed
consolidated interim financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left><B>Endeavour
      Silver Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left
      width="15%">Page - 2 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=justify><B>ENDEAVOUR SILVER CORP. </B><BR><B>CONDENSED CONSOLIDATED
INTERIM STATEMENTS OF COMPREHENSIVE INCOME (LOSS) </B><BR>(unaudited &#150; prepared
by management) <BR>(expressed in thousands of US dollars, except for shares and
per share amounts) </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="19%" colSpan=4><B>Three Months Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="19%" colSpan=4><B>Nine Months Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%"><B>Sept. 30,</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">Sept. 30, </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%"><B>Sept. 30,</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">Sept. 30, </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">Notes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Revenue </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff><B>&nbsp;42,066</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;42,737 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff><B>&nbsp;128,117</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;141,565 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Cost of sales: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Direct
      production costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>24,033</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">30,447 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>80,852</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">92,807 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Royalties </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>247</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>304 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>732</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>795 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Share-based
      compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">10(b) </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>(208</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">109 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>78</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">349 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Depreciation and
      depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>2,761</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>9,768 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>12,059</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>29,604 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>26,833</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">40,628 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>93,721</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">123,555 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Mine operating earnings </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>15,233</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,109 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>34,396</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>18,010 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Expenses: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Exploration </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">11 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>2,361</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,173 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>5,468</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">4,726 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp;General and administrative </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%" bgColor=#e6efff>12 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>2,827</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>1,812 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>8,010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>6,215 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>5,188</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,985 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>13,478</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">10,941 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Operating earnings (loss) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>10,045</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(876</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>20,918</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>7,069 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Finance costs </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>345</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>370 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>926</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,037 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Other income (expense): </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Write down of marketable
      securities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(4,785</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(4,785</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Foreign
      exchange </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>(1,650</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(2,964</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>(2,983</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(4,335</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; &nbsp; &nbsp;Investment and other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>(426</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">121 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>(610</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">805 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>(2,076</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(7,628</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>(3,593</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(8,315</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Earnings (loss) before income taxes </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>7,624</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(8,874</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>16,399</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(2,283</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Income tax expense (recovery): </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Current
      income tax </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>2,731</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,095 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>7,622</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>6,225 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; &nbsp; &nbsp;Deferred income tax </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>(693</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">3,110 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>(337</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">5,188 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>2,038</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>5,205 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>7,285</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>11,413 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Net earnings (loss) for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>5,586</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(14,079</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>9,114</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(13,696</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Other comprehensive income (loss), net of tax
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;
      &nbsp;Unrealized gain (loss) on available for sale investments </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>4</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>633 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>(58</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(27</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification of gain (loss)
      on available for
      sale&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments,
      included in the net loss </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">4,785 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>269</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">4,785 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total other comprehensive income (loss) for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>4</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>5,418 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>211</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>4,758 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left><B>Comprehensive income (loss) for the period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;5,590</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;(8,661</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;9,325</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;(8,938</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Basic earnings (loss) per share based on net earnings </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;0.04</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;(0.14</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;0.08</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;(0.13</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Diluted earnings (loss) per share based on net earnings
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%" bgColor=#e6efff>10(d) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;0.04</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;(0.14</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;0.08</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;(0.13</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Basic weighted average number of shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>125,277,591</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>101,976,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>114,426,580</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>101,976,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Diluted weighted average number of shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%">10(d) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>127,414,848</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">101,976,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>115,916,906</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">101,976,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE></DIV>
<P align=justify>The accompanying notes are an integral part of these condensed
consolidated interim financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left><B>Endeavour
      Silver Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left
      width="15%">Page - 3 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>
<P align=justify><B>ENDEAVOUR</B><B> </B><B>SILVER</B><B> </B><B>CORP.</B><B>
</B><BR><B>CONDENSED</B><B> </B><B>CONSOLIDATED</B><B> </B><B>INTERIM</B><B>
</B><B>STATEMENT</B><B> OF </B><B>CHANGES</B><B> IN </B><B>SHAREHOLDERS&#146;</B><B>
</B><B>EQUITY</B><B> </B><BR>(unaudited &#150; prepared by management) <BR>(expressed
in thousands of U.S. dollars, except share amounts) </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    >&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">Accumulated </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">other </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">Total </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">Number of </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">Share </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">Contributed </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">comprehensive </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">Shareholders' </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">Note </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">shares </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">Capital </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">Surplus </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">income (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">Deficit </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">Equity </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Balance at
      December 31, 2014 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>101,976,901 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;367,853 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;8,430 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;(4,758</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;(179,252</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;192,273 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom >&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Share based
      compensation </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>10 (b) </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,329 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,329 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Unrealized gain (loss) on
      available for sale assets </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(27</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(27</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff
      >Available-for-sale financial asset reclassified to net loss
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>4,785 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>4,785 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Expiry and forfeiture of
      options </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(1,850</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,850 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff >Earnings (loss) for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(13,696</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(13,696</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Balance at September 30, 2015
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">101,976,901 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">367,853 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">8,909 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(191,098</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">185,664 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff >&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Public equity offerings, net of
      issuance costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">10 (a) </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">799,569 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,045 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,045 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Share based
      compensation </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>10 (b) </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>556 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>556 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Unrealized gain (loss) on
      available for sale assets </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(145</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(145</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Expiry and
      forfeiture of options </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    >Earnings (loss) for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(136,245</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(136,245</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Balance at
      December 31, 2015 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>102,776,470 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>368,898 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>9,465 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(145</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(327,343</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>50,875 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom >&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Public equity
      offerings, net of issuance costs </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>10 (a) </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>17,463,472 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>53,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>53,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Exercise of options </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">10 (b) </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,495,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">15,965 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(5,417</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">10,548 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Issued on
      acquisition of mineral properties, net </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>7 (b) </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,147,239 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>6,529 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>6,529 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Share based compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">10 (b)(c) </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,636 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,636 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Unrealized gain
      (loss) on available for sale assets </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(58</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(58</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Realized gain (loss) on
      available for sale assets </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">269 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">269 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Expiry and
      forfeiture of options </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(365</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>365 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    >Earnings (loss) for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">9,114 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">9,114 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff >Balance at September 30, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>125,882,181 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;444,392 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;6,319 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;66 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;(317,864</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;132,913 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify>The accompanying notes are an integral part of these condensed
consolidated interim financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left><B>Endeavour
      Silver Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left
      width="15%">Page - 4 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<P align=justify><B>ENDEAVOUR SILVER CORP. </B><BR><B>CONDENSED CONSOLIDATED
INTERIM STATEMENTS OF CASH FLOWS </B><BR>(unaudited &#150; prepared by management)
<BR>(expressed in thousands of U.S. dollars)</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="19%" colSpan=4><B>Three Months Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="19%" colSpan=4><B>Nine Months Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%"><B>Sept. 30,</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">Sept. 30 </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%"><B>Sept. 30,</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">Sept. 30 </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">Notes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Operating activities</B>
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net earnings (loss) for the period </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%"><B>&nbsp;5,586</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(14,079</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%"><B>&nbsp;9,114</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(13,696</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Items not affecting cash: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Share-based compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">10 (b)(c) </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>775</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">735 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>2,636</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,329 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Depreciation and
      depletion </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>2,834</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>9,849 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>12,267</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>29,824 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Deferred income tax expense
      (recovery) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>(654</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,110 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>(711</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,188 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Unrealized
      foreign exchange loss (gain) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>723</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>48 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>589</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>196 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Loss on available for sale
      assets </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>269</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Settlement of
      derivative liability </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>17 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>(1,372</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Finance costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">8 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>345</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">338 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>926</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">950 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Write down of
      marketable securities </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>4,785 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>4,785 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>Net
      changes in non-cash working capital </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%">13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>8,071</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(747</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>(1,425</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(2,188</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Cash from (used in) operating activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>16,308</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>4,039 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>23,665</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>27,388 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Investing activities</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Property, plant
      and equipment expenditures </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>7 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>(5,508</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(9,291</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>(12,717</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(27,308</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Proceeds from disposition of
      available for sale assets </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>448</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp;Investment in long term deposits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>133</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>Cash
      used in investing activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>(5,508</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(9,291</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>(12,136</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(27,308</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Financing activities</B>
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Repayment of revolving credit
      facility </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">8 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>(2,500</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(3,000</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>(10,500</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(7,000</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Repayment of
      obligation under finance lease </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>(76</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(224</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>(465</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(224</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Debt issuance costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>(474</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Interest paid
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>(243</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(257</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>(632</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(706</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Public equity offerings </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">10 (a) </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>14,229</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>55,353</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Exercise of
      options and warrants </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>10 (b) </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>5,263</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>10,548</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; &nbsp;Share issuance costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%">10(a) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>(497</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>(1,943</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Cash from (used in) financing activites </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>16,176</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(3,481</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>51,887</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(7,930</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Increase (decrease) in cash
      and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>26,976</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(8,733</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>63,416</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(7,850</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Effect of exchange rate change on cash and
      cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>(584</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(235</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>(589</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(383</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Cash and cash equivalents, beginning of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>56,848</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>31,780 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>20,413</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>31,045 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left><B>Cash and cash equivalents, end of period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;83,240</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;22,812 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;83,240</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;22,812 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    bgColor=#e6efff>Supplementary cash flow information </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="8%" bgColor=#e6efff>13 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV><BR>
<P align=justify>The accompanying notes are an integral part of these condensed
consolidated interim financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left><B>Endeavour
      Silver Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left
      width="15%">Page - 5 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<P align=justify><B>ENDEAVOUR SILVER CORP. </B><BR><B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three and nine months ended
September 30, 2016 and 2015 <BR>(unaudited &#150; prepared by management)
<BR>(expressed in thousands of US dollars, unless otherwise stated) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B><U>CORPORATE
INFORMATION</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Endeavour Silver Corp. (the &#147;Company&#148;
or &#147;Endeavour Silver&#148;) is a corporation governed by the Business Corporation Act
(British Columbia). The Company is engaged in silver mining in Mexico and
related activities including acquisition, exploration, development, extraction,
processing, refining and reclamation. The Company is also engaged in exploration
activities in Chile. The address of the registered office is #301 &#150; 700 West
Pender Street, Vancouver, B.C., V6C 1G8.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B><U>BASIS OF
PRESENTATION</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>These condensed consolidated interim
financial statements have been prepared in accordance with IAS 34 <I>Interim
Financial Reporting</I> and do not include all of the information required for
full annual financial statements.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Board of Directors approved the
condensed consolidated interim financial statements for issue on November 2,
2016. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The preparation of interim financial
statements requires management to make judgments, estimates and assumptions that
affect the application of accounting policies and the reported amounts of assets
and liabilities, income and expense. Actual results may differ from these
estimates. </P>
<P style="MARGIN-LEFT: 5%" align=justify>These consolidated financial statements
are presented in the Company&#146;s functional currency of US dollars and include the
accounts of the Company and its wholly owned subsidiaries: Endeavour Management
Corp., Endeavour Zilver SARL, Endeavour Gold Corporation S.A. de C.V., EDR
Silver de Mexico S.A. de C.V. SOFOM ENR (Formerly Endeavour Capital S.A. de
C.V.), Minera Santa Cruz Y Garibaldi S.A de C.V., Metalurgica Guanacevi S.A. de
C.V., Minera Plata Adelante S.A. de C.V., Refinadora Plata Guanacevi S.A. de C.
V., Minas Bolanitos S. A. de C.V., Guanacevi Mining Services S.A. de C.V.,
Recursos Humanos Guanacevi S.A. de C.V., Recursos Villalpando S.A. de C.V.,
Servicios Administrativos Varal S.A. de C.V., Minera Plata Carina SPA, MXRT
Holding Ltd., Compania Minera del Cubo S.A. de C.V., Minas Lupycal S.A. de C.V.,
Metales Interamericanos S.A. de C.V., Oro Silver Resources Ltd. and Minera Oro
Silver de Mexico S.A. de C.V. All intercompany transactions and balances have
been eliminated upon consolidation of these subsidiaries. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B><U>SIGNIFICANT ACCOUNTING
  POLICIES</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The accounting policies applied in
these condensed consolidated interim financial statements are the same as those
applied in the Company&#146;s annual audited consolidated financial statements as at
and for the year ended December 31, 2015. </P>
<P style="MARGIN-LEFT: 5%" align=justify>In preparing these condensed
consolidated interim financial statements, the significant judgments made by
management in applying the Company&#146;s accounting policies and the key sources of
estimation uncertainty were the same as those that applied to the annual
consolidated financial statements as at and for the year ended December 31, 2015
and accordingly, should be read in conjunction with the Company&#146;s annual
consolidated financial statements for the year ended December 1, 2015. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Critical judgments in applying policies
that have the most significant effect on the amounts recognized in the
consolidated financial statements include the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">Acquisition of Oro Silver Resources Ltd. &#150;
      critical judgments include the determination of asset purchase versus
      business combination in respect of the Company&#146;s acquisition of Oro Silver
      Resources Ltd. during the period and the valuation of assets acquired and
      liabilities assumed (see note 7(b)). In making its determination, the
      Company considered established mineral resources associated with the El
      Compas property and other contracts assumed in the transaction.
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Accounting standards adopted during the
    period</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Amendments to IAS 1, <I>Presentation of
Financial Statements (&#147;IAS 1&#148;) <BR></I>On December 18, 2014, the IASB issued
amendments to IAS 1 as part of its major initiative to improve presentation and
disclosure in financial reports. The amendments are effective for annual periods
beginning on or after January 1, 2016 with early adoption permitted. The Company
adopted these amendments in its financial statements for the annual period
beginning on January 1, 2016 with no material impact on the financial
statements.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Changes in IFRS not yet
adopted</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><I>Amendments to IAS 7, Statement of
Cash Flows (&#147;IAS 7&#148;) <BR></I>On January 7, 2016, the IASB issued amendments to
IAS 7. The amendments apply prospectively for annual periods beginning on or
after January 1, 2017 with early adoption permitted. The amendments require
disclosures that enable users of financial statements to evaluate changes in
liabilities arising from financing activities, including both changes arising
from cash flow and non-cash changes. The Company intends to adopt the amendments
to IAS 7 in its financial statements for the annual periods beginning on January 1, 2017. The extent
of the impact of adoption of the amendments has not yet been determined. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left><B>Endeavour
      Silver Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left
      width="15%">Page - 6 - </TD>
  </TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=justify><B>ENDEAVOUR SILVER CORP. </B><BR><B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three and nine months ended
September 30, 2016 and 2015 <BR>(unaudited &#150; prepared by management)
<BR>(expressed in thousands of US dollars, unless otherwise stated) </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Amendments to IAS 12, Income Taxes
(&#147;IAS 12&#148;) <BR></I>On January 19, 2016, the IASB issued amendments to IAS 12.
The amendments apply retrospectively for annual periods beginning on or after
January 1, 2017 with early adoption permitted. The amendments clarify that the
existence of a deductible temporary difference depends solely on a comparison of
the carrying amount of an asset and its tax basis at the end of the reporting
period, and is not affected by possible future changes in the carrying amount or
expected manner of recovery of the asset. The amendments also clarify the
methodology to determine future income tax profits used for assessing the
utilization of deductible temporary differences. The Company intends to adopt
the amendments to IAS 12 in its financial statements for the annual period
beginning on January 1, 2017. The extent of the impact of adoption of the
amendments has not yet been determined. </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Amendments to IFRS 2, Share-based
Payment (&#147;IFRS 2&#148;) <BR></I>On June 20, 2016, the IASB issued amendments to IFRS
2 clarifying how to account for certain types of share-based payment
transactions. The amendments provide requirements on the accounting for: the
effects of vesting and non-vesting conditions on the measurement of cash-settled
share-based payments; share-based transactions with a net settlement feature for
withholding tax obligations; and a modification to the terms and conditions of a
share-based payment that changes the classification of a transaction from
cash-settled to equity settled. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The amendments apply for annual periods
beginning on or after January 1, 2018. As a practical simplification, the
amendments can be applied prospectively. Retrospective, or early, application is
permitted if information is available without the use of hindsight. The Company
intends to adopt the amendments to IAS 2 in its financial statements for the
annual period beginning on January 1, 2018. The extent of the impact of adoption
of the amendments has not yet been determined. </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>IFRS 9 Financial Instruments (&#147;IFRS
9&#148;) <BR></I>In November 2009, the IASB issued IFRS 9 as the first step in its
project to replace IAS 39, <I>Financial Instruments: Recognition and
Measurement</I>. On July 24, 2014 the IASB issued the complete IFRS 9. IFRS 9
retains but simplifies the mixed measurement model and establishes two primary
measurement categories for financial assets: amortized cost and fair value. The
basis of classification depends on an entity&#146;s business model and the
contractual cash flows of the financial asset.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Classification is made at the time the
financial asset is initially recognized, namely when the entity becomes a party
to the contractual provisions of the instrument. </P>
<P style="MARGIN-LEFT: 5%" align=justify>IFRS 9 amends some of the requirements
of IFRS 7, <I>Financial Instruments: Disclosures</I>, including added
disclosures about investments in equity instruments measured at fair value in
other comprehensive income, and guidance on the measurement of financial
liabilities and de-recognition of financial instruments. The mandatory effective
date of IFRS 9 is for annual periods beginning on or after January 1, 2018 with
early adoption permitted, and must be applied retrospectively with some
exemptions permitted. The Company is currently assessing the impact of adopting
IFRS 9 on its consolidated financial statements. </P>
<P style="MARGIN-LEFT: 5%" align=justify>IFRS 15, <I>Revenue from Contracts with
Customers (&#147;IFRS 15&#148;)</I> <BR>On May 28, 2014, the IASB issued IFRS 15. The new
standard is effective for annual periods beginning on or after January 1, 2018
with early adoption permitted. IFRS 15 will replace IAS 11 <I>Construction
Contracts</I>, IAS 18 <I>Revenue</I>, IFRIC 13 <I>Customer Loyalty
Programmes</I>, IFRIC 15 <I>Agreements for the Construction of Real Estate</I>,
IFRIC 18 <I>Transfer of Assets from Customers</I> and SIC 31 <I>Revenue</I> &#150;
<I>Barter Transactions Involving Advertising Services</I>. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The standard contains a single model
that applies to contracts with customers and two approaches to recognizing
revenue: at a point in time or over time. The model features a contract-based
five-step analysis of transactions to determine whether, how much and when
revenue is recognized. New estimates and judgmental thresholds have also been
introduced, which may affect the amount and/or timing of revenue recognized.
</P>
<P style="MARGIN-LEFT: 5%" align=justify>On April 12, 2016 the IASB issued
<I>Clarifications to IFRS 15, Revenue from Contracts with Customers</I>, which
is effective at the same time as IFRS 15. The clarifications to IFRS 15 provide
additional guidance with respect to the five-step analysis, transition, and the
application of the standard to licenses of intellectual property.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company intends to adopt IFRS 15
and the clarifications in its consolidated financial statements for the annual
period beginning on January 1, 2018. The extent of the impact of adoption of the
standard has not yet been determined. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left><B>Endeavour
      Silver Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left
      width="15%">Page - 7 - </TD>
  </TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<P align=justify><B>ENDEAVOUR SILVER CORP. </B><BR><B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three and nine months ended
September 30, 2016 and 2015 <BR>(unaudited &#150; prepared by management)
<BR>(expressed in thousands of US dollars, unless otherwise stated) </P>
<P style="MARGIN-LEFT: 5%" align=justify>IFRS 16, <I>Leases (&#147;IFRS 16&#148;)</I>
<BR>On January 13, 2016, the IASB published a new standard, IFRS 16, <I>Leases,
</I>eliminating the current dual accounting model for lessees, which
distinguishes between on-balance sheet finance leases and off-balance sheet
operating leases. Under the new standard, a lease becomes an on-balance sheet
liability that attracts interest, together with a new right-of-use asset. In
addition, lessees will recognize a front-loaded pattern of expense for most
leases, even when cash rentals are constant. IFRS 16 is effective for annual
periods beginning on or after January 1, 2019, with earlier adoption permitted.
The Company has not yet completed an assessment of the impact of this standard
on its consolidated financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B><U>ACCOUNTS
RECEIVABLE</U></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%"></TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%"><STRONG>September 30</STRONG> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%">December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">Note </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgcolor="#E6EFFF">Trade receivables <SUP>(1)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" bgcolor="#E6EFFF"></TD>
    <TD vAlign=bottom align=center width="10%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgcolor="#E6EFFF"><STRONG>$</STRONG></TD>
    <TD vAlign=bottom align=right width="10%" bgcolor="#E6EFFF"><B>7,589</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgcolor="#E6EFFF">$</TD>
    <TD vAlign=bottom align=right width="10%" bgcolor="#E6EFFF">&nbsp;1,704 </TD>
    <TD vAlign=bottom align=left width="2%" bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#FFFFFF>IVA receivables </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#FFFFFF>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#FFFFFF><B>13,949</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#FFFFFF>16,506 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#FFFFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgcolor="#E6EFFF">Income taxes recoverable </TD>
    <TD vAlign=bottom align=left width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgcolor="#E6EFFF">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgcolor="#E6EFFF"><B>3,705</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgcolor="#E6EFFF">5,676 </TD>
    <TD vAlign=bottom align=left width="2%" bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#FFFFFF>Due from related parties </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#FFFFFF>6 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#FFFFFF><B>3</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#FFFFFF>111 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#FFFFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left bgcolor="#E6EFFF">Other receivables </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%" bgcolor="#E6EFFF">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgcolor="#E6EFFF"><B>678</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgcolor="#E6EFFF">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgcolor="#E6EFFF">346 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#FFFFFF>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#FFFFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#FFFFFF><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#FFFFFF><B>25,924</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#FFFFFF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#FFFFFF>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#FFFFFF>&nbsp;24,343 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#FFFFFF>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST height="45">

  <TR>
    <TD width="5%" height="45"  >&nbsp;</TD>
    <TD vAlign=top width="5%" height="45"><sup>(1) </sup> </TD>
    <TD height="45">
      <P align=justify>The trade receivables consist of receivables from
      provisional silver and gold sales from the Bolanitos and El Cubo mines.
      The fair value of receivables arising from concentrate sales contracts
      that contain provisional pricing mechanisms is determined using the
      appropriate quoted closing price on the measurement date from the exchange
      that is the principal active market for the particular metal. As such,
      these receivables, which meet the definition of a derivative, are
      classified within Level 1 of the fair value hierarchy (see note
  16).</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B><U>INVENTORIES</U></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="12%"><B>September 30</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="12%">December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Warehouse inventory </TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;7,989</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;9,730 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Stockpile inventory <SUP>(1)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>21</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">3,808 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Work in process inventory
      <SUP>(2)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>508</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>391 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Finished goods inventory <SUP>(3)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>3,477</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">3,421 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;11,995</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;17,350 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><sup>(1) </sup> </TD>
    <TD>
      <P align=justify>The Company has stockpiled 349 tonnes of mined ore as of
      September 30, 2016 (December 31, 2015 &#150; 71,793 tonnes). The stockpile
      inventory balance at December 31, 2015 includes a write down to net
      realizable value of $154 for stockpile inventory held at the El Cubo mine.
      Of this amount, $116 is comprised of cash costs and $38 relates to
      depreciation and depletion.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><sup>(2) </sup> </TD>
    <TD>
      <P align=justify>The work in process inventory balance at December 31,
      2015 includes a write down to net realizable value of $80 for work in
      process inventory at the El Cubo mine. Of this amount, $60 is comprised of
      cash costs and $20 relates to depreciation and depletion.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><sup>(3) </sup> </TD>
    <TD>
      <P align=justify>The Company held 212,215 silver ounces and 832 gold
      ounces as of September 30, 2016 (December 31, 2015 &#150; 194,496 and 1,285,
      respectively). These ounces are carried at the lower of cost and net
      realizable value. As at September 30, 2016, the quoted market value of the
      silver ounces was $4,106 (December 31, 2015 - $2,688) and the quoted
      market value of the gold ounces was $1,100 (December 31, 2015 -
      $1,364).</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left><B>Endeavour
      Silver Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left
      width="15%">Page - 8 - </TD>
  </TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=justify><B>ENDEAVOUR SILVER CORP. </B><BR><B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three and nine months ended
September 30, 2016 and 2015 <BR>(unaudited &#150; prepared by management)
<BR>(expressed in thousands of US dollars, unless otherwise stated) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B><U>RELATED PARTY
TRANSACTIONS</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company shares common
administrative services and office space with a company related by virtue of a
common director and from time to time will incur third party costs on behalf of
the related parties on a full cost recovery basis. The charges for these costs
totaled $33 for the nine months ended September 30, 2016 (September 30, 2015 -
$33). The Company has a $3 net receivable related to administration costs and
other items outstanding as of September 30, 2016. (December 31, 2015 &#150; $111).
</P>
<P style="MARGIN-LEFT: 5%" align=justify>On May 27, 2016, the Company acquired
Oro Silver Resources from Canarc Resource Corp. (&#147;Canarc&#148;), which is a company
related by virtue of a common director. See Note 7(b). </P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company was charged $234 for legal
services for the nine months ended September 30, 2015 by a legal firm in which
the Company&#146;s Corporate Secretary is a partner (September 30, 2015 - $118). The
Company has $Nil payable to the legal firm as at September 30, 2016 (December
31, 2015 - $12). </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify><B><U>MINERAL PROPERTIES, PLANT AND
    EQUIPMENT</U></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Mineral properties, plant and equipment
      comprise:</B></P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">Mineral </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">Machinery &amp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">Transport &amp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">properties </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">Plant </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">equipment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">Building </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">office equipment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">Total </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left><B>Cost</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance at December 31, 2014
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;398,913 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;90,989 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;56,134 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;9,971 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;7,842 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;563,849 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Additions </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">30,716 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,786 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">4,123 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">508 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">750 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">38,883 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Disposals </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(67</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(67</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance at December 31, 2015
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>429,629 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>93,775 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>60,257 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>10,479 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>8,525 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>602,665 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Additions </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>17,128 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>802 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,160 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>68 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>407 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>19,565 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Disposals </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(227</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(23</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(250</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Balance at September 30, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;446,757 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;94,577 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;61,190 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;10,547 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;8,909 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;621,980 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Accumulated amortization
      and impairment</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance at December 31, 2014
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;315,950 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;37,388 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;19,698 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;2,486 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;5,597 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;381,119 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Amortization </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">24,284 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">6,689 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">6,508 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">863 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,344 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">39,688 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Impairment </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>71,100 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>39,800 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>17,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>5,600 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>500 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>134,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Disposals </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(67</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(67</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Balance at December 31, 2015 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">411,334 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">83,877 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">43,206 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">8,949 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">7,374 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">554,740 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Amortization </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">6,957 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,300 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,272 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">207 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">358 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">11,094 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Disposals </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(24</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(23</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(47</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Balance at September 30, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;418,291</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;85,177</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;45,454</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;9,156</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;7,709</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;565,787</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Net book value</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>At December 31, 2015 </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;18,295 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;9,898 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;17,051 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;1,530 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;1,151 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;47,925 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>At September 30, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;28,466</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;9,400</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;15,736</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;1,391</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;1,200</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;56,193</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>As of September 30, 2016, other than
the finance lease obligations of $276, the Company has $Nil committed to capital
equipment purchases.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left><B>Endeavour
      Silver Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left
      width="15%">Page - 9 - </TD>
  </TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A>
<P align=justify><B>ENDEAVOUR SILVER CORP. </B><BR><B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three and nine months ended
September 30, 2016 and 2015 <BR>(unaudited &#150; prepared by management)
<BR>(expressed in thousands of US dollars, unless otherwise stated) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Acquisition of Oro Silver Resources
  Ltd</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>On May 27, 2016, the Company issued
2,147,239 common shares to Canarc, a related party company, and assumed Canarc&#146;s
obligation to pay an aggregate of 165 troy ounces of gold to Marlin Gold Mining
Ltd to acquire a 100% interest in Canarc&#146;s wholly-owned subsidiary, Oro Silver
Resources Ltd., which owns the El Compas project through its wholly owned
Mexican subsidiary, Minera Oro Silver de Mexico SA de CV (&#147;Minera Oro
Silver&#148;).</P>
<P style="MARGIN-LEFT: 5%" align=justify>The 3,990 hectare El Compas project
located in Zacatecas, Mexico consists of 28 concessions fully permitted for
mining with 22 concessions subject to a 1.5% net smelter return royalty and six
concessions subject to a 3.0% net smelter return royalty.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Minera Oro Silver also holds a five
year operating lease, renewable for an additional five years, on a 500 tonne per
day ore processing plant located in Zacatecas, Mexico for a total annual lease
cost of 1,632,000 Mexican Pesos (approximately $90), adjusted annually for
inflation. The plant is currently not operational and will require capital
investment to restore to an operational state. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The acquisition is considered to be
outside the scope of IFRS 3, Business Combinations, since the El Compas project
does not meet the definition of a business, and as such, the transaction was
accounted for as an asset acquisition. The purchase price is allocated to the
underlying assets acquired and liabilities assumed, based upon their estimated
fair values at the date of acquisition.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Oro Silver Resources Ltd purchase
consideration:</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=left>Common shares issued<SUP>(1)</SUP> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">$</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=right
    width="12%">&nbsp;6,529 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Assumed liability
      <SUP>(2)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>215 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Acquisition costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">30 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total consideration </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;6,774 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><sup>(1) </sup> </TD>
    <TD>
      <P align=justify>2,147,239 common shares were issued with a fair value of
      $3.05 per share, with the fair value per share measured by the closing
      listed New York Stock Exchange prices of the Company&#146;s common shares on
      the acquisition date. The related share issuance cost of $20 is recognized
      as a reduction of equity.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%"><sup>(2) </sup> </TD>
    <TD>
      <P align=justify>165 troy ounces of gold (or the U.S. dollar equivalent)
      will be paid by the Company to Marlin Gold Mining Ltd. or to any of its
      subsidiaries in three instalments until October 2017. The fair value of
      the assumed liability was measured using the London PM fixed gold price on
      the acquisition date.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B>Fair value summary of assets
acquired and liabilities assumed:</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=left>Assets: </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="12%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left bgColor=#e6efff>Current assets </TD>
    <TD vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom noWrap align=right width="12%" bgColor=#e6efff>&nbsp;64
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Long term deposit </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Equipment </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>16 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Mineral properties </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">6,714 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Total assets </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;6,796 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Liabilities: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Accounts payable and accrued liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(22</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(22</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Net identifable assets acquired </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;6,774 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(c)</B> </TD>
    <TD>
      <P align=justify><B>Acquisition of Parral
Properties</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>On September 13, 2016, the Company
entered into a definitive agreement with Silver Standard Resources Inc. (&#147;Silver
Standard&#148;) to acquire a 100% interest in Silver Standard&#146;s Parral properties,
located in the historic silver mining district of Hidalgo de Parral in southern
Chihuahua state, Mexico (&#147;the agreement&#148;). </P>
<P style="MARGIN-LEFT: 5%" align=justify>Subsequent to quarter end, Endeavour
paid $6.0 million in Endeavour common shares, being 1,198,083 common shares at
$5.01 per share, representing the 10-day average closing price of Endeavour&#146;s
shares on the New York Stock Exchange (&#147;NYSE&#148;) prior to the date of the
agreement. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left><B>Endeavour
      Silver Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left
      width="15%">Page - 10 - </TD>
  </TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A>
<P align=justify><B>ENDEAVOUR SILVER CORP. </B><BR><B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three and nine months ended
September 30, 2016 and 2015 <BR>(unaudited &#150; prepared by management)
<BR>(expressed in thousands of US dollars, unless otherwise stated) </P>
<P style="MARGIN-LEFT: 5%" align=justify>In addition, the Company has committed
to spend $2.0 million on exploration on two of the properties (the San Patricio
and La Palmilla properties) over the two-year period following the closing of
the transaction. Upon completing this exploration expenditure, Endeavour will
have one year to deliver a National Instrument 43-101 (&#147;NI 43-101&#148;) technical
report, including a resource estimate, and issue an additional $200 in common
shares to Silver Standard for each one million ounces of silver delineated in
measured and indicated resources on the San Patricio and La Palmilla properties,
based on the 10-day average closing price of Endeavour&#146;s common shares on the
NYSE prior to the earlier of delivery of the NI 43-101 report and the third
anniversary of the initial closing date under the Agreement. Silver Standard
will also retain a 1% net smelter returns royalty on production from the San
Patricio and La Palmilla properties. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify><B><U>CREDIT FACILITY</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>On January 19, 2016, the Company signed
an amended and restated credit facility (&#147;the Amended Facility&#148;) which became
effective April 1, 2016 to convert the remaining outstanding balance under the
existing revolving credit facility into a two year term loan amortized quarterly
maturing on December 31, 2017. The Amended Facility is principally secured by a
pledge of the Company&#146;s equity interests in its material operating subsidiaries,
including Refinadora Plata Guanacevi SA de CV, Minas Bola&#241;itos SA de CV and
Compania Minera del Cubo SA de CV. The interest rate margin on the Facility is
4.5% over LIBOR and the Company agreed to pay a fee of $300 upon signing. The
Facility is subject to various qualitative and quantitative covenants, including
a debt to EBITDA leverage ratio, an interest service coverage ratio and a
tangible net worth calculation.</P>
<P style="MARGIN-LEFT: 5%" align=justify>At September 30, 2016, the Company had
$11,500 outstanding on the Amended Facility (December 31, 2015 &#150; $22,000), which
is due within 15 months of the balance sheet date.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="23%">Facility Financial </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%"><B>September 30</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%">December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>Facility Financial Covenants </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="23%">Requirements </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Leverage Ratio </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="23%" bgColor=#e6efff><U>&lt;</U>
      3.00:1 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>0.30</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>0.53 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Interest Service Coverage Ratio </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="23%"><U>&gt;</U> 4.00:1 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>52</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">42 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Tangible Net Worth </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="23%" bgColor=#e6efff>&gt; 45,900 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>132,851</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>51,020 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify><B><U>FINANCE LEASE
OBLIGATION</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company has certain mining
equipment under financial leases expiring in 2016. The leases carry a weighted
average annual interest rate of 10%. Estimated lease payments are as follows:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="12%"><B>September 30</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="12%">December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Minimum lease payments in 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;278</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;1,238 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Total minimum lease payments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>278</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,238 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Less: interest portion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">58 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Net minimum lease payments </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;276</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;1,180 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The equipment under finance leases has
been recognized in property and equipment at the present value of minimum lease
payments. Interest charges on lease equipment during the nine months ended
September 30, 2016 were approximately $56 (2015 - $31). Other than interest, no
costs were incurred relating to the leases. The lease is secured by the assets
under lease. At September 30, 2016 the net book value of the equipment pledged
as security for the finance leases is $417 (December 31, 2015 - $1,544). </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify><B><U>SHARE CAPITAL</U></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Public Offerings</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>In July 2014, the Company filed a short
form base shelf prospectus (the &#147;Base Shelf&#148;) that qualified for the
distribution, including transactions that are deemed to be &#147;at-the-market&#148;
(&#147;ATM&#148;) distributions, of up to CAN$ 200 million of common shares, warrants or
units of the Company comprising any combination of common shares and warrants
(the &#147;Securities&#148;).</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left><B>Endeavour
      Silver Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left
      width="15%">Page - 11 - </TD>
  </TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A>
<P align=justify><B>ENDEAVOUR SILVER CORP. </B><BR><B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three and nine months ended
September 30, 2016 and 2015 <BR>(unaudited &#150; prepared by management)
<BR>(expressed in thousands of US dollars, unless otherwise stated) </P>
<P style="MARGIN-LEFT: 5%" align=justify>On November 25, 2015, the Company
entered into an ATM equity facility with Cowen and Company, LLC, acting as sole
agent. Under the terms of this ATM facility, the Company sold common stock
having an aggregate offering value of US$16.5 million on the New York Stock
Exchange. The Company determined, at its sole discretion, the timing and number
of shares sold under the ATM facility. During the second quarter of 2016, the
Company completed this ATM program issuing 7,218,125 common shares under the ATM
facility at an average price of $2.13 per share for proceeds of $14,893, net of
commission. </P>
<P style="MARGIN-LEFT: 5%" align=justify>In May 2016, the Company filed a short
form base shelf prospectus that qualifies for the distribution of up to CAN$ 175
million of common shares, warrants or units of the Company comprising any
combination of common shares and warrants (the &#147;Securities&#148;). The distribution
of Securities may be effected from time to time in one or more transactions at a
fixed price or prices, which may be changed, at market prices prevailing at the
time of sale, or at prices related to such prevailing market prices to be
negotiated with purchasers and as set forth in an accompanying prospectus
supplement, including transactions that are deemed to be ATM distributions.</P>
<P style="MARGIN-LEFT: 5%" align=justify>On May 5, 2016, the Company entered
into an ATM equity facility with Cowen and Company, LLC, acting as sole agent.
Under the terms of this ATM facility, the Company may, from time to time, sell
common stock having an aggregate offering value of up to US$40.0 million on the
New York Stock Exchange. The Company determines, at its sole discretion, the
timing and number of shares to be sold under the ATM facility. During the nine
months ended September 30, 2016, the Company issued 10,245,347 common shares
under the ATM facility at an average price of $3.90 per share for proceeds of
$38,949, net of commission. </P>
<P style="MARGIN-LEFT: 5%" align=justify>During the nine months ended September
30, 2016, the Company also recognized $843 of additional transaction costs,
related to the two ATM financings, as share issuance costs which have been
presented net of share capital. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Purchase Options</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Options to purchase common shares have
been granted to directors, officers, employees and consultants pursuant to the
Company&#146;s current stock option plan approved by the Company&#146;s shareholders in
fiscal 2009, and ratified in 2012, at exercise prices determined by reference to
the market value on the date of grant. The stock option plan allows for, with
approval by the Board, granting of options to its directors, officers, employees
and consultants to acquire up to 7.5% of the issued and outstanding shares at
any time.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The following table summarizes the
status of the Company&#146;s stock option plan and changes during the period: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=left><B>Expressed in Canadian dollars</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="29%" colSpan=4><B>Period Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="29%" colSpan=4><B>September 30, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">Number </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">Weighted average </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="13%">of shares </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="13%">exercise price </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="13%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="13%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Outstanding, beginning of
      year </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" bgColor=#e6efff>6,322,050 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=center width="13%" bgColor=#e6efff>$3.80 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Granted </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%">2,150,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=center width="13%">$4.30 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Exercised
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" bgColor=#e6efff>(3,495,000</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=center width="13%" bgColor=#e6efff>$3.89 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Cancelled </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="13%">(515,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="13%">$4.14 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Outstanding, end of period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="13%" bgColor=#e6efff>4,462,050 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="13%" bgColor=#e6efff>$3.93 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="13%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="13%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Options exercisable at period end </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="13%" bgColor=#e6efff>2,153,050 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="13%" bgColor=#e6efff>$4.12 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left><B>Endeavour
      Silver Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left
      width="15%">Page - 12 - </TD>
  </TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_14></A>
<P align=justify><B>ENDEAVOUR SILVER CORP. </B><BR><B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three and nine months ended
September 30, 2016 and 2015 <BR>(unaudited &#150; prepared by management)
<BR>(expressed in thousands of US dollars, unless otherwise stated) </P>
<P style="MARGIN-LEFT: 5%" align=justify>The following tables summarize
information about stock options outstanding at September 30, 2016: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="77%" colSpan=6><B>Expressed in Canadian dollars</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="45%" colSpan=3>Options Outstanding </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="30%" colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;Options Exercisable </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="15%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="15%">Weighted </TD>
    <TD vAlign=bottom noWrap align=center width="15%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="15%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="15%">&nbsp; &nbsp; &nbsp;
      &nbsp;Number </TD>
    <TD vAlign=bottom noWrap align=center width="15%">Average </TD>
    <TD vAlign=bottom noWrap align=center width="15%">Weighted </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="15%">Number </TD>
    <TD vAlign=bottom noWrap align=center width="15%">Weighted </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>CAN $ </TD>
    <TD vAlign=bottom noWrap align=center width="15%">Outstanding </TD>
    <TD vAlign=bottom noWrap align=center width="15%">Remaining </TD>
    <TD vAlign=bottom noWrap align=center width="15%">Average </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="15%">Exercisable </TD>
    <TD vAlign=bottom noWrap align=center width="15%">Average </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>Price </TD>
    <TD vAlign=bottom noWrap align=center width="15%">as at </TD>
    <TD vAlign=bottom noWrap align=center width="15%">Contractual Life </TD>
    <TD vAlign=bottom noWrap align=center width="15%">Exercise </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="15%">as at </TD>
    <TD vAlign=bottom noWrap align=center width="15%">Exercise </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>Intervals </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="15%">Sept. 30, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="15%">(Number of Years) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="15%">&nbsp; &nbsp;Prices </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="15%">Sept. 30, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="15%">&nbsp; &nbsp;Prices </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="15%">&nbsp; </TD>
    <TD vAlign=bottom width="15%">&nbsp; </TD>
    <TD vAlign=bottom width="15%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="15%">&nbsp; </TD>
    <TD vAlign=bottom width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=center bgColor=#e6efff>$2.00 - $2.99 </TD>
    <TD vAlign=bottom align=right width="15%" bgColor=#e6efff>1,183,500 </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#e6efff>3.6 </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#e6efff>$2.65 </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%" bgColor=#e6efff>414,500 </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#e6efff>$2.65 </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=center>$4.00 - $4.99 </TD>
    <TD vAlign=bottom align=right width="15%">3,231,300 </TD>
    <TD vAlign=bottom align=center width="15%">3.6 </TD>
    <TD vAlign=bottom align=center width="15%">$4.33 </TD>
    <TD vAlign=bottom align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%">1,691,300 </TD>
    <TD vAlign=bottom align=center width="15%">$4.36 </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=center bgColor=#e6efff>$8.00 - $8.99 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="15%" bgColor=#e6efff>47,250 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="15%" bgColor=#e6efff>0.8 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="15%" bgColor=#e6efff>$8.59 </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="15%" bgColor=#e6efff>47,250 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="15%" bgColor=#e6efff>$8.59 </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " vAlign=bottom align=right
    width="15%">4,462,050 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " vAlign=bottom align=center
    width="15%">3.5 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " vAlign=bottom align=center
    width="15%">$3.93 </TD>
    <TD vAlign=bottom align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " vAlign=bottom align=right
    width="15%">2,153,050 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " vAlign=bottom align=center
    width="15%">$4.12 </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>During the nine months ended September
30, 2016, the Company recognized share based compensation expense of $2,126
(September 30, 2015 - $2,329) based on the fair value of the vested portion of
options granted in prior years.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(c)</B> </TD>
    <TD>
      <P align=justify><B>Performance share units</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>A total of 425,000 performance share
units (&#147;PSUs&#148;) were granted during the nine months ended September 30, 2016
under the Company&#146;s PSU plan. During the three months ended September 30, 2016,
100,000 PSUs were cancelled resulting in 325,000 PSUs outstanding at September
30, 2016. The PSUs vest on January 1, 2017, subject to achievement of
predetermined performance and/or service criteria. The current maximum number of
common share authorized for issuance from treasury under the PSU plan is
1,000,000. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Compensation expense related to PSUs
for the nine months ended September 30, 2016 was $510 (September 30, 2015 -
$Nil). </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(d)</B> </TD>
    <TD>
      <P align=justify><B>Diluted Earnings per
Share</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="27%" colSpan=4><B>Three Months ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>Sept. 30</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%">Sept. 30 </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Basic earnings (loss) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;5,586</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;(14,079</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Basic weighted average number of shares
      outstanding </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>125,277,591</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">101,976,901 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Effect of dilutive
      securities: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; Stock options </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>1,812,257</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; Performance share units </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>325,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Diluted weighted average number of share outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>127,414,848</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">101,976,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Diluted earnings (loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;0.04</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">&nbsp;(0.14</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="27%" colSpan=4><B>Nine Months ended</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>Sept. 30</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%">Sept. 30 </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Basic earnings (loss) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;9,114</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;(13,696</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Basic weighted average number of shares
      outstanding </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>114,426,580</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">101,976,901 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Effect of dilutive
      securities: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; Stock options </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>1,165,325</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; Performance share units </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>325,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Diluted weighted average number of share outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>115,916,905</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">101,976,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Diluted earnings (loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;0.08</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">&nbsp;(0.13</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left><B>Endeavour
      Silver Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left
      width="15%">Page - 13 - </TD>
  </TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_15></A>
<P align=justify><B>ENDEAVOUR SILVER CORP. </B><BR><B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three and nine months ended
September 30, 2016 and 2015 <BR>(unaudited &#150; prepared by management)
<BR>(expressed in thousands of US dollars, unless otherwise stated) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify><B><U>EXPLORATION</U></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="23%" colSpan=4><B>Three months ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="23%" colSpan=4><B>Nine months ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>September 30</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">September 30 </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>September 30</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">September 30 </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Depreciation and depletion
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>&nbsp;10</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;19 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>&nbsp;41</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;64 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Share-based compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>110</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">71 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>297</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">217 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Salaries, wages and benefits
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>461</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>445 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>1,597</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1,075 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Direct exploration expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>1,780</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">638 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>3,533</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">3,370 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>&nbsp;2,361</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;1,173 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>&nbsp;5,468</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;4,726 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>12. </TD>
    <TD align=left width="95%"><B><U>GENERAL AND ADMINISTRATIVE</U></B>
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="23%" colSpan=4><B>Three months ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="23%" colSpan=4><B>Nine months ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>September 30</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">September 30 </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>September 30</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">September 30 </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Depreciation and depletion
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>&nbsp;63</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;62 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>&nbsp;167</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;156 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Share-based compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>873</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">555 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>2,261</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,763 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Salaries, wages and benefits
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>1,167</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>567 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>3,514</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2,388 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Direct costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>724</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">628 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>2,068</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">1,908 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>&nbsp;2,827</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;1,812 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>&nbsp;8,010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;6,215 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>13. </TD>
    <TD align=left width="95%"><B><U>SUPPLEMENTARY DISCLOSURE WITH RESPECT TO
      CASH FLOWS</U></B> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="27%" colSpan=4><B>Nine Months
      Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>September 30</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%">September 30 </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Net changes in non-cash
      working capital </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Accounts receivable </TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;(1,829</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;2,800 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Inventories </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>4,086</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,809 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Prepaid expenses </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>1,291</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">709 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Accounts payable
      and accrued liabilities </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(3,276</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(2,185</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; &nbsp;Income taxes payable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>(1,697</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(5,321</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;(1,425</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;(2,188</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Non-cash financing and
      investing activities: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Fair value of exercised options
      allocated to share capital </TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;5,417</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Common shares
      issued on acquisition of mineral properties </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;6,549</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; &nbsp;Fair value of assets acquired under capital lease
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">&nbsp;1,150 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Other cash disbursements: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Income taxes
      paid </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;6,911</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;11,598 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; &nbsp;Special mining duty paid </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;1,042</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">&nbsp;3,245 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left><B>Endeavour
      Silver Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left
      width="15%">Page - 14 - </TD>
  </TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_16></A>
<P align=justify><B>ENDEAVOUR SILVER CORP. </B><BR><B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three and nine months ended
September 30, 2016 and 2015 <BR>(unaudited &#150; prepared by management)
<BR>(expressed in thousands of US dollars, unless otherwise stated) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">14. </TD>
    <TD>
      <P align=justify><B><U>SEGMENT DISCLOSURES</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company&#146;s operating segments are
based on internal management reports that are reviewed by the Company&#146;s
executives (the chief operating decision makers) in assessing performance. The
Company has three operating mining segments, Guanacevi, Bolanitos and El Cubo,
which are located in Mexico as well as Exploration and Corporate segments. The
Exploration segment consists of projects in the exploration and evaluation
phases in Mexico and Chile. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="63%" colSpan=16><B>September 30,
      2016</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Corporate</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Exploration</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Guanacevi</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Bolanitos</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>El Cubo</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;62,580 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;4,087 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;4,588 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;5,602 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;6,383 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;83,240 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Investments </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">108 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">108 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Accounts receivables </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>964 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>766 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>5,711 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>4,331 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>14,152 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>25,924 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Inventories </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">7,561 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,048 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,386 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">11,995 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Prepaid expenses </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>658 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>186 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>209 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>97 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>80 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,230 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Non-current deposits </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">76 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">56 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">450 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">143 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">73 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">798 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Mineral properties, plant and equipment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>302 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>12,053 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>35,846 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>6,431 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>1,561 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>56,193 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;64,688 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;17,148 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;54,365 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;18,652 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;24,635 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;179,488 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Accounts payable and accrued liabilities </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;4,792 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;1,115 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;4,489 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;2,028 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;3,714 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;16,138 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Finance lease obligation </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>276 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>276 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Income taxes payable </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,020 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,413 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">714 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">4,147 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Credit facility </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>11,500 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>11,500 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Provision for reclamation and rehabilitation
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,052 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,750 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">4,023 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">7,825 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Deferred income tax liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>6,353 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>336 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>6,689 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Total liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;16,292 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;1,115 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;13,914 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;6,527 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;8,727 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;46,575 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="63%" colSpan=16><B>December 31,
      2015</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Corporate</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Exploration</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Guanacevi</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Bolanitos</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>El Cubo</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;10,983 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;149 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;6,889 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;1,004 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;1,388 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;20,413 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Investments </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">614 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">614 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Accounts receivables </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>920 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>578 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,865 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>5,785 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>14,195 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>24,343 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Inventories </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">6,348 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">6,844 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">4,158 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">17,350 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Prepaid expenses </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,734 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>261 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>324 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>34 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>157 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,510 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Non-current deposits </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">56 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">583 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">143 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">73 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">855 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Deferred income tax asset </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>223 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>223 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Mineral properties, plant and equipment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">322 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">4,628 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">30,932 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">8,166 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">3,877 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">47,925 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;14,573 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;5,672 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;47,941 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;21,976 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;24,071 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;114,233 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Accounts payable and accrued
      liabilities </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;4,776 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;624 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;3,498 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;2,401 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;7,650 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;18,949 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Finance least obligation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">333 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;847 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;1,180 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Income taxes payable </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>3,402 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,431 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>11 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>5,844 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Revolving credit facility </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">22,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">22,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Provision for reclamation and
      rehabilitation </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,031 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,737 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>3,994 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>7,762 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Deferred income tax liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">6,356 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">1,267 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">7,623 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;26,776 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;624 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;15,620 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;7,836 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;12,502 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;63,358 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left><B>Endeavour
      Silver Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left
      width="15%">Page - 15 - </TD>
  </TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_17></A>
<P align=justify><B>ENDEAVOUR SILVER CORP. </B><BR><B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three and nine months ended
September 30, 2016 and 2015 <BR>(unaudited &#150; prepared by management)
<BR>(expressed in thousands of US dollars, unless otherwise stated) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Corporate</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Exploration</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Guanacevi</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Bolanitos</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="8%"><B>El Cubo</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Total</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="63%" colSpan=16><B>Three months ended September 30,
      2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Silver revenue </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;8,475 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;4,942 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;9,584 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;23,001 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>Gold
      revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">1,431 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">10,566 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">7,068 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">19,065 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;9,906 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;15,508 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;16,652 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;42,066 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Salaries, wages and benefits: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;mining </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;1,206 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;1,186 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;2,191 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;4,583 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">425 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">218 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">393 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,036 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;administrative </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>648 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>508 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>648 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,804 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;stock based
      compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(70</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(69</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(69</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(208</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(178</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>30 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>70 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(78</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Total salaries, wages and benefits </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,031 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,873 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,233 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">7,137 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Direct costs: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;mining </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,425 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,696 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,738 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">8,859 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,726 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,067 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,743 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>6,536 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;administrative </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">593 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">421 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">706 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,720 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(574</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>79 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>68 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(427</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Total direct production costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,170 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">4,263 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">7,255 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">16,688 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Depreciation and depletion: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;depreciation and depletion </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,727 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>553 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>449 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,729 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(77</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">50 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">59 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">32 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Total depreciation and
      depletion </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,650 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>603 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>508 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,761 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Royalties </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>93 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>76 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>78 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>247 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;8,944 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;6,815 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;11,074 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;26,833 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Earnings (loss) before taxes </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(5,248</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(2,361</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;962 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;8,693 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;5,578 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;7,624 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; Current income tax
      expense (recovery) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(340</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,321 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>750 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,731 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; Deferred income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(345</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(348</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(693</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(685</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>1,973 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>750 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>2,038 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left>Net
      earnings (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;(5,248</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;(2,361</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;1,647 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;6,720 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;4,828 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;5,586 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="63%" colSpan=16><B>Three months
      ended September 30, 2015</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Silver revenue </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;14,186 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;3,854 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;9,011 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;27,051 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>Gold
      revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">2,187 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">4,976 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">8,523 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">15,686 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;16,373 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;8,830 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;17,534 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;42,737 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Salaries, wages and benefits: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;mining </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;1,696 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;1,367 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;2,679 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;5,742 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">528 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">163 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">528 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,219 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;administrative </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>829 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>687 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>841 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,357 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;stock based
      compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">37 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">36 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">36 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">109 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>169 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(93</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>266 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>342 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Total salaries, wages and benefits </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,259 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,160 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">4,350 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">9,769 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Direct costs: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;mining </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,442 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,623 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,168 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">10,233 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,600 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,985 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>3,752 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>8,337 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;administrative </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">627 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">623 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">741 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,991 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>169 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(228</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>285 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>226 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Total direct production costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,838 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,003 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">9,946 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">20,787 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Depreciation and depletion: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;depreciation and depletion </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,869 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,241 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>5,482 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>9,592 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">123 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(108</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">161 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">176 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Total depreciation and
      depletion </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,992 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,133 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>5,643 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>9,768 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom
      align=left>&nbsp;Royalties </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%">179 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%">43 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%">82 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%">304 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Total cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;11,268 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;9,339 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;20,021 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;40,628 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Earnings (loss) before taxes </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(9,810</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(1,173</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;5,105 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(509</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(2,487</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(8,874</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; Current income tax expense </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">76 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">583 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,422 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">14 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,095 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; Deferred income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>457 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(187</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>2,840 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>3,110 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Total income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">76 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">1,040 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">1,235 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">2,854 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">5,205 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Net earnings (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;(9,886</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;(1,173</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;4,065 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;(1,744</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;(5,341</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;(14,079</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left><B>Endeavour
      Silver Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left
      width="15%">Page - 16 - </TD>
  </TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_18></A>
<P align=justify><B>ENDEAVOUR SILVER CORP. </B><BR><B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three and nine months ended
September 30, 2016 and 2015 <BR>(unaudited &#150; prepared by management)
<BR>(expressed in thousands of US dollars, unless otherwise stated) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Corporate</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Exploration</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Guanacevi</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Bolanitos</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="8%"><B>El Cubo</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Total</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="63%" colSpan=16><B>Nine months ended September 30,
      2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Silver revenue </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;27,121 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;14,960 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;28,567 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;70,648 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>Gold
      revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">4,794 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">31,008 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">21,667 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">57,469 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;31,915 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;45,968 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;50,234 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;128,117 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Salaries, wages and benefits: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;mining </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;3,724 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;4,571 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;6,871 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;15,166 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,395 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">715 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,287 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,397 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;administrative </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,209 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,928 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,170 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>6,307 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;stock based
      compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">26 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">26 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">26 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">78 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(308</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>77 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>154 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(77</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Total salaries, wages and benefits </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">7,046 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">7,317 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">10,508 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">24,871 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Direct costs: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;mining </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">8,114 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">7,726 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">14,657 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">30,497 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>5,714 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>6,156 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>8,608 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>20,478 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;administrative </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,910 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,352 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,210 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,472 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(1,146</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>309 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>449 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(388</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Total direct production costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">14,592 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">15,543 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">25,924 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">56,059 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Depreciation and
      depletion: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;depreciation and
      depletion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,470 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,674 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,622 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">11,766 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(245</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>254 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>284 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>293 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Total depreciation and depletion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,225 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,928 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,906 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">12,059 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Royalties </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>288 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>217 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>227 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>732 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;27,151 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;27,005 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;39,565 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;93,721 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Earnings (loss) before taxes </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(12,529</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(5,468</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;4,764 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;18,963 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;10,669 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;16,399 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Current income tax
      expense (recovery) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>100 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>6,742 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>780 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>7,622 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Deferred income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">370 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(930</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">223 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">(337</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>470 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>5,812 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>1,003 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>7,285 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left>Net
      earnings (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;(12,529</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;(5,468</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;4,294 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;13,151 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;9,666 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;9,114 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="63%" colSpan=16><B>Nine months
      ended September 30, 2015</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Silver revenue </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;48,072 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;18,731 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;23,363 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;90,166 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>Gold
      revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">7,629 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">21,381 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">22,389 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">51,399 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;55,701 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;40,112 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;45,752 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;141,565 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;Salaries, wages and benefits: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;mining </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;5,060 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;4,118 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;7,900 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;17,078 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,673 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">657 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,433 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,763 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;administrative </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,783 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,086 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,666 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>7,535 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;stock based
      compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">117 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">116 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">116 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">349 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>936 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(16</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>210 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>1,130 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Total salaries, wages and benefits </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">10,569 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">6,961 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">12,325 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">29,855 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Direct costs: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;mining </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">7,713 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">7,743 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">14,164 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">29,620 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>7,687 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>8,101 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>9,925 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>25,713 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;administrative </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,881 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,571 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,461 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,913 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>1,978 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>2 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>75 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>2,055 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Total direct production costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">19,259 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">17,417 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">26,625 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">63,301 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Depreciation and
      depletion: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;depreciation and
      depletion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">6,363 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">7,265 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">14,948 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">28,576 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>358 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(41</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>711 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>1,028 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Total depreciation and depletion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">6,721 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">7,224 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">15,659 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">29,604 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp;Royalties </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>405 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>182 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>208 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>795 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Total cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;36,954 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;31,784 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;54,817 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;123,555 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Earnings (loss) before taxes </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(15,567</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(4,726</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;18,747 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;8,328 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(9,065</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;(2,283</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;Current income tax
      expense (recovery) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(5</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>3,696 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,485 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>49 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>6,225 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp;Deferred income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">1,763 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">1,501 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">1,924 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">5,188 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(5</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>5,459 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>3,986 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>1,973 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>11,413 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left>Net
      earnings (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;(15,562</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;(4,726</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;13,288 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;4,342 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;(11,038</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;(13,696</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Exploration segment included $340
of costs incurred in Chile for the nine months ended September 30, 2016 (2015 -
$390). </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left><B>Endeavour
      Silver Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left
      width="15%">Page - 17 - </TD>
  </TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_19></A>
<P align=justify><B>ENDEAVOUR SILVER CORP. </B><BR><B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three and nine months ended
September 30, 2016 and 2015 <BR>(unaudited &#150; prepared by management)
<BR>(expressed in thousands of US dollars, unless otherwise stated) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">15. </TD>
    <TD>
      <P align=justify><B><U>INCOME TAXES</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B>Tax Assessments <BR></B>Minera Santa
Cruz y Garibaldi SA de CV (&#147;MSCG&#148;), a subsidiary of the Company, received a
MXN$238 million assessment on October 12, 2010 by Mexican fiscal authorities for
failure to provide the appropriate support for certain expense deductions taken
in MSCG&#146;s 2006 tax return, failure to provide appropriate support for loans made
to MSCG from affiliated companies, and deemed an unrecorded distribution of
dividends to shareholders, among other individually immaterial items. MSCG
immediately initiated a Nullity action and filed an administrative attachment to
dispute the assessment.</P>
<P style="MARGIN-LEFT: 5%" align=justify>In June 2015, the Superior Court ruled
in favour of MSCG on a number of the matters under appeal; however, the Superior
Court ruled against MSCG for failure to provide appropriate support for certain
deductions taken in MSCG&#146;s 2006 tax return. In June 2016, the Company received a
MXN$123 million assessment, which includes interest and penalties by Mexican
fiscal authorities for failure to provide the appropriate support for certain
expense deductions taken in MSCG&#146;s 2006 tax return, failure to provide
appropriate support for loans made to MSCG from affiliated companies, and deemed
an unrecorded distribution of dividends to shareholders, among other
individually immaterial items. If MSCG agrees to pay the tax assessment, or a
lesser settled amount, it is eligible to apply for forgiveness of 100% of the
penalties and 50% of the interest, with the latter amounting to MXN 53.4 million
(~USD $2.9 million) on the MXN 46.5 million estimated tax assessment.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Included in the Company&#146;s consolidated
financial statements, are net assets of $240, including $42 in cash, of MSCG.
Following the Tax Court&#146;s rulings, MSCG will engage in discussions with the tax
authorities with regards to the shortfall of assets within MSCG to settle its
estimated tax liability. An alternative settlement option would be to transfer
the shares and assets of MSCG to the tax authorities. The Company recognized an
allowance for transferring the shares and assets of MSCG amounting to $240. The
Company is currently assessing MSCG&#146;s settlement options. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">16. </TD>
    <TD>
      <P align=justify><B><U>FAIR VALUE
MEASUREMENTS</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Fair value is the price that would be
received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value
hierarchy establishes three levels to classify the inputs to valuation
techniques used to measure fair value. Level 1 inputs are quoted prices
(unadjusted) in active markets for identical assets or liabilities. Level 2
inputs are quoted prices in markets that are not active, quoted prices for
similar assets or liabilities in active markets, inputs other than quoted prices
that are observable for the asset or liability (for example, interest rate and
yield curves observable at commonly quoted intervals, forward pricing curves
used to value currency and commodity contracts and volatility measurements used
to value option contracts), or inputs that are derived principally from or
corroborated by observable market data or other means. Level 3 inputs are
unobservable (supported by little or no market activity). The fair value
hierarchy gives the highest priority to Level 1 inputs and the lowest priority
to Level 3 inputs. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Financial assets measured at fair value
on a recurring basis include: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%">Total </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%">Level 1 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%">Level 2 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%">Level 3 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>As at September 30, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff><U>Financial assets:</U> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Available for sale securities </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">108 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">108 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Trade receivables </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>7,589 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>7,589 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Total financial assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">7,697 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">7,697 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left><B>Endeavour
      Silver Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left
      width="15%">Page - 18 - </TD>
  </TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_20></A>
<P align=justify><B>ENDEAVOUR SILVER CORP. </B><BR><B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three and nine months ended
September 30, 2016 and 2015 <BR>(unaudited &#150; prepared by management)
<BR>(expressed in thousands of US dollars, unless otherwise stated) </P>
<P style="MARGIN-LEFT: 5%" align=justify>Fair values of financial assets and
liabilities: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="23%" colSpan=4>As at September
      30, 2016 </TD>
    <TD style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="23%" colSpan=4>As at December 31,
      2015 </TD>
    <TD style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">Carrying </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">Estimated Fair </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">Carrying </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">Estimated Fair </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">value </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">value </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">value </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">value </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff><U>Financial assets:</U> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">83,240 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">83,240 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">20,413 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">20,413 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Investments </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>108 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>108 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>614 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>614 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Accounts receivables </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">25,924 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">25,924 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">24,343 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">24,343 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total financial assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>109,272 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>109,272 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>45,370 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>45,370 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff><U>Financial liabilities:</U>
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Accounts payable and accrued liabilities </TD>
    <TD vAlign=bottom align=left width="1%"></TD>
    <TD vAlign=bottom align=right width="10%">16,138 </TD>
    <TD vAlign=bottom align=right width="2%"></TD>
    <TD vAlign=bottom align=right width="1%"></TD>
    <TD vAlign=bottom align=right width="10%">16,138 </TD>
    <TD vAlign=bottom align=right width="2%"></TD>
    <TD vAlign=bottom align=right width="1%"></TD>
    <TD vAlign=bottom align=right width="10%">18,949 </TD>
    <TD vAlign=bottom align=right width="2%"></TD>
    <TD vAlign=bottom align=right width="1%"></TD>
    <TD vAlign=bottom align=right width="10%">18,949 </TD>
    <TD vAlign=bottom align=left width="2%"></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Credit facility </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>11,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>11,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>22,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>22,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Total financial liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">27,638 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">27,638 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">40,949 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">40,949 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Disclosure of the valuation techniques
to estimate the fair values of financial assets and liabilities are disclosed in
the following notes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">Trade receivables (see Note 4)
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">17. </TD>
    <TD>
      <P align=justify><B><U>FINANCIAL
INSTRUMENTS</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Financial assets and financial
liabilities, including derivatives and contingent liabilities, are measured at
fair value on initial recognition and recorded on the statement of financial
position. Measurement in subsequent periods depends on whether the financial
instrument has been classified as a financial asset at fair value through profit
or loss, held for trading, available-for-sale, held-to-maturity or loans and
receivables or as a financial liability at fair value through profit or loss or
at amortized cost. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Derivative instruments, including
embedded derivatives, are recorded on the statement of financial position at
fair value. Changes in the fair value of derivative instruments are recognized
in net earnings. </P>
<P style="MARGIN-LEFT: 5%" align=justify>As at June 30, 2016, the Company had a
derivative liability of $1,372 related to the change in fair value for the
forward sales of 878,190 ounces of silver and 980 ounces of gold. During the
third quarter these forward sales contracts were settled. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left><B>Endeavour
      Silver Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left
      width="15%">Page - 19 - </TD>
  </TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_21></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Condensed Consolidated Interim Financial
      Statements</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Three and nine months ended September 30, 2016 and 2015
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>(unaudited &#150; prepared by management) </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" ><B>HEAD OFFICE</B> </TD>
    <TD align=left width="50%" colSpan=2>Suite #301, 700 West Pender Street
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="50%" colSpan=2>Vancouver, BC, Canada V6C 1G8 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="10%">Telephone: </TD>
    <TD align=left width="40%">(604) 685-9775 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="40%">1-877-685-9775 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="10%">Facsimile: </TD>
    <TD align=left width="40%">(604) 685-9744 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="10%">Website: </TD>
    <TD align=left width="40%">www.edrsilver.com </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="40%" >&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="40%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="40%" >&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="40%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" ><B>DIRECTORS</B> </TD>
    <TD align=left width="10%">Geoff Handley </TD>
    <TD align=left width="40%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="10%">Ricardo Campoy </TD>
    <TD align=left width="40%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="10%">Bradford Cooke </TD>
    <TD align=left width="40%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="10%">Rex McLennan </TD>
    <TD align=left width="40%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center >&nbsp;</TD>
    <TD align=center width="40%"></TD>
    <TD align=left width="10%" >Kenneth Pickering </TD>
    <TD align=center width="40%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="10%">Mario Szotlender </TD>
    <TD align=left width="40%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="10%">Godfrey Walton </TD>
    <TD align=left width="40%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="40%" >&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="40%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="40%" >&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="40%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" ><B>OFFICERS</B> </TD>
    <TD align=left width="50%" colSpan=2>Bradford Cooke ~ Chief Executive
      Officer </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="50%" colSpan=2>Godfrey Walton ~ President and Chief
      Operating Officer </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="50%" colSpan=2>Dan Dickson ~ Chief Financial Officer
    </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="50%" colSpan=2>Dave Howe ~ Vice-President, Country
      Manager </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="50%" colSpan=2>Luis Castro ~ Vice-President,
      Exploration </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="50%" colSpan=2>Dale Mah ~ Vice-President, Corporate
      Development </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="50%" colSpan=2>Bernard Poznanski - Secretary </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="40%" >&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="40%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="40%" >&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="40%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" ><B>REGISTRAR AND</B> </TD>
    <TD align=left width="50%" colSpan=2>Computershare Trust Company of Canada
    </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" ><B>TRANSFER AGENT</B> </TD>
    <TD align=left width="50%" colSpan=2>3<SUP>rd </SUP>Floor - 510 Burrard
      Street </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="50%" colSpan=2>Vancouver, BC, V6C 3B9 </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="40%" >&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="40%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="40%" >&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="40%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" ><B>AUDITORS</B> </TD>
    <TD align=left width="10%">KPMG LLP </TD>
    <TD align=left width="40%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center >&nbsp;</TD>
    <TD align=center width="40%"></TD>
    <TD align=left width="10%" >777 Dunsmuir Street </TD>
    <TD align=center width="40%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="50%" colSpan=2>Vancouver, BC, V7Y 1K3 </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="40%" >&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="40%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="40%" >&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="40%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" ><B>SOLICITORS</B> </TD>
    <TD align=left width="50%" colSpan=2>Koffman Kalef LLP </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="50%" colSpan=2>19<SUP>th </SUP>Floor &#150; 885 West
      Georgia Street </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="50%" colSpan=2>Vancouver, BC, V6C 3H4 </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="40%" >&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="40%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="40%" >&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="40%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" ><B>SHARES LISTED</B> </TD>
    <TD align=left width="50%" colSpan=2>Toronto Stock Exchange </TD></TR>
  <TR vAlign=bottom>
    <TD align=center >&nbsp;</TD>
    <TD align=center width="40%"></TD>
    <TD align=left width="10%" >Trading Symbol - EDR </TD>
    <TD align=center width="40%" >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="40%" >&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="40%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="50%" colSpan=2>New York Stock Exchange </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=left width="50%" colSpan=2>Trading Symbol &#150; EXK
</TD></TR></TABLE><BR><TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left><B>Endeavour
      Silver Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 3px double" noWrap align=left
      width="15%">Page - 20 - </TD>
  </TR></TABLE><BR>
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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center>
<IMG
src="exhibit99-2x1x1.jpg"
border=0 width="264" height="69"> </P>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD  align=center><B><FONT size=5>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS
      </FONT></B></TD></TR>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>FOR THE PERIOD ENDED SEPEMBER 30, 2016
      </B></FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD></TR></TABLE>
<P align=justify><I>This Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;)
should be read in conjunction with the condensed consolidated interim financial
statements of Endeavour Silver Corp. (&#147;Endeavour&#148; or &#147;the Company&#148;) for the
three months and nine months ended September 30, 2016 and 2015 and the related
notes contained therein, which are prepared in accordance with International
Financial Reporting Standards (&#147;IFRS&#148;) as issued by the International Accounting
Standards Board (&#147;IASB&#148;). In addition, the following should be read in
conjunction with the audited consolidated financial statements for the year
ended December 31, 2015 and the related MD&amp;A. We use certain non-IFRS
financial measures in this MD&amp;A. For a description of each of the non-IFRS
measures used in this MD&amp;A, please see the discussion under &#147;Non-IFRS
Measures&#148;. Additional information relating to the Company, including the most
recent Annual Information Form, is available on SEDAR at www.sedar.com, and the
Company&#146;s most recent annual report on Form 40-F has been filed with the US
Securities and Exchange Commission (the &#147;SEC&#148;). This MD&amp;A contains
&#147;forward-looking statements&#148; that are subject to risk factors set out in a
cautionary note contained herein. All dollar amounts are expressed in United
States (&#147;US&#148;) dollars and tabular amounts are expressed in thousands of US
dollars unless otherwise indicated. This MD&amp;A is dated as of November 2,
2016 and all information contained is current as of November 2, 2016 unless
otherwise stated.</I></P>
<P align=justify><B><I>Cautionary Note to US Investors concerning Estimates of
Mineral Reserves and Measured, Indicated and Inferred Mineral Resources:
</I></B></P>
<P align=justify><I>This MD&amp;A has been prepared in accordance with the
requirements of the securities laws in effect in Canada, which differ from the
requirements of US securities laws. Unless otherwise indicated, all reserve and
resource estimates included in this MD&amp;A have been prepared in accordance
with Canadian National Instrument 43-101 &#150; Standards of Disclosure for Mineral
Projects (&#147;NI 43-101&#148;) and the Canadian Institute of Mining, Metallurgy and
Petroleum (the &#147;CIM&#148;) - CIM Definition Standards on Mineral Resources and
Mineral Reserves, adopted by the CIM Council, as amended. NI 43 101 is an
instrument developed by the Canadian Securities Administrators that establishes
standards for all public disclosure an issuer makes of scientific and technical
information concerning mineral projects. The terms &#147;mineral reserve&#148;, &#147;proven
mineral reserve&#148; and &#147;probable mineral reserve&#148; are Canadian mining terms as
defined in accordance with NI 43 101 and CIM standards. These definitions differ
from the definitions in SEC Industry Guide 7 under the US Securities Act of
1933, as amended (the &#147;Securities Act&#148;). </I></P>
<P align=justify><I>Under United States standards, mineralization may not be
classified as a &#147;reserve&#148; unless the determination has been made that the
mineralization could be economically and legally produced or extracted at the
time the reserve determination is made. Under SEC Industry Guide 7 standards, a
&#147;final&#148; or &#147;bankable&#148; feasibility study is required to report reserves, the
three-year historical average price is used in any reserve or cash flow analysis
to designate reserves and the primary environmental analysis or report must be
filed with the appropriate governmental authority. </I></P>
<P align=justify><I>In addition, the terms &#147;mineral resource&#148;, &#147;measured mineral
resource&#148;, &#147;indicated mineral resource&#148; and &#147;inferred mineral resource&#148; are
defined in and required to be disclosed by NI 43-101; however, these terms are
not defined terms under SEC Industry Guide 7 and are normally not permitted to
be used in reports and registration statements filed with the SEC. Investors are
cautioned not to assume that any part or all of mineral deposits in these
categories will ever be converted into reserves. &#147;Inferred mineral resources&#148;
have a great amount of uncertainty as to their existence, and great uncertainty
as to their economic and legal feasibility. It cannot be assumed that all or any
part of an inferred mineral resource will ever be upgraded to a higher category.
Under Canadian rules, estimates of inferred mineral resources may not form the
basis of feasibility or pre-feasibility studies, except in rare cases. Investors
are cautioned not to assume that all or any part of an inferred mineral resource
exists or is economically or legally mineable. Disclosure of &#147;contained ounces&#148;
in a resource is permitted disclosure under Canadian regulations; however, the
SEC normally only permits issuers to report mineralization that does not
constitute &#147;reserves&#148; by SEC Industry Guide 7 standards as in place tonnage and
grade without reference to unit measures. </I></P>
<P align=justify><I>Accordingly, information contained in this MD&amp;A contains
descriptions of Endeavour&#146;s mineral deposits that may not be comparable to
similar information made public by US companies subject to the reporting and
disclosure requirements under the US federal securities laws and the rules and
regulations thereunder. </I></P>
<P align=justify style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</P>
<P align=center>700 West Pender Street, Suite 301, Vancouver, B.C., Canada V6C
1G8 <BR>Phone: 604.685.9775 | Fax: 604.685.9744| Toll Free: 1.877.685.9775 <U>|
Email: info@edrsilver.com </U><BR><U>www.edrsilver.com </U><BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A><BR>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD  align=center><B><FONT size=5>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS
      </FONT></B></TD></TR>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>FOR THE PERIOD ENDED SEPTEMBER 30, 2016
      </B></FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD></TR></TABLE>
<P align=justify><B><I>Forward-Looking Statements </I></B></P>
<P align=justify><I>This MD&amp;A contains &#147;forward-looking statements&#148; within
the meaning of the United States Private Securities Litigation Reform Act of
1995 and &#147;forward-looking information&#148; within the meaning of applicable Canadian
securities legislation. </I><I>Such forward-looking statements and information
herein include, but are not limited to, statements regarding Endeavour&#146;s
anticipated performance in 2016, including silver and gold production, timing
and expenditures to develop new silver mines and mineralized zones, silver and
gold grades and recoveries, cash costs per ounce, capital expenditures and
sustaining capital. </I><I>Forward-looking statements are frequently
characterized by words such as &#147;plan&#148;, &#147;expect&#148;, &#147;forecast&#148;, &#147;project&#148;,
&#148;intend&#148;, &#148;believe&#148;, &#148;anticipate&#148;, &#147;outlook&#148; and other similar words, or
statements that certain events or conditions &#147;may&#148; or &#147;will&#148; occur. Forward-
looking statements are based on the opinions and estimates of management at the
dates the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking statements.
</I></P>
<P align=justify><I>The Company does not intend to, and does not assume any
obligation to update such forward-looking statements or information, other than
as required by applicable law. Forward-looking statements or information involve
known and unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of the Company
and its operations to be materially different from those expressed or implied by
such statements. Such factors include, among others: fluctuations in the prices
of silver and gold, fluctuations in the currency markets (particularly the
Mexican peso, Canadian dollar and U.S. dollar); changes in national and local
governments, legislation, taxation, controls, regulations and political or
economic developments in Canada and Mexico; operating or technical difficulties
in mineral exploration, development and mining activities; risks and hazards of
mineral exploration, development and mining (including, but not limited to
environmental hazards, industrial accidents, unusual or unexpected geological
conditions, pressures, cave-ins and flooding); inadequate insurance, or
inability to obtain insurance; availability of and costs associated with mining
inputs and labour; the speculative nature of mineral exploration and
development, diminishing quantities or grades of mineral reserves as properties
are mined; the ability to successfully integrate acquisitions; risks in
obtaining necessary licenses and permits, and challenges to the Company&#146;s title
to properties; as well as those factors described in the section &#147;risk factors&#148;
contained in the Company&#146;s Annual Information Form filed with the Canadian
securities regulatory authorities and as filed with the SEC in our Annual Report
on Form 40-F. Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those contained in
forward-looking statements or information, there may be other factors that cause
results to be materially different from those anticipated, described, estimated,
assessed or intended. There can be no assurance that any forward-looking
statements or information will prove to be accurate as actual results and future
events could differ materially from those anticipated in such statements or
information. Accordingly, readers should not place undue reliance on
forward-looking statements or information. </I></P>
<P align=justify><B><I>Table of Contents </I></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  INDENTCOL="1">&nbsp;<A
      href="#page_14"></A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_3">Operating
      Highlights </A></TD>
    <TD align=left width="10%" bgColor=#eeeeee ><A
      href="#page_3">Page
      3 </A></TD>
    <TD align=left width="40%" bgColor=#eeeeee><A
      href="#page_14">Consolidated
      Financial Results </A></TD>
    <TD align=left width="10%" bgColor=#eeeeee ><A
      href="#page_14">Page
      14 </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;<A
      href="#page_16"></A></TD>
    <TD align=left><A
      href="#page_4">History
      and Strategy </A></TD>
    <TD align=left width="10%" ><A
      href="#page_4">Page
      4 </A></TD>
    <TD align=left width="40%"><A
      href="#page_16">Non
      IFRS Measures </A></TD>
    <TD align=left width="10%" ><A
      href="#page_16">Page
      16 </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;<A
      href="#page_21"></A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_5">Consolidated
      Operations </A></TD>
    <TD align=left width="10%" bgColor=#eeeeee ><A
      href="#page_5">Page
      5 </A></TD>
    <TD align=left width="40%" bgColor=#eeeeee><A
      href="#page_21">Quarterly
      Results and Trends </A></TD>
    <TD align=left width="10%" bgColor=#eeeeee ><A
      href="#page_21">Page
      21 </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;<A
      href="#page_26"></A></TD>
    <TD align=left><A
      href="#page_7">Guanacev&#237;
      Operations </A></TD>
    <TD align=left width="10%" ><A
      href="#page_7">Page
      7 </A></TD>
    <TD align=left width="40%"><A
      href="#page_26">Annual
      Outlook </A></TD>
    <TD align=left width="10%" ><A
      href="#page_26">Page
      26 </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;<A
      href="#page_28"></A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_9">Bola&#241;itos
      Operations </A></TD>
    <TD align=left width="10%" bgColor=#eeeeee ><A
      href="#page_9">Page
      9 </A></TD>
    <TD align=left width="40%" bgColor=#eeeeee><A
      href="#page_28">Liquidity
      and Capital Resources </A></TD>
    <TD align=left width="10%" bgColor=#eeeeee ><A
      href="#page_28">Page
      28 </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;<A
      href="#page_35"></A></TD>
    <TD align=left><A
      href="#page_35">El
      Cubo Operations </A></TD>
    <TD align=left width="10%" ><A
      href="#page_35">Page
      11 </A></TD>
    <TD align=left width="40%"><A
      href="#page_35">Changes
      in Accounting Policies </A></TD>
    <TD align=left width="10%" ><A
      href="#page_35">Page
      35 </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;<A
      href="#page_37"></A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_12">Exploration
      Results </A></TD>
    <TD align=left width="10%" bgColor=#eeeeee ><A
      href="#page_12">Page
      12 </A></TD>
    <TD align=left width="40%" bgColor=#eeeeee><A
      href="#page_37">Controls
      and Procedures </A></TD>
    <TD align=left width="10%" bgColor=#eeeeee ><A
      href="#page_37">Page
      37 </A></TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>2 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD colSpan=3 align=center noWrap bgcolor="#943634"><FONT color=#ffffff><B>Three Months
      Ended September 30 </B></FONT></TD>
    <TD width="40%" align=center noWrap bgcolor="#943634" ><FONT size=4> <FONT
      color=#ffffff><B>Q3 2016 Highlights </B></FONT> </FONT></TD>
    <TD width="30%" colSpan=3 align=center noWrap bgcolor="#943634"><FONT color=#ffffff><B>Nine
  Months Ended September 30 </B></FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><B>2016 </B></FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015 </B></FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change </B></FONT></TD>
    <TD width="40%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"
    ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2016 </B></FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015 </B></FONT></TD>
  <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change </B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"
    ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"
    ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="40%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"
    ><FONT
      color=#ffffff>&nbsp;<B>Production</B>&nbsp;&nbsp;</FONT></TD>
    <TD width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"
    ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"
    ><FONT color=#ffffff>&nbsp;</FONT></TD>
  <TD width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"
    ><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center>1,284,646 </TD>
    <TD align=center width="10%">1,820,282 </TD>
    <TD align=center width="10%">(29%) </TD>
    <TD align=center width="40%" >Silver ounces produced </TD>
    <TD align=center width="10%">4,346,562 </TD>
    <TD align=center width="10%">5,445,901 </TD>
    <TD align=center width="10%">(20%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>14,364 </TD>
    <TD align=center width="10%">15,319 </TD>
    <TD align=center width="10%">(6%) </TD>
    <TD align=center width="40%" >Gold ounces produced </TD>
    <TD align=center width="10%">45,973 </TD>
    <TD align=center width="10%">44,557 </TD>
    <TD align=center width="10%">3% </TD></TR>
  <TR vAlign=top>
    <TD align=center>1,258,408 </TD>
    <TD align=center width="10%">1,773,459 </TD>
    <TD align=center width="10%">(29%) </TD>
    <TD align=center width="40%" >Payable silver ounces produced
    </TD>
    <TD align=center width="10%">4,243,199 </TD>
    <TD align=center width="10%">5,305,309 </TD>
    <TD align=center width="10%">(20%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>13,939 </TD>
    <TD align=center width="10%">14,961 </TD>
    <TD align=center width="10%">(7%) </TD>
    <TD align=center width="40%" >Payable gold ounces produced
</TD>
    <TD align=center width="10%">44,657 </TD>
    <TD align=center width="10%">43,512 </TD>
    <TD align=center width="10%">3% </TD></TR>
  <TR vAlign=top>
    <TD align=center>2,361,946 </TD>
    <TD align=center width="10%">2,892,612 </TD>
    <TD align=center width="10%">(18%) </TD>
    <TD align=center width="40%" >Silver equivalent ounces
      produced<SUP>(1) </SUP></TD>
    <TD align=center width="10%">7,794,537 </TD>
    <TD align=center width="10%">8,564,891 </TD>
    <TD align=center width="10%">(9%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>5.27 </TD>
    <TD align=center width="10%">8.11 </TD>
    <TD align=center width="10%">(35%) </TD>
    <TD align=center width="40%" >Cash costs per silver
      ounce<SUP>(2)(3) </SUP></TD>
    <TD align=center width="10%">6.13 </TD>
    <TD align=center width="10%">7.96 </TD>
    <TD align=center width="10%">(23%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>7.28 </TD>
    <TD align=center width="10%">13.57 </TD>
    <TD align=center width="10%">(46%) </TD>
    <TD align=center width="40%" >Total production costs per
      ounce<SUP>(2)(4) </SUP></TD>
    <TD align=center width="10%">8.92 </TD>
    <TD align=center width="10%">13.48 </TD>
    <TD align=center width="10%">(34%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>11.47 </TD>
    <TD align=center width="10%">15.05 </TD>
    <TD align=center width="10%">(24%) </TD>
    <TD align=center width="40%" >All-in sustaining costs per
      ounce<SUP>(2)(5) </SUP></TD>
    <TD align=center width="10%">11.01 </TD>
    <TD align=center width="10%">15.07 </TD>
    <TD align=center width="10%">(27%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>355,611 </TD>
    <TD align=center width="10%">404,878 </TD>
    <TD align=center width="10%">(12%) </TD>
    <TD align=center width="40%" >Processed tonnes </TD>
    <TD align=center width="10%">1,141,362 </TD>
    <TD align=center width="10%">1,157,415 </TD>
    <TD align=center width="10%">(1%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>71.18 </TD>
    <TD align=center width="10%">75.07 </TD>
    <TD align=center width="10%">(5%) </TD>
    <TD align=center width="40%" >Direct production costs per
      tonne<SUP>(2)(6) </SUP></TD>
    <TD align=center width="10%">72.89 </TD>
    <TD align=center width="10%">80.05 </TD>
    <TD align=center width="10%">(9%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>11.06 </TD>
    <TD align=center width="10%">10.33 </TD>
    <TD align=center width="10%">7% </TD>
    <TD align=center width="40%" >Silver co-product cash costs
      <SUP>(7) </SUP></TD>
    <TD align=center width="10%">10.60 </TD>
    <TD align=center width="10%">10.68 </TD>
    <TD align=center width="10%">(1%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center>773 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">756
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">2%
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="40%"
    >Gold co-product cash costs <SUP>(7) </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">808
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">774
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">4%
    </TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=7 align=center bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff>&nbsp;&nbsp;&nbsp;<B>Financial</B>&nbsp;&nbsp;&nbsp;
    </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center>42.1 </TD>
    <TD align=center width="10%">42.7 </TD>
    <TD align=center width="10%">(1%) </TD>
    <TD align=center width="40%" >Revenue ($ millions) </TD>
    <TD align=center width="10%">128.1 </TD>
    <TD align=center width="10%">141.6 </TD>
    <TD align=center width="10%">(10%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>1,200,466 </TD>
    <TD align=center width="10%">1,844,556 </TD>
    <TD align=center width="10%">(35%) </TD>
    <TD align=center width="40%" >Silver ounces sold </TD>
    <TD align=center width="10%">4,205,575 </TD>
    <TD align=center width="10%">5,619,126 </TD>
    <TD align=center width="10%">(25%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>14,228 </TD>
    <TD align=center width="10%">14,599 </TD>
    <TD align=center width="10%">(3%) </TD>
    <TD align=center width="40%" >Gold ounces sold </TD>
    <TD align=center width="10%">44,847 </TD>
    <TD align=center width="10%">44,195 </TD>
    <TD align=center width="10%">1% </TD></TR>
  <TR vAlign=top>
    <TD align=center>19.16 </TD>
    <TD align=center width="10%">14.67 </TD>
    <TD align=center width="10%">31% </TD>
    <TD align=center width="40%" >Realized silver price per ounce
    </TD>
    <TD align=center width="10%">16.80 </TD>
    <TD align=center width="10%">16.05 </TD>
    <TD align=center width="10%">5% </TD></TR>
  <TR vAlign=top>
    <TD align=center>1,340 </TD>
    <TD align=center width="10%">1,074 </TD>
    <TD align=center width="10%">25% </TD>
    <TD align=center width="40%" >Realized gold price per ounce
    </TD>
    <TD align=center width="10%">1,281 </TD>
    <TD align=center width="10%">1,163 </TD>
    <TD align=center width="10%">10% </TD></TR>
  <TR vAlign=top>
    <TD align=center>5.6 </TD>
    <TD align=center width="10%">(14.1) </TD>
    <TD align=center width="10%">140% </TD>
    <TD align=center width="40%" >Net earnings (loss) ($
      millions) </TD>
    <TD align=center width="10%">9.1 </TD>
    <TD align=center width="10%">(13.7) </TD>
    <TD align=center width="10%">167% </TD></TR>
  <TR vAlign=top>
    <TD align=center>15.2 </TD>
    <TD align=center width="10%">2.1 </TD>
    <TD align=center width="10%">622% </TD>
    <TD align=center width="40%" >Mine operating earnings (loss)
      ($ millions) </TD>
    <TD align=center width="10%">34.4 </TD>
    <TD align=center width="10%">18.0 </TD>
    <TD align=center width="10%">91% </TD></TR>
  <TR vAlign=top>
    <TD align=center>17.8 </TD>
    <TD align=center width="10%">12.0 </TD>
    <TD align=center width="10%">48% </TD>
    <TD align=center width="40%" >Mine operating cash
      flow<SUP>(8) </SUP>($ millions) </TD>
    <TD align=center width="10%">46.5 </TD>
    <TD align=center width="10%">48.0 </TD>
    <TD align=center width="10%">(3%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>8.2 </TD>
    <TD align=center width="10%">4.8 </TD>
    <TD align=center width="10%">72% </TD>
    <TD align=center width="40%" >Operating cash flow before
      working capital changes <SUP>(9) </SUP></TD>
    <TD align=center width="10%">25.1 </TD>
    <TD align=center width="10%">29.6 </TD>
    <TD align=center width="10%">(15%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>10.8 </TD>
    <TD align=center width="10%">1.3 </TD>
    <TD align=center width="10%">703% </TD>
    <TD align=center width="40%" >Earnings before ITDA <SUP>(10)
      </SUP></TD>
    <TD align=center width="10%">29.6 </TD>
    <TD align=center width="10%">28.6 </TD>
    <TD align=center width="10%">4% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center>91.9 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">20.4
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">350%
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="40%"
    >Working capital ($ millions) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">91.9
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">20.4
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">350%
    </TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=7 align=center bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff>&nbsp;&nbsp;&nbsp;<B>Shareholders</B>&nbsp;&nbsp;&nbsp;
      </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center>0.04 </TD>
    <TD align=center width="10%">(0.14) </TD>
    <TD align=center width="10%">129% </TD>
    <TD align=center width="40%" >Earnings (loss) per share &#150;
      basic </TD>
    <TD align=center width="10%">0.08 </TD>
    <TD align=center width="10%">(0.13) </TD>
    <TD align=center width="10%">100% </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>0.07 </TD>
    <TD align=center width="10%" >0.05 </TD>
    <TD align=center width="10%" >40% </TD>
    <TD align=center width="40%" >Operating cash flow before
      working capital changes per share <SUP>(9) </SUP></TD>
    <TD align=center width="10%" >0.22 </TD>
    <TD align=center width="10%" >0.29 </TD>
    <TD align=center width="10%" >(24%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center>125,277,591 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">101,976,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">23%
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="40%"
    >Weighted average shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">114,426,580 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">101,976,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">12%
    </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><sup>(1) </sup> </TD>
    <TD>
      <P align=justify>Silver equivalents are calculated using a 70:1 ratio for
      2015 and a 75:1 ratio for 2016</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(2) </sup> </TD>
    <TD>
      <P align=justify>The Company reports non-IFRS measures which include cash
      costs net of by-products on a payable silver basis, total production costs
      per ounce, all-in sustaining costs per ounce and direct production costs
      per tonne, in order to manage and evaluate operating performance at each
      of the Company&#146;s mines. These measures, some established by the Silver
      Institute (Production Cost Standards, June 2011), are widely used in the
      silver mining industry as a benchmark for performance, but do not have a
      standardized meaning. These measures are reported on a production basis.
      See Reconciliation to IFRS beginning on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(3) </sup> </TD>
    <TD>
      <P align=justify>Cash costs net of by-products per payable silver ounce
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead, net of gold credits. See
      Reconciliation to IFRS on page 18.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(4) </sup> </TD>
    <TD>
      <P align=justify>Total production costs per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, amortization, depletion and amortization at the
      operation sites. See Reconciliation to IFRS on page 18.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(5) </sup> </TD>
    <TD>
      <P align=justify>All-in sustaining cost per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, corporate general and administration, on-site
      exploration, share-based compensation, reclamation and sustaining capital
      net of gold credits. See Reconciliation to IFRS on page 19.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(6) </sup> </TD>
    <TD>
      <P align=justify>Direct production costs per tonne include mining,
      processing (including smelting, refining, transportation and selling
      costs) and direct overhead at the operation sites. See Reconciliation to
      IFRS on page 18.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(7) </sup> </TD>
    <TD>
      <P align=justify>Silver co-product cash cost and gold co-product cash cost
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead allocated on pro-rated basis of
      realized metal value. See Reconciliation to IFRS on page 20</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(8) </sup> </TD>
    <TD>
      <P align=justify>Mine operating cash flow is calculated by adding back
      amortization, depletion, inventory write downs and share-based
      compensation to mine operating earnings. Mine operating earnings and mine
      operating cash flow are before taxes. See Reconciliation to IFRS on page
      16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(9) </sup> </TD>
    <TD>
      <P align=justify>See Reconciliation to IFRS on page 16 for the
      reconciliation of operating cash flow before working capital changes and
      the operating cash flow before working capital changes per
share.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(10) </sup> </TD>
    <TD>
      <P align=justify>See Reconciliation of Earnings before interest, taxes,
      depreciation and amortization on page 17.</P></TD></TR></TABLE>
<P align=justify>The above highlights are key measures used by management,
however they should not be the sole measures used in determining the performance
of the Company&#146;s operations. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>3  </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>
<P align=justify><B><I>HISTORY AND STRATEGY </I></B></P>
<P align=justify>The Company is engaged in silver mining in Mexico and related
activities including property acquisition, exploration, development, mineral
extraction, processing, refining and reclamation. The Company is also engaged in
exploration activities in Chile. </P>
<P align=justify>Historically, the business philosophy was to acquire and
explore early-stage mineral prospects in Canada and the US. In 2002 the Company
was re-organized, a new management team was appointed, and the business strategy
was revised to focus on acquiring advanced-stage silver mining properties in
Mexico. Mexico, despite its long and prolific history of metal production,
appeared to be relatively under-explored using modern exploration techniques and
offered promising geological potential for precious metals exploration and
production. </P>
<P align=justify>After evaluating several mineral properties in Mexico in 2003,
the Company negotiated an option to purchase the Guanacev&#237; silver mines and
process plant located in Durango, Mexico in May 2004. Management recognized that
even though the mines had run out of ore, little modern exploration had been
carried out to discover new silver ore-bodies. Exploration drilling commenced in
June 2004 and was quickly met with encouraging results. By September 2004,
sufficient high-grade silver mineralization had been outlined to justify the
development of an access ramp into the newly discovered North Porvenir ore-body.
In December 2004, the Company commenced the mining and processing of ore from
the new North Porvenir mine to produce silver dor&#233; bars. </P>
<P align=justify>In 2007, the Company replicated the success of Guanacev&#237; with
the acquisition of the Bola&#241;itos (formerly described as &#147;Guanajuato&#148;) mines
project in Guanajuato State. Bola&#241;itos was very similar in that there was a
fully built and permitted processing plant, but the mines were running out of
ore. The acquisition was finalized in May 2007 and as a result of the successful
mine rehabilitation and subsequent exploration work, silver production, reserves
and resources grew rapidly and Bola&#241;itos became an integral part of the
Company&#146;s asset base. </P>
<P align=justify>Both Guanacev&#237; and Bola&#241;itos are good examples of Endeavour&#146;s
historical business model of acquiring fully built and permitted silver mines
that were about to close for lack of ore. By bringing the money and expertise
needed to find new silver ore-bodies, Endeavour has successfully re-opened and
expanded these mines to develop their full potential. The benefit of acquiring
fully built and permitted mining and milling infrastructure is that if new
exploration efforts are successful, the mine development cycle from discovery to
production only takes a matter of months instead of the several years normally
required in the traditional mining business model. </P>
<P align=justify>In 2012, the Company acquired the El Cubo silver-gold mine
located in Guanajuato, Mexico. El Cubo had similar challenges to Endeavour&#146;s
past acquisitions, but with two significant exceptions; the property came with
substantial reserves and resources, and the mine was already operating at 1,100
tonnes per day (tpd). After acquisition, Endeavour initiated a two year
operational turn-around and capital investment program aimed at increasing
throughput, grade and productivity in order to reduce operating costs and return
the operation to profitability. </P>
<P align=justify>The Company has historically funded its exploration and
development activities through equity financings and convertible debentures.
Equity financings also facilitated the acquisition and development of the
Guanacev&#237; and Bola&#241;itos mines projects. However, since 2004, the Company has
been able to finance more and more of its acquisition, exploration, development
and operating activities from production cash flows. In 2012 the Company
obtained a credit facility to help support its acquisition, exploration and
capital investment programs, which was subsequently converted to a term loan.
The Company may choose to engage in equity, debt, convertible debt or other
financings, on an as-needed basis, in order to facilitate its growth. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>4 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<P align=justify><B>REVIEW OF OPERATING RESULTS </B></P>
<P align=justify><B>Consolidated Production Results for the Three Months and
Nine Months Ended September 30, 2016 and 2015 </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD colSpan=3 align=center noWrap bgcolor="#943634"><FONT color=#ffffff><B>Three Months
      Ended September 30</B> </FONT></TD>
    <TD width="40%" align=center noWrap bgcolor="#943634"><FONT
      color=#ffffff><B>CONSOLIDATED</B> </FONT></TD>
    <TD width="30%" colSpan=3 align=center noWrap bgcolor="#943634"><FONT color=#ffffff><B>Nine
  Months Ended September 30</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><B>2016</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change</B> </FONT></TD>
    <TD
      width="40%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
  <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center>355,611 </TD>
    <TD align=center width="10%">404,878 </TD>
    <TD align=center width="10%">(12%) </TD>
    <TD align=center width="40%">Ore tonnes processed </TD>
    <TD align=center width="10%">1,141,362 </TD>
    <TD align=center width="10%">1,157,415 </TD>
    <TD align=center width="10%">(1%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>133 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>163 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(18%) </TD>
    <TD align=center width="40%" bgColor=#eeeeee>Average silver grade (gpt)
</TD>
    <TD align=center width="10%" bgColor=#eeeeee>140 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>172 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(19%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>84.3 </TD>
    <TD align=center width="10%">85.7 </TD>
    <TD align=center width="10%">(2%) </TD>
    <TD align=center width="40%">Silver recovery (%) </TD>
    <TD align=center width="10%">84.6 </TD>
    <TD align=center width="10%">84.9 </TD>
    <TD align=center width="10%">(0%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>1,284,646 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1,820,282 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(29%) </TD>
    <TD align=center width="40%" bgColor=#eeeeee>Total silver ounces produced
    </TD>
    <TD align=center width="10%" bgColor=#eeeeee>4,346,562 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>5,445,901 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(20%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>1,258,408 </TD>
    <TD align=center width="10%">1,773,459 </TD>
    <TD align=center width="10%">(29%) </TD>
    <TD align=center width="40%">Payable silver ounces produced </TD>
    <TD align=center width="10%">4,243,199 </TD>
    <TD align=center width="10%">5,305,309 </TD>
    <TD align=center width="10%">(20%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>1.55 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1.39 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>12% </TD>
    <TD align=center width="40%" bgColor=#eeeeee>Average gold grade (gpt) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1.54 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1.42 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>9% </TD></TR>
  <TR vAlign=top>
    <TD align=center>80.8 </TD>
    <TD align=center width="10%">84.9 </TD>
    <TD align=center width="10%">(5%) </TD>
    <TD align=center width="40%">Gold recovery (%) </TD>
    <TD align=center width="10%">81.2 </TD>
    <TD align=center width="10%">84.5 </TD>
    <TD align=center width="10%">(4%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>14,364 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>15,319 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(6%) </TD>
    <TD align=center width="40%" bgColor=#eeeeee>Total gold ounces produced
</TD>
    <TD align=center width="10%" bgColor=#eeeeee>45,973 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>44,557 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>3% </TD></TR>
  <TR vAlign=top>
    <TD align=center>13,939 </TD>
    <TD align=center width="10%">14,961 </TD>
    <TD align=center width="10%">(7%) </TD>
    <TD align=center width="40%">Payable gold ounces produced </TD>
    <TD align=center width="10%">44,657 </TD>
    <TD align=center width="10%">43,512 </TD>
    <TD align=center width="10%">3% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>2,361,946 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>2,892,612 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(18%) </TD>
    <TD align=center width="40%" bgColor=#eeeeee>Silver equivalent ounces
      produced<SUP>(1)</SUP> </TD>
    <TD align=center width="10%" bgColor=#eeeeee>7,794,537 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>8,564,891 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(9%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>5.27 </TD>
    <TD align=center width="10%">8.11 </TD>
    <TD align=center width="10%">(35%) </TD>
    <TD align=center width="40%">Cash costs per silver ounce<SUP>(2)(3)</SUP>
    </TD>
    <TD align=center width="10%">6.13 </TD>
    <TD align=center width="10%">7.96 </TD>
    <TD align=center width="10%">(23%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>7.28 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>13.57 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(46%) </TD>
    <TD align=center width="40%" bgColor=#eeeeee>Total production costs per
      ounce<SUP>(2)(4)</SUP> </TD>
    <TD align=center width="10%" bgColor=#eeeeee>8.92 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>13.48 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(34%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>11.47 </TD>
    <TD align=center width="10%">15.05 </TD>
    <TD align=center width="10%">(24%) </TD>
    <TD align=center width="40%">All in sustaining cost per ounce
      <SUP>(2)(5)</SUP> </TD>
    <TD align=center width="10%">11.01 </TD>
    <TD align=center width="10%">15.07 </TD>
    <TD align=center width="10%">(27%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>71.18 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>75.07 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(5%) </TD>
    <TD align=center width="40%" bgColor=#eeeeee>Direct production costs per
      tonne<SUP>(2)(6)</SUP> </TD>
    <TD align=center width="10%" bgColor=#eeeeee>72.89 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>80.05 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(9%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>11.06 </TD>
    <TD align=center width="10%">10.33 </TD>
    <TD align=center width="10%">7% </TD>
    <TD align=center width="40%">Silver co-product cash costs <SUP>(7)</SUP>
    </TD>
    <TD align=center width="10%">10.60 </TD>
    <TD align=center width="10%">10.68 </TD>
    <TD align=center width="10%">(1%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      bgColor=#eeeeee>773 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>756 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>2% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="40%"
    bgColor=#eeeeee>Gold co-product cash costs <SUP>(7)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>808 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>774 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>4% </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><sup>(1) </sup> </TD>
    <TD>
      <P align=justify>Silver equivalents are calculated using a 70:1 ratio for
      2015 and a 75:1 ratio for 2016.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(2) </sup> </TD>
    <TD>
      <P align=justify>The Company reports non-IFRS measures which include cash
      costs net of by-products on a payable silver basis, total production costs
      per ounce, all-in sustaining costs per ounce and direct production costs
      per tonne, in order to manage and evaluate operating performance at each
      of the Company&#146;s mines. These measures, some established by the Silver
      Institute (Production Cost Standards, June 2011), are widely used in the
      silver mining industry as a benchmark for performance, but do not have a
      standardized meaning. These measures are reported on a production basis.
      See Reconciliation to IFRS beginning on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(3) </sup> </TD>
    <TD>
      <P align=justify>Cash costs net of by-products per payable silver ounce
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead, net of gold credits. See
      Reconciliation to IFRS on page 18.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(4) </sup> </TD>
    <TD>
      <P align=justify>Total production costs per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, amortization, depletion and amortization at the
      operation sites. See Reconciliation to IFRS on page 18.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(5) </sup> </TD>
    <TD>
      <P align=justify>All-in sustaining costs per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, corporate general and administration, on-site
      exploration, share-based compensation, reclamation and sustaining capital
      net of gold credits. See Reconciliation to IFRS on page 19.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(6) </sup> </TD>
    <TD>
      <P align=justify>Direct production costs per tonne include mining,
      processing (including smelting, refining, transportation and selling
      costs) and direct overhead at the operation sites. See Reconciliation to
      IFRS on page 18.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(7) </sup> </TD>
    <TD>
      <P align=justify>Silver co-product cash cost and gold co-product cash cost
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead allocated on pro-rated basis of
      realized metal value. See Reconciliation to IFRS on page
  20.</P></TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>5 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<P align=justify><B><I>Consolidated Production </I></B></P>
<P align=center>
<IMG src="exhibit99-2x6x1.jpg" border=0 width="591" height="357"> </P>
<P align=justify><B>Three months ended September 30, 2016 (compared to the three
months ended September 30, 2015) <BR></B>Consolidated silver production during
Q3, 2016 was 1,284,646 ounces (oz), a decrease of 29% compared to 1,820,282 oz
in Q3, 2015, and gold production was 14,364 oz, a de ecrease of 6% compared to
15,319 oz in Q3, 2015. Plant throughput was 355,611 tonnes at average grades of
133 grams per tonne (gpt) silver and 1.55 gpt gold compared to 404,878 tonnes
grading 163 gpt silver and 1.39 gpt gold in Q3, 2015. Silver production
decreased due to processing less tonnes at lower silver grades mainly at
Guanacev&#237;. Gold production decreased due to lower throughput and recovery,
partially offset by higher gold grades.</P>
<P align=justify><B>Nine months ended September 30, 2016 (compared to the nine
months ended September 30, 2015) <BR></B>Consolidated silver production during
2016 was 4,346,562 oz, a decrease of 20% compared to 5,445,901 oz in 2015, and
gold production was 45,973 oz, an increase of 3% compared to 44,557 oz in 2015.
Plant throughput was 1,141,362 tonnes at average grades of 140 gpt silver and
1.54 gpt gold compared to 1,157,415 tonnes grading 172 gpt silver and 1.42 gpt
gold in 2015. Silver production decreased due to lower silver grades mainly at
Guanacevi. Gold production increased due to higher gold grade ore, partially
offset by lower recoveries. </P>
<P align=justify><B><I>Consolidated Operating Costs </I></B></P>
<P align=justify><B>Three months ended September 30, 2016 (compared to the three
months ended September 30, 2015) <BR></B>In Q3, 2016, direct production costs
per tonne fell 5% to $71.18 per tonne due to the weaker Mexican peso, reduced
contractor activity and the processing of historical stockpiles carried at no
value. Cash costs, net of by-product credits (a non-IFRS measure and a standard
of the Silver Institute), decreased 35% to $5.27 per oz of payable silver
compared to $8.11 per oz in Q3, 2015 as a result of the lower direct costs per
tonne and higher gold credits. The lower costs per tonne and the reduction of
exploration and development expenditures at the Bola&#241;itos and El Cubo operations
resulted in all-in-sustaining costs (also a non-IFRS measure) decreasing 24% to
$11.47 per oz compared to $15.05 per oz in Q3, 2015. </P>
<P align=justify><B>Nine months ended September 30, 2016 (compared to the nine
months ended September 30, 2015) <BR></B>In Q3, 2016, direct production costs
per tonne fell 9% to $72.89 per tonne due to the weaker Mexican peso, reduced
contractor activity and the processing of historical stockpiles carried at no
value. Cash costs, net of by-product credits (a non-IFRS measure and a standard
of the Silver Institute), decreased 23% to $6.13 per oz of payable silver
compared to $7.96 per oz in 2015 as a result of the lower costs per tonne and
higher gold credits offset partially by lower ore grades. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>6 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=justify>The lower costs per tonne and the reduction of exploration and
development expenditures at the Bola&#241;itos and El Cubo operations resulted in
all-in-sustaining costs (also a non-IFRS measure) decreasing 27% to $11.01 per
oz compared to $15.07 per oz in 2015.</P>
<P align=justify><B>Guanacev&#237; Operations </B></P>
<P align=justify><B><I>Production Results for the Three Months and Nine Months
Ended September 30, 2016 and 2015 </I></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD colSpan=3 align=center noWrap bgcolor="#943634"><FONT color=#ffffff><B>Three Months
      Ended September 30</B> </FONT></TD>
    <TD width="40%" align=center noWrap bgcolor="#943634" ><FONT
      color=#ffffff><B>GUANACEV&#165;</B> </FONT></TD>
    <TD width="30%" colSpan=3 align=center noWrap bgcolor="#943634"><FONT color=#ffffff><B>Nine
  Months Ended September 30</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><B>2016</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change</B> </FONT></TD>
    <TD width="40%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"
    ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
  <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center>82,059 </TD>
    <TD align=center width="10%">111,469 </TD>
    <TD align=center width="10%">(26%) </TD>
    <TD align=center width="40%" >Ore tonnes processed </TD>
    <TD align=center width="10%">279,591 </TD>
    <TD align=center width="10%">326,392 </TD>
    <TD align=center width="10%">(14%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>235 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>285 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(18%) </TD>
    <TD align=center width="40%" bgColor=#eeeeee >Average silver
      grade (g/t) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>239 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>304 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(21%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>87.5 </TD>
    <TD align=center width="10%">84.9 </TD>
    <TD align=center width="10%">3% </TD>
    <TD align=center width="40%" >Silver recovery (%) </TD>
    <TD align=center width="10%">84.9 </TD>
    <TD align=center width="10%">84.0 </TD>
    <TD align=center width="10%">1% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>542,385 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>867,292 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(37%) </TD>
    <TD align=center width="40%" bgColor=#eeeeee >Total silver
      ounces produced </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1,823,337 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>2,678,979 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(32%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>545,838 </TD>
    <TD align=center width="10%">858,618 </TD>
    <TD align=center width="10%">(36%) </TD>
    <TD align=center width="40%" >Payable silver ounces produced
    </TD>
    <TD align=center width="10%">1,820,903 </TD>
    <TD align=center width="10%">2,652,189 </TD>
    <TD align=center width="10%">(31%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>0.51 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>0.58 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(12%) </TD>
    <TD align=center width="40%" bgColor=#eeeeee >Average gold
      grade (g/t) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>0.52 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>0.62 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(16%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>86.4 </TD>
    <TD align=center width="10%">86.2 </TD>
    <TD align=center width="10%">0% </TD>
    <TD align=center width="40%" >Gold recovery (%) </TD>
    <TD align=center width="10%">87.6 </TD>
    <TD align=center width="10%">86.3 </TD>
    <TD align=center width="10%">2% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>1,163 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1,792 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(35%) </TD>
    <TD align=center width="40%" bgColor=#eeeeee >Total gold
      ounces produced </TD>
    <TD align=center width="10%" bgColor=#eeeeee>4,096 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>5,615 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(27%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>1,170 </TD>
    <TD align=center width="10%">1,774 </TD>
    <TD align=center width="10%">(34%) </TD>
    <TD align=center width="40%" >Payable gold ounces produced
</TD>
    <TD align=center width="10%">4,090 </TD>
    <TD align=center width="10%">5,559 </TD>
    <TD align=center width="10%">(26%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>629,610 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>992,732 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(37%) </TD>
    <TD align=center width="40%" bgColor=#eeeeee >Silver
      equivalent ounces produced<SUP>(1)</SUP> </TD>
    <TD align=center width="10%" bgColor=#eeeeee>2,130,537 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>3,072,029 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(31%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>11.12 </TD>
    <TD align=center width="10%">7.98 </TD>
    <TD align=center width="10%">39% </TD>
    <TD align=center width="40%" >Cash costs per silver
      ounce<SUP>(2)(3)</SUP> </TD>
    <TD align=center width="10%">9.93 </TD>
    <TD align=center width="10%">8.12 </TD>
    <TD align=center width="10%">22% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>14.15 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>10.15 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>39% </TD>
    <TD align=center width="40%" bgColor=#eeeeee >Total
      production costs per ounce<SUP>(2)(4)</SUP> </TD>
    <TD align=center width="10%" bgColor=#eeeeee>12.94 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>10.53 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>23% </TD></TR>
  <TR vAlign=top>
    <TD align=center>21.53 </TD>
    <TD align=center width="10%">12.75 </TD>
    <TD align=center width="10%">69% </TD>
    <TD align=center width="40%" >All in sustaining cost per
      ounce <SUP>(2)(5)</SUP> </TD>
    <TD align=center width="10%">17.98 </TD>
    <TD align=center width="10%">12.48 </TD>
    <TD align=center width="10%">44% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>93.24 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>79.15 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>18% </TD>
    <TD align=center width="40%" bgColor=#eeeeee >Direct
      production costs per tonne<SUP>(2)(6)</SUP> </TD>
    <TD align=center width="10%" bgColor=#eeeeee>82.22 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>86.25 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(5%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>12.27 </TD>
    <TD align=center width="10%">8.84 </TD>
    <TD align=center width="10%">39% </TD>
    <TD align=center width="40%" >Silver co-product cash
      costs<SUP>(7)</SUP> </TD>
    <TD align=center width="10%">10.76 </TD>
    <TD align=center width="10%">9.12 </TD>
    <TD align=center width="10%">18% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      bgColor=#eeeeee>858 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>647 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>33% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="40%"
    bgColor=#eeeeee >Gold co-product cash costs <SUP>(7)</SUP>
</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>821 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>661 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>24% </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><sup>(1) </sup> </TD>
    <TD>
      <P align=justify>Silver equivalents are calculated using a 70:1 ratio for
      2015 and a 75:1 ratio for 2016.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(2) </sup> </TD>
    <TD>
      <P align=justify>The Company reports non-IFRS measures which include cash
      costs net of by-product on a payable silver basis, total production costs
      per ounce, all-in sustaining costs per ounce and direct production costs
      per tonne, in order to manage and evaluate operating performance at each
      of the Company&#146;s mines. These measures, some established by the Silver
      Institute (Production Cost Standards, June 2011), are widely used in the
      silver mining industry as a benchmark for performance, but do not have a
      standardized meaning. These measures are reported on a production basis.
      See Reconciliation to IFRS beginning on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(3) </sup> </TD>
    <TD>
      <P align=justify>Cash costs net of by-product per payable silver ounce
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead, net of gold credits. See
      Reconciliation to IFRS on page 18.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(4) </sup> </TD>
    <TD>
      <P align=justify>Total production costs per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, amortization, depletion and amortization at the
      operation sites. See Reconciliation to IFRS on page 18.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(5) </sup> </TD>
    <TD>
      <P align=justify>All-in sustaining cost per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, corporate general and administration, on-site
      exploration, share-based compensation, reclamation and sustaining capital
      net of gold credits. See Reconciliation to IFRS on page 19.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(6) </sup> </TD>
    <TD>
      <P align=justify>Direct production costs per tonne include mining,
      processing (including smelting, refining, transportation and selling
      costs) and direct overhead at the operation sites. See Reconciliation to
      IFRS on page 18.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(7) </sup> </TD>
    <TD>
      <P align=justify>Silver co-product cash cost and gold co-product cash cost
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead allocated on pro-rated basis of
      realized metal value. See Reconciliation to IFRS on page
  20.</P></TD></TR></TABLE>
<P align=justify>Guanacev&#237; has produced more than 27 million ounces of silver
and over 64,000 ounces of gold since Endeavour acquired it in 2004. Although the
historic mine was closed and the plant was struggling to process 100 tpd of old
tailings in 2004, Guanacev&#237; is now producing 1,200 tpd of high-grade ore. The
Company has discovered five high-grade silver-gold ore bodies along a five
kilometre length of the prolific Santa Cruz vein and developed four new mines,
one of which is now mined out. The Guanacev&#237; operation currently includes three
underground silver-gold mines, a cyanidation leach plant, mining camp, and
administration and housing facilities. Guanacev&#237; provides steady employment for
550 people and engages 350 contractors. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>7 </FONT></B></TD></TR></TABLE></DIV><BR>
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<P align=justify><B><I>Guanacev&#237; Production Results </I></B></P>
<P align=justify><B>Three months ended September 30, 2016 (compared to the three
months ended September 30, 2015) <BR></B>Silver production at the Guanacev&#237; mine
during Q3, 2016 was 542,385 oz, a decrease of 37% compared to 867,292 oz in Q3,
2015, and gold production was 1,163 oz, a decrease of 35% compared to 1,792 oz
in Q3, 2015. Plant throughput was 82,059 tonnes at average grades of 235 gpt
silver and 0.51 gpt gold compared to 111,469 tonnes grading 285 gpt silver and
0.58 gpt gold in Q3, 2015. Metal production decreased due to lower throughput
and ore grades. The lower ore grades were a result of mining lower grade areas
within the ore-bodies, while the prior year&#146;s higher grades were due to the
contribution of the higher grade Porvenir Cuatro ore-body, which resulted in
higher silver and gold production in Q3, 2015. Throughput was lower due to mine
development being behind plan and company personnel focused on improving
underground services, including power, dewatering and ventilation. The Company
changed the mining contractor in January 2016 and changed the operations manager
in May 2016. Management expects to attain the planned level of production in the
fourth quarter of 2016. Q3, 2016 payable metals were adjusted for re-negotiated
2016 contracts amounting to higher payable metal during the quarter than
produced.</P>
<P align=justify><B>Nine months ended September 30, 2016 (compared to the nine
months ended September 30, 2015) <BR></B>Silver production at the Guanacev&#237; mine
during 2016 was 1,823,337 oz, a decrease of 32% compared to 2,678,979 oz in
2015, and gold production was 4,096 oz, a decrease of 27% compared to 5,615 oz
in 2015. Plant throughput was 279,591 tonnes at average grades of 239 gpt silver
and 0.52 gpt gold compared to 326,392 tonnes grading 304 gpt silver and 0.62 gpt
gold in 2015. Metal production has decreased due to lower throughput and ore
grades. The lower ore grades were a result of mining deeper within the
ore-bodies where grades tend to be lower, while the prior year&#146;s higher grades
were due to the contribution of the higher grade Porvenir Cuatro ore-body, which
resulted in higher silver and gold production in 2015. Throughput was lower due
to mine development being behind plan. The Company changed the mining contractor
in January and changed the operations manager in May. Management expects to
attain the planned level of production in the fourth quarter 2016. In Q1, 2016,
the ore stockpile built up over the last six years was fully depleted resulting
in 23,800 more tonnes processed than estimated in stockpile. <B></B></P>
<P align=justify><B><I>Guanacev&#237; Operating Costs </I></B></P>
<P align=justify><B>Three months ended September 30, 2016 (compared to the three
months ended September 30, 2015) <BR></B>Direct production costs per tonne
increased by 18% in Q3, 2016 compared to Q3, 2015 due primarily to reduced mine
output offset by a weaker Mexican peso. As mine development opens additional
stopes, productivity will return to historical levels and costs metrics are
expected fall. The higher direct costs per tonne along with lower ore grades
resulted in higher cash costs per oz, net of by-product credits (a non-IFRS
measure and a standard of the Silver Institute), which rose 39% to $11.12 per oz
of payable silver compared to $7.98 per oz in Q3, 2015. The lower throughput,
lower ore grades and higher development expenditures resulted in higher
all-in-sustaining costs (also a non-IFRS measure) which increased 69% to $21.53
per oz. As mine development opens additional stopes, productivity will return to
historical levels and costs metrics are expected fall.</P>
<P align=justify><B>Nine months ended September 30, 2016 (compared to the nine
months ended September 30, 2015) <BR></B>Direct production costs per tonne
decreased by 5% in 2016 compared to 2015 due primarily to processing more
stockpile tonnes than previously estimated and a weaker Mexican peso offset by
productivity losses experienced in the second and third quarters. After
adjusting for the additional stockpile tonnes, the Company estimates direct
costs per tonne to be approximately $85 per tonne. The lower direct costs per
tonne were offset by lower ore grades resulting in slightly higher cash costs
per oz, net of by-product credits (a non-IFRS measure and a standard of the
Silver Institute), which increased 22% to $9.93 per oz of payable silver
compared to $8.12 per oz in 2015. The lower productivity, lower ore grades and
higher development expenditures resulted in higher all-in-sustaining costs (also
a non-IFRS measure) which increased 44% to $17.98 per oz. For the nine months
ended September 30, 2016 the Guanacev&#237; operation has invested $10.6 million, of
which $9.2 million was for underground development to improve underground access
with the expectation productivity will return to historical levels.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>8 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify><B>Bola&#241;itos Operations </B></P>
<P align=justify><B><I>Production Results for the Three Months and Nine Months
Ended September 30, 2016 and 2015 </I></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD colSpan=3 align=center noWrap bgcolor="#943634"><FONT color=#ffffff><B>Three Months
      Ended September 30</B> </FONT></TD>
    <TD width="40%" align=center noWrap bgcolor="#943634" ><FONT
      color=#ffffff><B>BOLA&#209;ITOS</B> </FONT></TD>
    <TD width="30%" colSpan=3 align=center noWrap bgcolor="#943634"><FONT color=#ffffff><B>Nine
  Months Ended September 30</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><B>2016</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change</B> </FONT></TD>
    <TD width="40%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"
    ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
  <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center>132,686 </TD>
    <TD align=center width="10%">109,124 </TD>
    <TD align=center width="10%">22% </TD>
    <TD align=center width="40%" >Ore tonnes processed </TD>
    <TD align=center width="10%">406,136 </TD>
    <TD align=center width="10%">351,348 </TD>
    <TD align=center width="10%">16% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>76 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>105 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(28%) </TD>
    <TD align=center width="40%" bgColor=#eeeeee >Average silver
      grade (g/t) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>84 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>126 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(33%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>78.8 </TD>
    <TD align=center width="10%">81.7 </TD>
    <TD align=center width="10%">(4%) </TD>
    <TD align=center width="40%" >Silver recovery (%) </TD>
    <TD align=center width="10%">79.0 </TD>
    <TD align=center width="10%">84.2 </TD>
    <TD align=center width="10%">(6%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>255,350 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>300,988 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(15%) </TD>
    <TD align=center width="40%" bgColor=#eeeeee >Total silver
      ounces produced </TD>
    <TD align=center width="10%" bgColor=#eeeeee>866,804 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1,198,410 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(28%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>245,136 </TD>
    <TD align=center width="10%">288,908 </TD>
    <TD align=center width="10%">(15%) </TD>
    <TD align=center width="40%" >Payable silver ounces produced
    </TD>
    <TD align=center width="10%">832,132 </TD>
    <TD align=center width="10%">1,148,612 </TD>
    <TD align=center width="10%">(28%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>2.30 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1.95 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>18% </TD>
    <TD align=center width="40%" bgColor=#eeeeee >Average gold
      grade (g/t) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>2.34 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>2.03 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>15% </TD></TR>
  <TR vAlign=top>
    <TD align=center>80.3 </TD>
    <TD align=center width="10%">78.9 </TD>
    <TD align=center width="10%">2% </TD>
    <TD align=center width="40%" >Gold recovery (%) </TD>
    <TD align=center width="10%">81.1 </TD>
    <TD align=center width="10%">82.0 </TD>
    <TD align=center width="10%">(1%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>7,875 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>5,397 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>46% </TD>
    <TD align=center width="40%" bgColor=#eeeeee >Total gold
      ounces produced </TD>
    <TD align=center width="10%" bgColor=#eeeeee>24,794 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>18,800 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>32% </TD></TR>
  <TR vAlign=top>
    <TD align=center>7,618 </TD>
    <TD align=center width="10%">5,263 </TD>
    <TD align=center width="10%">45% </TD>
    <TD align=center width="40%" >Payable gold ounces produced
</TD>
    <TD align=center width="10%">24,016 </TD>
    <TD align=center width="10%">18,335 </TD>
    <TD align=center width="10%">31% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>845,975 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>678,778 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>25% </TD>
    <TD align=center width="40%" bgColor=#eeeeee >Silver
      equivalent ounces produced<SUP>(1)</SUP> </TD>
    <TD align=center width="10%" bgColor=#eeeeee>2,726,354 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>2,514,410 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>8% </TD></TR>
  <TR vAlign=top>
    <TD align=center>(15.17) </TD>
    <TD align=center width="10%">7.68 </TD>
    <TD align=center width="10%">(298%) </TD>
    <TD align=center width="40%" >Cash costs per silver
      ounce<SUP>(2)(3)</SUP> </TD>
    <TD align=center width="10%">(9.13) </TD>
    <TD align=center width="10%">3.52 </TD>
    <TD align=center width="10%">(359%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>(13.20) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>15.55 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(185%) </TD>
    <TD align=center width="40%" bgColor=#eeeeee >Total
      production costs per ounce<SUP>(2)(4)</SUP> </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(4.68) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>9.95 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(147%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>(11.16) </TD>
    <TD align=center width="10%">14.40 </TD>
    <TD align=center width="10%">(177%) </TD>
    <TD align=center width="40%" >All in sustaining cost per
      ounce <SUP>(2)(5)</SUP> </TD>
    <TD align=center width="10%">(6.01) </TD>
    <TD align=center width="10%">10.46 </TD>
    <TD align=center width="10%">(158%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>49.03 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>70.17 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(30%) </TD>
    <TD align=center width="40%" bgColor=#eeeeee >Direct
      production costs per tonne<SUP>(2)(6)</SUP> </TD>
    <TD align=center width="10%" bgColor=#eeeeee>57.75 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>71.87 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(20%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>8.07 </TD>
    <TD align=center width="10%">11.00 </TD>
    <TD align=center width="10%">(27%) </TD>
    <TD align=center width="40%" >Silver co-product cash
      costs<SUP>(7)</SUP> </TD>
    <TD align=center width="10%">8.51 </TD>
    <TD align=center width="10%">9.86 </TD>
    <TD align=center width="10%">(14%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      bgColor=#eeeeee>564 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>805 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>(30%) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="40%"
    bgColor=#eeeeee >Gold co-product cash costs <SUP>(7)</SUP>
</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>649 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>715 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>(9%) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><sup>(1) </sup> </TD>
    <TD>
      <P align=justify>Silver equivalents are calculated using a 70:1 ratio for
      2015 and a 75:1 ratio for 2016.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(2) </sup> </TD>
    <TD>
      <P align=justify>The Company reports non-IFRS measures which include cash
      costs net of by-products on a payable silver basis, total production costs
      per ounce, all-in sustaining costs per ounce and direct production costs
      per tonne, in order to manage and evaluate operating performance at each
      of the Company&#146;s mines. These measures, some established by the Silver
      Institute (Production Cost Standards, June 2011), are widely used in the
      silver mining industry as a benchmark for performance, but do not have a
      standardized meaning. These measures are reported on a production basis.
      See Reconciliation to IFRS beginning on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(3) </sup> </TD>
    <TD>
      <P align=justify>Cash costs net of by-product per payable silver ounce
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead, net of gold credits. See
      Reconciliation to IFRS on page 18</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(4) </sup> </TD>
    <TD>
      <P align=justify>Total production costs per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, amortization, depletion and amortization at the
      operation sites. See Reconciliation to IFRS on page 18.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(5) </sup> </TD>
    <TD>
      <P align=justify>All-in sustaining cost per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, corporate general and administration, on-site
      exploration, share-based compensation, reclamation and sustaining capital
      net of gold credits. See Reconciliation to IFRS on page 19.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(6) </sup> </TD>
    <TD>
      <P align=justify>Direct production costs per tonne include mining,
      processing (including smelting, refining, transportation and selling
      costs) and direct overhead at the operation sites. See Reconciliation to
      IFRS on page 18.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(7) </sup> </TD>
    <TD>
      <P align=justify>Silver co-product cash cost and gold co-product cash cost
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead allocated on pro-rated basis of
      realized metal value. See Reconciliation to IFRS on page
  20.</P></TD></TR></TABLE>
<P align=justify>The Bola&#241;itos mine encompasses three operating silver-gold
mines and a flotation plant and is located 10 kilometres from the city of
Guanajuato in the state of Guanajuato. Following Endeavour&#146;s acquisition in
2007, cash costs of production were as high as $32 per oz and the operation.
Following the execution of management&#146;s business strategy, cash costs of
production became negative due to economies of scale and the rising gold credits
as production grew. Bola&#241;itos&#146; processing plant was expanded in phases from 500
tpd in 2007 to 1,600 tpd in 2012. In 2013, additional mine output was processed
at the El Cubo facilities allowing production to exceed plant capacity whereas,
in 2014, production reverted to the 1,600 tpd Bola&#241;itos plant capacity. In 2015,
Bola&#241;itos reduced mine output to 1,000 tpd as underground resources focused on
the development of the LL- Asunci&#243;n ore-body. Since acquisition, the Bola&#241;itos
operation has produced over 12.5 million ounces of silver and over 205,000
ounces of gold. Bola&#241;itos provides steady employment for 350 people and engages
220 contractors. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>9 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify><B><I>Bola&#241;itos Production Results </I></B></P>
<P align=justify><B>Three months ended September 30, 2016 (compared to the three
months ended September 30, 2015) <BR></B>Silver production at the Bola&#241;itos mine
was 255,350 oz during Q3, 2016, a decrease of 15% compared to 300,988 oz in Q3,
2015, and gold production was 7,875 oz, an increase of 46% compared to 5,397 oz
in Q3, 2015. Plant throughput in Q3, 2016 was 132,686 tonnes at average grades
of 76 gpt silver and 2.30 gpt gold, compared to 109,124 tonnes grading 105 gpt
silver and 1.95 gpt gold in Q3, 2015. Silver production was down due to lower
silver grades and recoveries offset by higher throughput, while gold production
increased due to the higher throughput and higher gold grades. Bola&#241;itos
production came primarily from the LL-Asunci&#243;n ore-body which has lower silver
grades and higher gold grades compared to historical production from the Lucero
ore-bodies. Additionally, the Bola&#241;itos plant processed 47,067 tonnes of
historical stockpile. The historical stockpile base was substantially larger
than determined on acquisition of the property which resulted in low cost ore to
supplement the mine output. </P>
<P align=justify><B>Nine months ended September 30, 2016 (compared to the nine
months ended September 30, 2015) <BR></B>Silver production at the Bola&#241;itos mine
was 866,804 oz during 2016, a decrease of 28% compared to 1,198,410 oz in 2015,
and gold production was 24,794 oz compared to 18,800 oz in 2015. Plant
throughput in 2016 was 406,136 tonnes at average grades of 84 gpt silver and
2.34 gpt gold, compared to 351,348 tonnes grading 126 gpt silver and 2.03 gpt
gold in 2015. Silver production was down due to lower silver grades and
recoveries offset by higher throughput, while gold production increased due the
higher throughput and higher gold grades. Bola&#241;itos production came primarily
from the LL-Asunci&#243;n ore-body which has lower silver grades and higher gold
grades compared to historical production from the Lucero ore-bodies. In 2015,
plant throughput reduced gradually from its 1,600 tpd capacity in the first
quarter 2015, down to 1,000 tpd by year-end 2015. The mine halted development
and exploration expenditures at the end of 2015 as further development of the
LL-Asunci&#243;n ore-body and Plateros discovery would have provided insufficient
returns based on the 2015 closing metal prices. The mine focused on extracting
and processing the accessible to ore to maximize cash flow during the first half
of 2015. During Q3, 2016, due to higher metal prices, the Company revised its
operating plan to maintain mine output at 800 tpd with additional tonnage from
historical stockpiles and elected to invest $1.7 million to develop the Plateros
discovery and extend the mine life.</P>
<P align=justify><B><I>Bola&#241;itos Operating Costs </I></B></P>
<P align=justify><B>Three months ended September 30, 2016 (compared to the three
months ended September 30, 2015) <BR></B>In Q3, 2016, direct production costs
per tonne fell 30% to $49.03 per tonne due to the weaker Mexican peso, reduced
contractor activity and the processing of historical stockpiles carried at no
value. Adjusting for the historical stockpile tonnes, the Company estimates
direct costs per tonne to be approximately $62 per tonne. The lower costs per
tonne resulted in significantly lower cash costs per oz, net of by-product
credits (which is a non-IFRS measure and a standard of the Silver Institute),
falling to negative $15.17 per oz of payable silver compared to $7.68 per oz the
same period in 2015. Similarly, all-in sustaining costs (also a non-IFRS
measure) fell 177% to negative $11.16 per oz compared to $14.40 per oz in Q3,
2015, due to the lower costs per tonne and the reduced level of development and
exploration activities.</P>
<P align=justify><B>Nine months ended September 30, 2016 (compared to the nine
months ended September 30, 2015) <BR></B>In 2016, direct production costs per
tonne fell 20% to $57.75 per tonne due to the weaker Mexican peso, reduced
contractor activity, management focus on reducing costs and the processing of
historical stockpile carried at no value. Adjusting for the historical stockpile
tonnes, the Company estimates direct costs per tonne to be approximately $62 per
tonne. The lower costs per tonne resulted in significantly lower cash costs per
oz, net of by-product credits (which is a non-IFRS measure and a standard of the
Silver Institute), falling to negative $9.13 per oz of payable silver compared
to $3.52 per oz over the same period in 2015. Similarly, all-in sustaining costs
(also a non-IFRS measure) fell 158% to negative $6.01 per oz compared to $10.46
per oz in 2015, due to the lower costs per tonne and the suspension of
development and exploration activities in the first nine months of 2016. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>10 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify><B>El Cubo Operations </B></P>
<P align=justify><B><I>Production Results for the Three Months and Nine Months
Ended September 30, 2016 and 2015 </I></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD colSpan=3 align=center noWrap bgcolor="#943634"><FONT color=#ffffff><B>Three Months
      Ended September 30</B> </FONT></TD>
    <TD width="40%" align=center noWrap bgcolor="#943634" ><FONT
      color=#ffffff><B>EL CUBO</B> </FONT></TD>
    <TD width="30%" colSpan=3 align=center noWrap bgcolor="#943634"><FONT color=#ffffff><B>Nine
  Months Ended September 30</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><B>2016</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change</B> </FONT></TD>
    <TD width="40%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"
    ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
  <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center>140,866 </TD>
    <TD align=center width="10%">184,285 </TD>
    <TD align=center width="10%">(24%) </TD>
    <TD align=center width="40%" >Ore tonnes processed </TD>
    <TD align=center width="10%">455,635 </TD>
    <TD align=center width="10%">479,675 </TD>
    <TD align=center width="10%">(5%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>128 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>124 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>3% </TD>
    <TD align=center width="40%" bgColor=#eeeeee >Average silver
      grade (g/t) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>129 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>117 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>10% </TD></TR>
  <TR vAlign=top>
    <TD align=center>84.0 </TD>
    <TD align=center width="10%">88.7 </TD>
    <TD align=center width="10%">(5%) </TD>
    <TD align=center width="40%" >Silver recovery (%) </TD>
    <TD align=center width="10%">87.7 </TD>
    <TD align=center width="10%">86.9 </TD>
    <TD align=center width="10%">1% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>486,911 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>652,002 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(25%) </TD>
    <TD align=center width="40%" bgColor=#eeeeee >Total silver
      ounces produced </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1,656,421 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1,568,512 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>6% </TD></TR>
  <TR vAlign=top>
    <TD align=center>467,434 </TD>
    <TD align=center width="10%">625,933 </TD>
    <TD align=center width="10%">(25%) </TD>
    <TD align=center width="40%" >Payable silver ounces produced
    </TD>
    <TD align=center width="10%">1,590,164 </TD>
    <TD align=center width="10%">1,504,508 </TD>
    <TD align=center width="10%">6% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>1.46 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1.54 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(5%) </TD>
    <TD align=center width="40%" bgColor=#eeeeee >Average gold
      grade (g/t) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1.46 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1.51 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(3%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>80.5 </TD>
    <TD align=center width="10%">89.1 </TD>
    <TD align=center width="10%">(10%) </TD>
    <TD align=center width="40%" >Gold recovery (%) </TD>
    <TD align=center width="10%">79.9 </TD>
    <TD align=center width="10%">86.5 </TD>
    <TD align=center width="10%">(8%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>5,326 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>8,130 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(34%) </TD>
    <TD align=center width="40%" bgColor=#eeeeee >Total gold
      ounces produced </TD>
    <TD align=center width="10%" bgColor=#eeeeee>17,083 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>20,142 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(15%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>5,151 </TD>
    <TD align=center width="10%">7,924 </TD>
    <TD align=center width="10%">(35%) </TD>
    <TD align=center width="40%" >Payable gold ounces produced
</TD>
    <TD align=center width="10%">16,551 </TD>
    <TD align=center width="10%">19,618 </TD>
    <TD align=center width="10%">(16%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>886,361 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1,221,102 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(27%) </TD>
    <TD align=center width="40%" bgColor=#eeeeee >Silver
      equivalent ounces produced<SUP>(1)</SUP> </TD>
    <TD align=center width="10%" bgColor=#eeeeee>2,937,646 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>2,978,452 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(1%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>9.16 </TD>
    <TD align=center width="10%">8.48 </TD>
    <TD align=center width="10%">8% </TD>
    <TD align=center width="40%" >Cash costs per silver
      ounce<SUP>(2)(3)</SUP> </TD>
    <TD align=center width="10%">9.74 </TD>
    <TD align=center width="10%">11.07 </TD>
    <TD align=center width="10%">(12%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>9.99 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>17.36 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(42%) </TD>
    <TD align=center width="40%" bgColor=#eeeeee >Total
      production costs per ounce<SUP>(2)(4)</SUP> </TD>
    <TD align=center width="10%" bgColor=#eeeeee>11.44 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>21.36 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(46%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>11.60 </TD>
    <TD align=center width="10%">18.47 </TD>
    <TD align=center width="10%">(37%) </TD>
    <TD align=center width="40%" >All in sustaining cost per
      ounce <SUP>(2)(5)</SUP> </TD>
    <TD align=center width="10%">11.94 </TD>
    <TD align=center width="10%">23.16 </TD>
    <TD align=center width="10%">(48%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>79.20 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>75.50 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>5% </TD>
    <TD align=center width="40%" bgColor=#eeeeee >Direct
      production costs per tonne<SUP>(2)(6)</SUP> </TD>
    <TD align=center width="10%" bgColor=#eeeeee>80.66 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>81.82 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(1%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>12.98 </TD>
    <TD align=center width="10%">11.16 </TD>
    <TD align=center width="10%">16% </TD>
    <TD align=center width="40%" >Silver co-product cash costs
      <SUP>(7)</SUP> </TD>
    <TD align=center width="10%">12.42 </TD>
    <TD align=center width="10%">12.96 </TD>
    <TD align=center width="10%">(4%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      bgColor=#eeeeee>908 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>817 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>11% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="40%"
    bgColor=#eeeeee >Gold co-product cash costs <SUP>(7)</SUP>
</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>947 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>939 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>1% </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><sup>(1) </sup> </TD>
    <TD>
      <P align=justify>Silver equivalents are calculated using a 70:1 ratio for
      2015 and a 75:1 ratio for 2016.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(2) </sup> </TD>
    <TD>
      <P align=justify>The Company reports non-IFRS measures which include cash
      costs net of by-products on a payable silver basis, total production costs
      per ounce, all-in sustaining costs per ounce and direct production costs
      per tonne, in order to manage and evaluate operating performance at each
      of the Company&#146;s mines. These measures, some established by the Silver
      Institute (Production Cost Standards, June 2011), are widely used in the
      silver mining industry as a benchmark for performance, but do not have a
      standardized meaning. These measures are reported on a production basis.
      See Reconciliation to IFRS beginning on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(3) </sup> </TD>
    <TD>
      <P align=justify>Cash costs net of by-products per payable silver ounce
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead, net of gold credits. See
      Reconciliation to IFRS on page 18.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(4) </sup> </TD>
    <TD>
      <P align=justify>Total production costs per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, amortization, depletion and amortization at the
      operation sites. See Reconciliation to IFRS on page 18.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(5) </sup> </TD>
    <TD>
      <P align=justify>All-in sustaining cost per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, corporate general and administration, on-site
      exploration, share-based compensation, reclamation and sustaining capital
      net of gold credits. See Reconciliation to IFRS on page 19.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(6) </sup> </TD>
    <TD>
      <P align=justify>Direct production costs per tonne include mining,
      processing (including smelting, refining, transportation and selling
      costs) and direct overhead at the operation sites. See Reconciliation to
      IFRS on page 18</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(7) </sup> </TD>
    <TD>
      <P align=justify>Silver co-product cash cost and gold co-product cash cost
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead allocated on pro-rated basis of
      realized metal value. See Reconciliation to IFRS on page
  20.</P></TD></TR></TABLE>
<P align=justify>Endeavour&#146;s third mine, El Cubo, was acquired in July 2012. El
Cubo was a good fit with Endeavour's business strategy of buying and
rejuvenating struggling old mines in historic mining districts. However, unlike
Guanacev&#237; and Bola&#241;itos, which had low throughputs and no reserves, El Cubo
offered the potential to quickly become a core asset for Endeavour, by already
having throughput of 1,100 tpd output and a reasonable reserve/resource mine
life. Located in the southeastern part of the historic Guanajuato mining
district, the producing El Cubo silver and gold mine is only 15 kilometres from
Endeavour&#146;s Bola&#241;itos project, and included many mine adits, ramps, and shafts,
as well as a 400 tpd leach plant. Since acquisition, the El Cubo operation has
produced over 6.6 million ounces of silver and over 85,000 ounces of gold. El
Cubo currently employs 590 people and engages 150 contractors.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>11 </FONT></B></TD></TR></TABLE></DIV><BR>
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<P align=justify><B><I>El Cubo Production Results </I></B></P>
<P align=justify><B>Three months ended September 30, 2016 (compared to the three
months ended September 30, 2015) <BR></B>Silver production at the El Cubo mine
was 486,911 ounces in Q3, 2016, a decrease of 25% compared to 652,002 oz in Q3,
2015 and gold production was 5,326 oz in Q3, 2016, a decrease of 34% compared to
8,130 oz in Q3, 2015. Plant throughput in Q3, 2016 was 140,866 tonnes at average
grades of 128 gpt silver and 1.46 gpt gold, compared to 184,285 tonnes grading
124 gpt silver and 1.54 gpt gold in Q3, 2015. The lower throughput and silver
recoveries resulted in lower silver production. The lower gold recoveries,
grades and throughput resulted in lower gold production. The 2016 operational
plan originally called for throughput to gradually reduce over the year down to
care and maintenance by year-end, with efforts focused on extracting and
processing the accessible to ore to maximize cash flow over the year. In July,
2016, the Company revised its operating plan to ramp throughput back up to 1500
tpd in the second half of 2016. The El Cubo mine was able to maintain 1,531 tpd
in Q3, 2016 by mining non-modeled extensions of the Villapando and Santa Cecilia
ore bodies. </P>
<P align=justify><B>Nine months ended September 30, 2016 (compared to the nine
months ended September 30, 2015) <BR></B>Silver production at the El Cubo mine
was 1,656,421 ounces in 2016, an increase of 6% compared to 1,568,512 oz in 2015
and gold production was 17,083 oz in 2016, a decrease of 15% compared to 20,142
oz in 2015. Plant throughput in 2016 was 455,635 tonnes at average grades of 129
gpt silver and 1.46 gpt gold, compared to 479,675 tonnes grading 117 gpt silver
and 1.51 gpt gold in 2015. The higher silver grades, offset by lower throughput,
resulted in higher silver production, while gold production was lower due to
lower throughput, and gold grads. The 2016 operational plan originally called
for throughput gradually reducing over the year down to care and maintenance by
year-end, with efforts focused on extracting and processing the accessible to
ore to maximize cash flow over the year. In July, 2016, the Company revised its
operating plan to ramp throughput back up to 1500 tpd in the second half of
2016. The El Cubo mine was able to maintain 1,531 tpd tpd in Q3, 2016 by mining
non-modeled extensions of the Villapando and Santa Cecilia ore bodies in Q3,
2016, while management expects the mine to achieve higher output than planned in
Q4, 2016.</P>
<P align=justify><B><I>El Cubo Operating Costs </I></B></P>
<P align=justify><B>Three months ended September 30, 2016 (compared to the three
months ended September 30, 2015) <BR></B>Direct production costs increased 5%
compared to the same period in 2015. A 24% decrease in throughput increased
costs on a per tonne basis, while management&#146;s effort to reduce costs and the
weaker Mexican peso resulted in special mining duty owed amounting to $5 per
tonne of additional direct costs. The higher costs per tonne and lower
recoveries increased cash costs net of by-product credits (a non-IFRS measure
and a standard of the Silver Institute) by 8% to $9.16 per oz of payable silver
compared to $8.48 per oz in the same period in 2015. All-in sustaining costs
decreased by 37% to $11.60 per oz compared to $18.48 per oz in Q3, 2015 due to
the significant reduction of exploration and developments activities. </P>
<P align=justify><B>Nine months ended September 30, 2016 (compared to the nine
months ended September 30, 2015) <BR></B>The reduced use of contractors, the
weaker Mexican peso and management efforts to reduce costs were offset by lower
throughput, development expensed in Q1, 2016 and special mining duty resulting
in relatively flat direct costs per tonne. Higher silver grades and higher gold
prices impacting the gold credit decreased cash costs net of byproduct credits
(a non-IFRS measure and a standard of the Silver Institute) by 12% to $9.74 per
oz of payable silver compared to $11.07 per oz over the same period in 2015.
All-in sustaining costs decreased by 48% to $11.94 per oz compared to $23.16 per
oz in 2015 due to higher silver grades and the suspension of exploration and
developments activities part way through the first quarter.</P>
<P align=justify><B>Exploration Results <BR></B>In January, the Company guided
exploration expenditures totaling $2.5 million on exploration drilling at
Guanacev&#237; and property holding costs in Mexico, with a contingent budget to
invest an additional $7.0 million on additional exploration, engineering and
land acquisition, primarily at Terronera, subject to financing. Endeavour&#146;s cash
and working capital positions grew substantially during the first half of 2016
(See the Liquidity and Capital Resources section on page 27) due to higher metal
prices, stronger cash flows, and two &#147;At-the-Market&#148; equity offerings.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>12 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify>In July, 2016, the Company approved the contingent budget, as
well as additional expenditures for the newly acquired El Compas project, of
which $6.7 million is budgeted for the second half of 2016. The Company now
expects to spend $10.1 million on exploration this year including 29,400 metres
of drilling, primarily at Terronera and secondarily at Guanacev&#237;, El Cubo, El
Compas and Guadalupe y Calvo. In addition to exploration work focused on growing
the Company&#146;s silver and gold resources, the budget includes acquisitions,
engineering and permitting work pursuant to a pre-feasibility study for
Terronera and a preliminary economic assessment for El Compas. </P>
<P align=justify>During the nine months ended September 30, 2016, the Company
incurred expenditures of $5.1 million related to mapping, sampling, drilling and
engineering. Of this amount $2.8 million was incurred at the Terronera project
for drilling, mapping and engineering work. To date, 11,200 metres have been
drilled continuing to define high grade, silver-gold mineralization within the
Terronera vein system. Additionally mapping has extended the Terronera vein
system over a seven square km area and identified nine additional veins in the
northern half of the property. Sampling of the Terronera vein system confirmed
that high-grade, low sulphidation epithermal silver-gold mineralization is
present in many of the veins. </P>
<P align=justify>The remaining exploration expenditures were across the
Company&#146;s other properties including drilling at Guanacev&#237;, El Cubo and the
newly acquired El Compas project with assays of drill results expected in Q4,
2016. Additionally, mapping and surveying continued at Guadalupe y Calvo and the
Chilean properties.</P>
<P align=justify>On May 27, 2016, the Company issued 2,147,239 common shares to
Canarc Resource Corp (&#147;Canarc&#148;), a related party of the Company, and assumed
Canarc&#146;s obligation to pay an aggregate of 165 troy ounces of gold to Marlin
Gold Mining Ltd to acquire a 100% interest in Canarc&#146;s wholly-owned subsidiary,
Oro Silver Resources Ltd, which owns the El Compas project through its wholly
owned Mexican subsidiary, Minera Oro Silver de Mexico SA de CV (&#147;Minera Oro
Silver&#148;)..</P>
<P align=justify>The 3,990 hectare El Compas project in Zacatecas, Mexico
consists of 28 concessions fully permitted for mining with 22 concessions
subject to a 1.5% net smelter return royalty and six concessions subject to a
3.0% net smelter return royalty.</P>
<P align=justify>Minera Oro Silver also holds a five year operating lease,
renewable for an additional five years, on a 500 tpd ore processing plant
located in Zacatecas, Mexico for a total annual lease cost of MXN 1,632,000
(approximately $90,000), adjusted annually for inflation. The plant is currently
not operational and will require capital investment to restore to an operational
state. Preliminary capital investment estimates are $4.0 million to $6.0 million
to recommence operations at the plant. </P>
<P align=justify>On September 13, 2016, the Company entered into a definitive
agreement with Silver Standard Resources Inc. to acquire a 100% interest in
Silver Standard&#146;s Parral properties, located in the historic silver mining
district of Hidalgo de Parral in southern Chihuahua state, Mexico. </P>
<P align=justify>Pursuant to the Agreement, the Company paid $6.0 million in the
Company&#146;s common shares, being 1,198,083 common shares at $5.008 per share,
representing the 10-day average closing price on the New York Stock Exchange
(&#147;NYSE&#148;) prior to the date of the Agreement. </P>
<P align=justify>In addition, Endeavour has committed to spend $2.0 million on
exploration on two of the properties (the San Patricio and La Palmilla
properties) over the two-year period following the closing of the transaction.
Upon completing this exploration expenditure, the Company will have one year to
deliver a National Instrument 43-101 (&#147;NI 43-101&#148;) technical report, including a
resource estimate, and issue an additional $200,000 in common shares to Silver
Standard for each one million ounces of silver delineated in measured and
indicated resources on the San Patricio and La Palmilla properties, based on the
10-day average closing price of the Company&#146;s common shares on the NYSE prior to
the earlier of delivery of the NI 43-101 report and the third anniversary of the
initial closing date under the Agreement. Silver Standard will also retain a 1%
net smelter returns royalty on production from the San Patricio and La Palmilla
properties. </P>
<DIV align=center>
<TABLE
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cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>13 </FONT></B></TD></TR></TABLE></DIV><BR>
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<P align=justify><B>Consolidated Financial Results </B></P>
<P align=justify><B>Three months ended September 30, 2016 (compared to the three
months ended September 30, 2015) <BR></B>For the three-month period ended
September 30, 2016, the Company&#146;s mine operating earnings were $15.2 million
(Q3, 2015: $2.1 million) on sales of $42.1 million (Q3, 2015: $42.7 million)
with cost of sales of $26.9 million (Q3, 2015: $40.7 million). </P>
<P align=justify>The Q3, 2016 operating earnings were $10.0 million (Q3, 2015:
operating loss of $0.8 million) after exploration costs of $2.4 million (Q3,
2015: $1.1 million) and general and administrative costs of $2.8 million (Q3,
2015: $1.8 million). </P>
<P align=justify>Earnings before taxes in Q3, 2016 were $7.6 million (Q3, 2015:
loss before taxes of $8.9 million) after finance costs of $0.3 million (Q3,
2015: $0.4 million), a foreign exchange loss of $1.7 million (Q3, 2015: $3.0
million) and a loss in investment and other income and expenses of $0.4 million
(Q3, 2015: investment and other income of $0.1 million. The Company realized net
earnings for the period of $5.6 million (Q3, 2015: net loss of $14.1 million)
after an income tax expense of $2.0 million (Q3, 2015: $5.2 million). </P>
<P align=justify>Sales of $42.1 million in Q3, 2016 represented a 2% decrease
over the $42.7 million in sales for the same period in 2015. There was a 35%
decrease in silver oz sold and a 31% increase in the realized silver price
resulting in a 15% decrease in silver sales, and there was a 3% decrease in gold
oz sold and a 25% increase in the realized gold price resulting in a 22%
increase in gold sales. During the period, the Company sold 1,200,467 oz silver
and 14,228 oz gold, for realized prices of $19.16 and $1,340 per oz
respectively, compared to sales of 1,844,556 oz silver and 14,599 oz gold, for
realized prices of $14.67 and $1,074 per oz respectively, in the same period of
2015. The realized prices of silver and gold during the period were within 3% of
the average silver and gold spot prices during the period of $19.61 per oz and
$1,335 per oz, respectively, with differences due to the timing of sales and the
mark-to-market adjustments for the concentrate sales that are pending
finalization and forward contracts.</P>
<P align=justify>The Company increased its finished goods silver inventory to
212,215 oz and decreased its finished goods gold inventory to 832 oz at
September 30, 2016 compared to 154,273 oz silver and 1,124 oz gold at June 30,
2016. The cost allocated to these finished goods was $3.5 million at September
30, 2016, compared to $3.1 million at June 30, 2016. As of September 30, 2016,
the finished goods inventory fair market value was $5.2 million compared to $4.3
million at June 30, 2016. </P>
<P align=justify>Cost of sales for Q3, 2016 was $26.9 million, a decrease of 34%
over the cost of sales of $40.7 million for the same period of 2015. The 34%
decrease in cost of sales was primarily due to cost reduction measures, the
weakening of the Mexican peso against the US dollar and reduced depletion due to
accounting impairments recorded in 2015 that reduced the carrying value of the
El Cubo and Bola&#241;itos operations.</P>
<P align=justify>Exploration expenses increased in Q3, 2016 to $2.4 million from
$1.1 million in the same period of 2015 based on increased exploration activity.
General and administrative expenses increased to $2.8 million for the period
compared to $1.8 million in the same period of 2015. As general and
administrative expenses are largely incurred in Canadian dollars, the increased
strength of the US dollar against the Canadian dollar was offset by an increase
in the fair market value of directors&#146; deferred share units. </P>
<P align=justify>The Company recorded a foreign exchange loss of $1.7 million
during the period compared to a loss of $3.0 million for the same period of
2015. The $1.8 million loss was primarily due to the strengthening of the US
dollar against the Mexican peso and Canadian dollar during the period, which
resulted in lower valuations on the Mexican peso and Canadian dollar cash and
receivable amounts. </P>
<P align=justify>There was an income tax expense of $2.0 million during the
period compared to an income tax expense of $5.2 million for the same period of
2015. The $2.0 million tax expense is comprised of $2.7 million in current
income tax expense (Q3, 2015: $2.1 million) and $0.7 million in deferred income
tax recovery (Q3, 2015 $3.1 million deferred income tax expense). The slight
increase in the current income tax expense was primarily due to the impact of
the lower operating costs for the Company, however, the El Cubo mine has
unrecognized loss carryforwards used to offset profits generated. In 2015, the
Company recognized a $5.2 million deferred income tax expense as a result of the
falling Mexican peso, whereas in 2016 the fluctuations in the Mexican pesos has
had minimal impact on a lower deferred income tax balance. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>14 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_15></A>
<P align=justify><B>Nine months ended September 30, 2016 (compared to the nine
months ended September 30, 2015) <BR></B>For the nine-month period ended
September 30, 2016, the Company&#146;s mine operating earnings were $34.4 million
(Q3, 2015: $18.0 million) on sales of $128.1 million (Q3, 2015: $141.6 million)
with cost of sales of $93.7 million (Q3, 2015: $123.6 million). </P>
<P align=justify>Operating earnings were $20.9 million (Q3, 2015: $7.1 million)
after exploration costs of $5.5 million (Q3, 2015: $4.7 million) and general and
administrative costs of $8.0 million (Q3, 2015: $6.2 million). </P>
<P align=justify>Earnings before taxes for the first three quarters of 2016 were
$16.4 million (Q3, 2015: loss before taxes of $2.3 million) after finance costs
of $0.9 million (Q3, 2015: $1.1 million), a foreign exchange loss of $3.0
million (Q3, 2015: $4.3 million) and investment and other expenses of $0.6
million (Q3, 2015: investment and other income of $0.8 million). The Company
realized net earnings for the period of $9.1 million (Q3, 2015: net loss of
$13.7 million) after an income tax expense of $7.3 million (Q3, 2015: $11.4
million). </P>
<P align=justify>Sales of $128.1 million in the first three quarters of 2016
represented a 10% decrease over the $141.6 million for the same period in 2015.
There was a 25% decrease in silver ounces sold and a 5% increase in the realized
silver price resulting in a 22% decrease in silver sales, and there was a 1%
increase in gold ounces sold and a 5% increase in realized gold prices resulting
in a 12% increase in gold sales. During the period, the Company sold 4,205,575
oz silver and 44,847 oz gold, for realized prices of $16.80 and $1,281 per oz
respectively, compared to sales of 5,619,126 oz silver and 44,195 oz gold, for
realized prices of $16.05 and $1,163 per oz respectively, in the same period of
2015. The realized prices of silver and gold during the period were within 2% of
the average silver and gold spot prices during the period of $17.13 per oz and
$1,260 per oz, respectively, with differences due to the timing of sales and the
mark-to-market adjustments for the concentrate sales that are pending
finalization and forward contracts.<B> </B></P>
<P align=justify>The Company decreased its finished goods silver inventory to
212,215 oz and increased its finished goods gold inventory to 832 oz at
September 30, 2016 compared to 194,496 oz silver and 1,285 oz gold at December
31, 2015. The cost allocated to these finished goods was $3.5 million, compared
to $3.4 million at December 31, 2015. As of September 30, 2016, the finished
goods inventory fair value was $5.2 million compared to the fair value of $4.1
million at December 31, 2015. </P>
<P align=justify>Cost of sales for the first three quarters of 2016 was $93.7
million, a decrease of 24% over the cost of sales of $123.6 million for the same
period of 2015. The 24% decrease in cost of sales was primarily due to cost
reduction measures, the weakening of the Mexican peso against the US dollar and
reduced depletion due to accounting impairments recorded in 2015 that reduced
the carrying value of the El Cubo and Bola&#241;itos operations. </P>
<P align=justify>Exploration expenses increased in 2016 to $5.5 million from
$4.7 million in the same period of 2015 based on the timing of the exploration
activities and the ramp up of exploration activities in Q3, 2016. General and
administrative expenses increased to $8.0 million for the period compared to
$6.2 million in the same period of 2015. As general and administrative expenses
are largely incurred in Canadian dollars, the increased strength of the US
dollar against the Canadian dollar was offset by an increase in the fair market
value of director&#146;s deferred share units. </P>
<P align=justify>The Company experienced a foreign exchange loss of $3.0 million
during the period compared to a loss of $4.3 million for the same period of
2015. The $3.0 million loss was primarily due to the strengthening of the US
dollar against the Mexican peso during the period, which resulted in lower
valuations on the Mexican peso cash and receivable amounts. </P>
<P align=justify>There was an income tax expense of $7.3 million during the
period compared to an income tax expense of $11.4 million for the same period of
2015. The $7.3 million tax expense was comprised of $7.6 million in current
income tax expense (Q3, 2015: $6.2 million) and $0.3 million in deferred income
tax recovery (Q3, 2015: $5.2 million). The slight increase in the current income
tax expense was primarily due to the impact of the lower operating costs for the
Company, however, the El Cubo mine has unrecognized loss carryforwards used to
offset profits generated. In 2015, the Company recognized a $5.2 million
deferred income tax expense as a result of the falling Mexican peso, where as in
2016 the fluctuations in the Mexican pesos has had minimal impact on a lower
deferred income tax balance.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>15 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_16></A>
<P align=justify><B>Non-IFRS Measures </B></P>
<P align=justify>Mine operating cash flow is a non-IFRS measure that does not
have a standardized meaning prescribed by IFRS and therefore may not be
comparable to similar measures presented by other issuers. Mine operating cash
flow is calculated as revenue minus direct production costs and royalties. Mine
operating cash flow is used by management to assess the performance of the mine
operations, excluding corporate and exploration activities and is provided to
investors as a measure of the Company&#146;s operating performance. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff><B>Expressed in
      thousands US dollars</B> </FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="23%" colSpan=4 align=right vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT
      color=#ffffff><B>Three Months Ended September 30</B> </FONT></TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="23%" colSpan=4 align=right vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT
      color=#ffffff><B>Nine Months Ended September 30</B> </FONT></TD>
  <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
  <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Mine operating earnings </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">15,233 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">2,109 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">34,396 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">18,010 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Share-based compensation </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>(208</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#eeeeee>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>109 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>78 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>349 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Amortization and depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">2,761 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">9,768 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">12,059 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">29,604 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Mine operating cash flow before taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>17,786 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>11,986 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>46,533 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>47,963 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR></TABLE>
<P align=justify>Operating cash flow before working capital adjustment is a
non-IFRS measure that does not have a standardized meaning prescribed by IFRS
and therefore may not be comparable to similar measures presented by other
issuers. Operating cash flow before working capital (&#147;WC&#148;) adjustments is
calculated as operating cash flow minus working capital adjustment. Operating
cash flow before working capital adjustments is used by management to assess
operating performance irrespective of working capital changes and is provided to
investors as a measure of the Company&#146;s operating performance. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff><B>Expressed in
      thousands US dollars</B> </FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="23%" colSpan=4 align=right vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT
      color=#ffffff><B>Three Months Ended September 30</B> </FONT></TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="23%" colSpan=4 align=right vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT
      color=#ffffff><B>Nine Months Ended September 30</B> </FONT></TD>
  <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
  <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Cash from (used in) operating activities </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">16,308 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">4,039 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">23,665 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">27,388 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Net changes in non-cash working capital </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>8,071 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>(747</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>(1,425</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>(2,188</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Operating cash flow before working capital adjustments </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">8,237 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">4,786 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">25,090 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">29,576 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P align=justify>Operating cash flow per share is a non-IFRS measure that does
not have a standardized meaning prescribed by IFRS and therefore may not be
comparable to similar measures presented by other issuers. Operating cash flow
per share is calculated by dividing cash from operating activities by the
weighted average shares outstanding. Operating cash flow per share is used by
management to assess operating performance irrespective of working capital
changes and is provided to investors as a measure of the Company&#146;s operating
performance. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff><B>Expressed in
      thousands US dollars</B> </FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="23%" colSpan=4 align=right vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT
      color=#ffffff><B>Three Months Ended September 30</B> </FONT></TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="23%" colSpan=4 align=right vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT
      color=#ffffff><B>Nine Months Ended September 30</B> </FONT></TD>
  <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000"><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000"><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000"><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000"><FONT color=#ffffff><B>2015</B> </FONT></TD>
  <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000" ><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bordercolor="#000000">Operating cash flow before working capital
      adjustments </TD>
    <TD vAlign=bottom align=left width="1%" bordercolor="#000000" >$</TD>
    <TD vAlign=bottom align=right width="10%" bordercolor="#000000">8,237 </TD>
    <TD vAlign=bottom align=left width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bordercolor="#000000" >$</TD>
    <TD vAlign=bottom align=right width="10%" bordercolor="#000000">4,786 </TD>
    <TD vAlign=bottom align=left width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bordercolor="#000000" >$</TD>
    <TD vAlign=bottom align=right width="10%" bordercolor="#000000">25,090 </TD>
    <TD vAlign=bottom align=left width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bordercolor="#000000" >$</TD>
    <TD vAlign=bottom align=right width="10%" bordercolor="#000000">29,576 </TD>
    <TD vAlign=bottom align=left width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left bordercolor="#000000">Weighted average shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bordercolor="#000000">125,277,591 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bordercolor="#000000">101,976,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bordercolor="#000000">114,426,580 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bordercolor="#000000" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bordercolor="#000000" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bordercolor="#000000">101,976,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Operating cash flow before WC changes per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">0.07 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">0.05 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">0.22 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">0.29 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>16 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_17></A>
<P align=justify>EBITDA is a non-IFRS financial measure, which excludes the
following from net earnings: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">Income tax expense; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">Finance costs; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">Amortization and depletion </TD></TR></TABLE>
<P align=justify>Adjusted EBITDA excluded the following additional items from
EBITA </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">Share based compensation; and </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">Non-recurring write-downs </TD></TR></TABLE>
<P align=justify>Management believes EBITDA is a valuable indicator of the
Company&#146;s ability to generate liquidity by producing operating cash flow to fund
working capital needs, service debt obligations, and fund capital expenditures.
Management uses EBITDA for this purpose. EBITDA is also frequently used by
investors and analysts for valuation purposes whereby EBITDA is multiplied by a
factor or &#147;EBITDA multiple&#148; based on an observed or inferred relationship
between EBITDA and market values to determine the approximate total enterprise
value of a Company. </P>
<P align=justify>EBITDA is intended to provide additional information to
investors and analysts and does not have any standardized definition under IFRS
and should not be considered in isolation or as a substitute for measures of
operating performance prepared in accordance with IFRS. EBITDA excludes the
impact of cash costs of financing activities and taxes, and the effects of
changes in operating working capital balances, and therefore is not necessarily
indicative of operating profit or cash flow from operations as determined by
IFRS. Other companies may calculate EBITDA and Adjusted EBITDA differently. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff><B>Expressed in
      thousands US dollars</B> </FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="23%" colSpan=4 align=right vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT
      color=#ffffff><B>Three Months Ended September 30</B> </FONT></TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="23%" colSpan=4 align=right vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT
      color=#ffffff><B>Nine Months Ended September 30</B> </FONT></TD>
  <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT
      color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
  <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net earnings (loss) for the period </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">5,586 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">($14,079</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">9,114 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">($13,696</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Amortization and depletion &#150;
      cost of sales </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>2,761 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>9,768 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>12,059 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>29,604 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Amortization and depletion &#150; exploration </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">10 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">19 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">41 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">64 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Amortization and depletion &#150;
      general &amp; admin </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>63 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>62 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>167 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>156 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Finance costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">345 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">370 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">926 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,037 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Current income tax expense
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>2,732 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>2,095 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>7,623 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>6,225 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Deferred income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">(693</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">3,110 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">(337</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">5,188 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Earnings before interest, taxes, depletion and
      amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>10,804 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>1,345 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>29,593 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>28,578 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Share based compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">775 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">735 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">2,636 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">2,329 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Non-recurring write downs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>4,785 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>4,785 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Adjusted earnings before interest, taxes depletion and
      amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">11,579 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">6,865 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">32,229 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">35,692 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>Cash costs per ounce, total production costs per ounce and
direct production costs per tonne are measures developed by precious metals
companies in an effort to provide a comparable standard; however, there can be
no assurance that Endeavour&#146;s reporting of these non-IFRS measures are similar
to those reported by other mining companies. Cash costs per ounce, production
costs per ounce and direct production costs per tonne are measures used by the
Company to manage and evaluate operating performance at each of the Company&#146;s
operating mining units, and are widely reported in the silver mining industry as
a benchmark for performance, but do not have a standardized meaning and are
disclosed in addition to IFRS measures. The following tables provide a detailed
reconciliation of these measures to Endeavour&#146;s cost of sales, as reported in
the Company&#146;s consolidated financial statements. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>17 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_18></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000" valign="bottom"><FONT color=#ffffff><B>Expressed in thousands US
      dollars</B> </FONT></TD>
    <TD width="44%" colSpan=4 align=center noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000" valign="bottom"><FONT color=#ffffff>&nbsp;
      &nbsp; &nbsp;<B>Three Months Ended September 30, 2016</B> </FONT></TD>
    <TD width="44%" colSpan=4 align=center noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000" valign="bottom"><FONT color=#ffffff>&nbsp;
      &nbsp; &nbsp; &nbsp;<B>Three Months Ended September 30, 2015</B>
  </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium" valign="bottom"><FONT
      color=#ffffff>&nbsp; </FONT></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium" valign="bottom"><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium" valign="bottom"><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium" valign="bottom"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium" valign="bottom"><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium" valign="bottom"><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium" valign="bottom"><FONT color=#ffffff><B> Bolanitos</B></FONT></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium" valign="bottom"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
  <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium" valign="bottom"><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Direct production costs </TD>
    <TD align=center width="11%" valign="bottom">$7,271 </TD>
    <TD align=center width="11%" valign="bottom">$6,205 </TD>
    <TD align=center width="11%" valign="bottom">$10,557 </TD>
    <TD align=center width="11%" valign="bottom">$24,033 </TD>
    <TD align=center width="11%" valign="bottom">$9,060 </TD>
    <TD align=center width="11%" valign="bottom">$7,127 </TD>
    <TD align=center width="11%" valign="bottom">$14,260 </TD>
    <TD align=center width="11%" valign="bottom">$30,447 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Royalties </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">93 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">76 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">78 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">247 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">179 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">43 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">82 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">304 </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Special mining duty <SUP>(1)</SUP> </TD>
    <TD align=center width="11%" valign="bottom">(454) </TD>
    <TD align=center width="11%" valign="bottom">334 </TD>
    <TD align=center width="11%" valign="bottom">738 </TD>
    <TD align=center width="11%" valign="bottom">618 </TD>
    <TD align=center width="11%" valign="bottom">40 </TD>
    <TD align=center width="11%" valign="bottom">166 </TD>
    <TD align=center width="11%" valign="bottom">- </TD>
    <TD align=center width="11%" valign="bottom">206 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Opening finished goods </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(1,900) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(342) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(395) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(2,637) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(1,506) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(134) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(1,677) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(3,317) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Closing finished
      goods </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">2,641 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%" valign="bottom">232
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%" valign="bottom">179
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">3,052 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">1,050 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%" valign="bottom">455
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">1,249 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">2,754 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Direct production costs </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">7,651 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">6,505 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">11,157 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">25,313 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">8,823 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">7,657 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">13,914 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">30,394 </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">By-product gold sales </TD>
    <TD align=center width="11%" valign="bottom">(1,431) </TD>
    <TD align=center width="11%" valign="bottom">(10,566) </TD>
    <TD align=center width="11%" valign="bottom">(7,068) </TD>
    <TD align=center width="11%" valign="bottom">(19,065) </TD>
    <TD align=center width="11%" valign="bottom">(2,187) </TD>
    <TD align=center width="11%" valign="bottom">(4,976) </TD>
    <TD align=center width="11%" valign="bottom">(8,523) </TD>
    <TD align=center width="11%" valign="bottom">(15,686) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Opening gold inventory fair market value
</TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">292 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">852 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">341 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">1,485 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">467 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">90 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">994 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">1,551 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Closing gold
      inventory fair market value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">(442) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">(510) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">(148) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">(1,100) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">(248) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">(552) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">(1,075) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">(1,875) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Cash costs net of by-product </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">6,070 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">(3,719) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">4,282 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">6,633 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">6,855 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">2,219 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">5,310 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">14,384 </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Amortization and depletion </TD>
    <TD align=center width="11%" valign="bottom">1,651 </TD>
    <TD align=center width="11%" valign="bottom">602 </TD>
    <TD align=center width="11%" valign="bottom">508 </TD>
    <TD align=center width="11%" valign="bottom">2,761 </TD>
    <TD align=center width="11%" valign="bottom">1,992 </TD>
    <TD align=center width="11%" valign="bottom">2,132 </TD>
    <TD align=center width="11%" valign="bottom">5,643 </TD>
    <TD align=center width="11%" valign="bottom">9,767 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Stock-based compensation </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(70) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(69) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(69) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(208) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">37 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">36 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">36 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">109 </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Opening finished goods depletion </TD>
    <TD align=center width="11%" valign="bottom">(341) </TD>
    <TD align=center width="11%" valign="bottom">(57) </TD>
    <TD align=center width="11%" valign="bottom">(50) </TD>
    <TD align=center width="11%" valign="bottom">(448) </TD>
    <TD align=center width="11%" valign="bottom">(356) </TD>
    <TD align=center width="11%" valign="bottom">(50) </TD>
    <TD align=center width="11%" valign="bottom">(536) </TD>
    <TD align=center width="11%" valign="bottom">(942) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Closing finished goods depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">416 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">8 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">1 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">425 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">188 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">156 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">412 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">756 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Total production
      costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">$7,726 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">($3,235) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">$4,672 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">$9,163 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">$8,716 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">$4,493 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">$10,865 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">$24,074 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Throughput tonnes </TD>
    <TD align=center width="11%" valign="bottom">82,059 </TD>
    <TD align=center width="11%" valign="bottom">132,686 </TD>
    <TD align=center width="11%" valign="bottom">140,866 </TD>
    <TD align=center width="11%" valign="bottom">355,611 </TD>
    <TD align=center width="11%" valign="bottom">111,469 </TD>
    <TD align=center width="11%" valign="bottom">109,124 </TD>
    <TD align=center width="11%" valign="bottom">184,285 </TD>
    <TD align=center width="11%" valign="bottom">404,878 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Payable silver ounces </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">545,838 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">245,136 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">467,434 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">1,258,408 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">858,618 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">288,908 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">625,933 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">1,773,459 </TD></TR>
  <TR>
    <TD valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="11%" valign="bottom">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Cash costs per ounce </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$11.12 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">($15.17) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$9.16 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$5.27 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$7.98 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$7.68 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$8.48 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$8.11 </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Total production costs per oz </TD>
    <TD align=center width="11%" valign="bottom">$14.15 </TD>
    <TD align=center width="11%" valign="bottom">($13.20) </TD>
    <TD align=center width="11%" valign="bottom">$9.99 </TD>
    <TD align=center width="11%" valign="bottom">$7.28 </TD>
    <TD align=center width="11%" valign="bottom">$10.15 </TD>
    <TD align=center width="11%" valign="bottom">$15.55 </TD>
    <TD align=center width="11%" valign="bottom">$17.36 </TD>
    <TD align=center width="11%" valign="bottom">$13.57 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Direct production costs per tonne </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$93.24 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$49.03 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$79.20 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$71.18 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$79.15 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$70.17 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$75.50 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$75.07 </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" valign="bottom"><FONT color=#ffffff><B>Expressed in thousands US
      dollars</B> </FONT></TD>
    <TD width="44%" colSpan=4 align=center noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" valign="bottom"><FONT color=#ffffff>&nbsp;
      &nbsp; &nbsp; &nbsp;<B>Nine Months Ended September 30, 2016</B> </FONT></TD>
    <TD width="44%" colSpan=4 align=center noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" valign="bottom"><FONT color=#ffffff>&nbsp;
      &nbsp; &nbsp; &nbsp;<B>Nine Months Ended September 30, 2015</B>
  </FONT></TD></TR>
  <TR vAlign=top style="BORDER-BOTTOM: #000000 2px solid">
    <TD align=left noWrap bgcolor="#943634" bordercolor="#000000" valign="bottom"><FONT
      color=#ffffff>&nbsp; </FONT></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" bordercolor="#000000" valign="bottom"><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" bordercolor="#000000" valign="bottom"><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" bordercolor="#000000" valign="bottom"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" bordercolor="#000000" valign="bottom"><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD width="11%" align=center noWrap bgcolor="#943634" bordercolor="#000000" valign="bottom"><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD width="11%" align=center noWrap bgcolor="#943634" bordercolor="#000000" valign="bottom"><FONT color=#ffffff><B> Bolanitos</B></FONT></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" bordercolor="#000000" valign="bottom"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
  <TD
      width="11%" align=center noWrap bgcolor="#943634" bordercolor="#000000" valign="bottom"><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Direct production costs </TD>
    <TD align=center width="11%" valign="bottom">$21,612 </TD>
    <TD align=center width="11%" valign="bottom">$22,834 </TD>
    <TD align=center width="11%" valign="bottom">$36,406 </TD>
    <TD align=center width="11%" valign="bottom">$80,852 </TD>
    <TD align=center width="11%" valign="bottom">$29,711 </TD>
    <TD align=center width="11%" valign="bottom">$24,262 </TD>
    <TD align=center width="11%" valign="bottom">$38,834 </TD>
    <TD align=center width="11%" valign="bottom">$92,807 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Royalties </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">288 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">217 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">227 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">732 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">405 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">182 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">208 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">795 </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Special mining duty <SUP>(1)</SUP> </TD>
    <TD align=center width="11%" valign="bottom">(254) </TD>
    <TD align=center width="11%" valign="bottom">789 </TD>
    <TD align=center width="11%" valign="bottom">738 </TD>
    <TD align=center width="11%" valign="bottom">1,273 </TD>
    <TD align=center width="11%" valign="bottom">1,019 </TD>
    <TD align=center width="11%" valign="bottom">794 </TD>
    <TD align=center width="11%" valign="bottom">- </TD>
    <TD align=center width="11%" valign="bottom">1,813 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Opening finished goods </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(1,298) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(619) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(798) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(2,715) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(4,033) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(441) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(1,042) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(5,516) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Closing finished
      goods </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">2,641 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%" valign="bottom">232
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%" valign="bottom">179
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">3,052 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">1,050 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%" valign="bottom">455
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">1,249 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">2,754 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Direct production costs </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">22,989 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">23,453 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">36,752 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">83,194 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">28,152 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">25,252 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">39,249 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">92,653 </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">By-product gold sales </TD>
    <TD align=center width="11%" valign="bottom">(4,794) </TD>
    <TD align=center width="11%" valign="bottom">(31,008) </TD>
    <TD align=center width="11%" valign="bottom">(21,667) </TD>
    <TD align=center width="11%" valign="bottom">(57,469) </TD>
    <TD align=center width="11%" valign="bottom">(7,629) </TD>
    <TD align=center width="11%" valign="bottom">(21,381) </TD>
    <TD align=center width="11%" valign="bottom">(22,389) </TD>
    <TD align=center width="11%" valign="bottom">(51,399) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Opening gold inventory fair market value
</TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">337 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">471 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">557 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">1,365 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">1,262 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">726 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">865 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">2,853 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Closing gold
      inventory fair market value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">(442) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">(510) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">(148) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">(1,100) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">(248) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">(552) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">(1,075) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">(1,875) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Cash costs net of by-product </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">18,090 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">(7,594) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">15,494 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">25,990 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">21,537 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">4,045 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">16,650 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">42,232 </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Amortization and depletion </TD>
    <TD align=center width="11%" valign="bottom">5,226 </TD>
    <TD align=center width="11%" valign="bottom">3,927 </TD>
    <TD align=center width="11%" valign="bottom">2,906 </TD>
    <TD align=center width="11%" valign="bottom">12,059 </TD>
    <TD align=center width="11%" valign="bottom">6,721 </TD>
    <TD align=center width="11%" valign="bottom">7,224 </TD>
    <TD align=center width="11%" valign="bottom">15,659 </TD>
    <TD align=center width="11%" valign="bottom">29,604 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Stock-based compensation </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">26 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">26 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">26 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">78 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">117 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">116 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">116 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">349 </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Opening finished goods depletion </TD>
    <TD align=center width="11%" valign="bottom">(203) </TD>
    <TD align=center width="11%" valign="bottom">(261) </TD>
    <TD align=center width="11%" valign="bottom">(242) </TD>
    <TD align=center width="11%" valign="bottom">(706) </TD>
    <TD align=center width="11%" valign="bottom">(635) </TD>
    <TD align=center width="11%" valign="bottom">(115) </TD>
    <TD align=center width="11%" valign="bottom">(698) </TD>
    <TD align=center width="11%" valign="bottom">(1,448) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Closing finished goods depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">416 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">8 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">1 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">425 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">188 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">156 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">412 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">756 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Total production
      costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">$23,555 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">($3,894) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">$18,185 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">$37,846 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">$27,928 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">$11,426 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">$32,139 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">$71,493 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Throughput tonnes </TD>
    <TD align=center width="11%" valign="bottom">279,591 </TD>
    <TD align=center width="11%" valign="bottom">406,136 </TD>
    <TD align=center width="11%" valign="bottom">455,635 </TD>
    <TD align=center width="11%" valign="bottom">1,141,362 </TD>
    <TD align=center width="11%" valign="bottom">326,392 </TD>
    <TD align=center width="11%" valign="bottom">351,348 </TD>
    <TD align=center width="11%" valign="bottom">479,675 </TD>
    <TD align=center width="11%" valign="bottom">1,157,415 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Payable silver ounces </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">1,820,903 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">832,132 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">1,590,164 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">4,243,199 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">2,652,189 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">1,148,612 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">1,504,508 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">5,305,309 </TD></TR>
  <TR>
    <TD valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="11%" valign="bottom">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Cash costs per ounce </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$9.93 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">($9.13) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$9.74 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$6.13 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$8.12 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$3.52 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$11.07 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$7.96 </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Total production costs per oz </TD>
    <TD align=center width="11%" valign="bottom">$12.94 </TD>
    <TD align=center width="11%" valign="bottom">($4.68) </TD>
    <TD align=center width="11%" valign="bottom">$11.44 </TD>
    <TD align=center width="11%" valign="bottom">$8.92 </TD>
    <TD align=center width="11%" valign="bottom">$10.53 </TD>
    <TD align=center width="11%" valign="bottom">$9.95 </TD>
    <TD align=center width="11%" valign="bottom">$21.36 </TD>
    <TD align=center width="11%" valign="bottom">$13.48 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Direct production costs per tonne </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$82.22 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$57.75 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$80.66 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$72.89 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$86.25 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$71.87 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$81.82 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$80.05 </TD></TR></TABLE>
<P align=justify><SUP>(1)</SUP> Special mining duty is an EBITDA royalty tax in
Mexico presented as a current income tax in accordance with IFRS. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>18 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_19></A>
<P align=justify>All-in sustaining costs per ounce and all-in costs per ounce
are measures developed by the World Gold Council (and used as a standard of the
Silver Institute) in an effort to provide a comparable standard within the
precious metal industry; however, there can be no assurance that Endeavour&#146;s
reporting of these non-IFRS measures are similar to those reported by other
mining companies. These measures are used by the Company to manage and evaluate
operating performance at each of the Company&#146;s operating mining units and
consolidated group, and are widely reported in the silver mining industry as a
benchmark for performance, but do not have a standardized meaning and are
disclosed in addition to IFRS measures. The following tables provide a detailed
reconciliation of these measures to Endeavour&#146;s cost of sales, as reported in
the Company&#146;s consolidated financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT color=#ffffff><B>Expressed in
      thousands US dollars</B> </FONT></TD>
    <TD width="40%" colSpan=4 align=center noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff>&nbsp;
      &nbsp; &nbsp;<B>Three Months Ended September 30, 2016</B> </FONT></TD>
    <TD width="40%" colSpan=4 align=center noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff>&nbsp;
  &nbsp; &nbsp;<B>Three Months Ended September 30, 2015</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"
      ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi </B> </FONT></TD>
    <TD width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Bolanitos</B></FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
  <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >Cash costs net of by-product </TD>
    <TD align=center width="10%" valign="bottom">$6,070 </TD>
    <TD align=center width="10%" valign="bottom">($3,719) </TD>
    <TD align=center width="10%" valign="bottom">$4,282 </TD>
    <TD align=center width="10%" valign="bottom">$6,633 </TD>
    <TD align=center width="10%" valign="bottom">$6,855 </TD>
    <TD align=center width="10%" valign="bottom">$2,219 </TD>
    <TD align=center width="10%" valign="bottom">$5,310 </TD>
    <TD align=center width="10%" valign="bottom">$14,384 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom" >Operations stock based
      compensation </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">(70) </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">(69) </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">(69) </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">(208) </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">37 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">36 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">36 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">109 </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >Corporate general and administrative </TD>
    <TD align=center width="10%" valign="bottom">818 </TD>
    <TD align=center width="10%" valign="bottom">369 </TD>
    <TD align=center width="10%" valign="bottom">704 </TD>
    <TD align=center width="10%" valign="bottom">1,891 </TD>
    <TD align=center width="10%" valign="bottom">573 </TD>
    <TD align=center width="10%" valign="bottom">175 </TD>
    <TD align=center width="10%" valign="bottom">447 </TD>
    <TD align=center width="10%" valign="bottom">1,195 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom" >Corporate stock based
      compensation </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">377 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">170 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">325 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">873 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">268 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">88 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">200 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">556 </TD></TR>
  <TR vAlign=top>
    <TD height="35" align=left valign="bottom" >Reclamation - amortization/accretion </TD>
    <TD align=center width="10%" valign="bottom">6 </TD>
    <TD align=center width="10%" valign="bottom">5 </TD>
    <TD align=center width="10%" valign="bottom">10 </TD>
    <TD align=center width="10%" valign="bottom">21 </TD>
    <TD align=center width="10%" valign="bottom">5 </TD>
    <TD align=center width="10%" valign="bottom">3 </TD>
    <TD align=center width="10%" valign="bottom">18 </TD>
    <TD align=center width="10%" valign="bottom">26 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom" >Mine site expensed
      exploration </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">198 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">1 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">48 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">247 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">178 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">333 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">179 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">690 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left valign="bottom"
      >Capital expenditures sustaining </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%" valign="bottom">4,353 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%" valign="bottom">508
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%" valign="bottom">122
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%" valign="bottom">4,983 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%" valign="bottom">3,042 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%" valign="bottom">1,306 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%" valign="bottom">5,374 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%" valign="bottom">9,722 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom" >All In Sustaining Costs </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">$11,753 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">($2,735) </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">$5,422 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">$14,440 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">$10,958 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">$4,160 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">$11,564 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">$26,682 </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >Growth exploration </TD>
    <TD align=left width="10%" valign="bottom">&nbsp; </TD>
    <TD align=left width="10%" valign="bottom">&nbsp; </TD>
    <TD align=left width="10%" valign="bottom">&nbsp; </TD>
    <TD align=center width="10%" valign="bottom">0 </TD>
    <TD align=left width="10%" valign="bottom">&nbsp; </TD>
    <TD align=left width="10%" valign="bottom">&nbsp; </TD>
    <TD align=left width="10%" valign="bottom">&nbsp; </TD>
    <TD align=center width="10%" valign="bottom">1,154 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#eeeeee valign="bottom"
    >Growth capital expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%"
    bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%"
    bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%"
    bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee valign="bottom">474 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%"
    bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%"
    bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%"
    bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee valign="bottom">487 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left valign="bottom" >All
      In Costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%" valign="bottom">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%" valign="bottom">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%" valign="bottom">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%" valign="bottom">$14,914 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%" valign="bottom">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%" valign="bottom">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%" valign="bottom">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%" valign="bottom">$28,323 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee valign="bottom" >&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee valign="bottom">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >Throughput tonnes </TD>
    <TD align=center width="10%" valign="bottom">82,059 </TD>
    <TD align=center width="10%" valign="bottom">132,686 </TD>
    <TD align=center width="10%" valign="bottom">140,866 </TD>
    <TD align=center width="10%" valign="bottom">355,611 </TD>
    <TD align=center width="10%" valign="bottom">111,469 </TD>
    <TD align=center width="10%" valign="bottom">109,124 </TD>
    <TD align=center width="10%" valign="bottom">184,285 </TD>
    <TD align=center width="10%" valign="bottom">404,878 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom" >Payable silver ounces </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">545,838 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">245,136 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">467,434 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">1,258,408 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">858,618 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">288,908 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">625,933 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">1,773,459 </TD></TR>
  <TR>
    <TD valign="bottom" >&nbsp; </TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="10%" valign="bottom">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom" >Sustaining cost per ounce </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">$21.53 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">($11.16) </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">$11.60 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">$11.47 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">$12.75 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">$14.40 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">$18.47 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">$15.05 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left valign="bottom" >All
      In costs per ounce </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%" valign="bottom">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%" valign="bottom">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%" valign="bottom">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%" valign="bottom">$11.85 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%" valign="bottom">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%" valign="bottom">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%" valign="bottom">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%" valign="bottom">$15.97 </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left noWrap bgcolor="#943634" valign="bottom" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT color=#ffffff><B>Expressed in
      thousands US dollars</B> </FONT></TD>
    <TD width="40%" colSpan=4 align=center noWrap bgcolor="#943634" valign="bottom" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff>&nbsp;
      &nbsp; &nbsp; &nbsp;<B>Nine Months Ended September 30, 2016</B> </FONT></TD>
    <TD width="40%" colSpan=4 align=center noWrap bgcolor="#943634" valign="bottom" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff>&nbsp;
      &nbsp; &nbsp; &nbsp;<B>Nine Months Ended September 30, 2015</B>
  </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"
      ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>Guanacev</B> </FONT></TD>
    <TD width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>i Bolanitos</B></FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>Guanacevi </B> </FONT></TD>
    <TD width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>Bolanitos</B></FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
  <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >Cash costs net of by-product </TD>
    <TD align=center width="10%" valign="bottom">$18,090 </TD>
    <TD align=center width="10%" valign="bottom">($7,594) </TD>
    <TD align=center width="10%" valign="bottom">$15,494 </TD>
    <TD align=center width="10%" valign="bottom">$25,990 </TD>
    <TD align=center width="10%" valign="bottom">$21,537 </TD>
    <TD align=center width="10%" valign="bottom">$4,045 </TD>
    <TD align=center width="10%" valign="bottom">$16,650 </TD>
    <TD align=center width="10%" valign="bottom">$42,232 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom" >Operations stock based
      compensation </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">26 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">26 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">26 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">78 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">117 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">116 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">116 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">349 </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >Corporate general and administrative </TD>
    <TD align=center width="10%" valign="bottom">2,395 </TD>
    <TD align=center width="10%" valign="bottom">1,095 </TD>
    <TD align=center width="10%" valign="bottom">2,092 </TD>
    <TD align=center width="10%" valign="bottom">5,582 </TD>
    <TD align=center width="10%" valign="bottom">2,148 </TD>
    <TD align=center width="10%" valign="bottom">930 </TD>
    <TD align=center width="10%" valign="bottom">1,218 </TD>
    <TD align=center width="10%" valign="bottom">4,296 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom" >Corporate stock based
      compensation </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">970 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">443 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">847 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">2,261 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">881 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">382 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">500 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">1,763 </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >Reclamation - amortization/accretion </TD>
    <TD align=center width="10%" valign="bottom">20 </TD>
    <TD align=center width="10%" valign="bottom">13 </TD>
    <TD align=center width="10%" valign="bottom">30 </TD>
    <TD align=center width="10%" valign="bottom">63 </TD>
    <TD align=center width="10%" valign="bottom">15 </TD>
    <TD align=center width="10%" valign="bottom">9 </TD>
    <TD align=center width="10%" valign="bottom">55 </TD>
    <TD align=center width="10%" valign="bottom">79 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom" >Mine site expensed
      exploration </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">631 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">140 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">375 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">1,146 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">764 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">1,103 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">1,073 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">2,940 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left valign="bottom"
      >Capital expenditures sustaining </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%" valign="bottom">10,613 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%" valign="bottom">872
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%" valign="bottom">128
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%" valign="bottom">11,613 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%" valign="bottom">7,645 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%" valign="bottom">5,424 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%" valign="bottom">15,235 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%" valign="bottom">28,304 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom" >All In Sustaining Costs </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">$32,746 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">($5,005) </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">$18,992 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">$46,733 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">$33,107 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">$12,009 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">$34,847 </TD>
    <TD align=center width="10%" bgColor=#eeeeee valign="bottom">$79,963 </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >Growth exploration </TD>
    <TD align=left width="10%" valign="bottom">&nbsp; </TD>
    <TD align=left width="10%" valign="bottom">&nbsp; </TD>
    <TD align=left width="10%" valign="bottom">&nbsp; </TD>
    <TD align=center width="10%" valign="bottom">2,117 </TD>
    <TD align=left width="10%" valign="bottom">&nbsp; </TD>
    <TD align=left width="10%" valign="bottom">&nbsp; </TD>
    <TD align=left width="10%" valign="bottom">&nbsp; </TD>
    <TD align=center width="10%" valign="bottom">1,722 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#eeeeee valign="bottom"
    >Growth capital expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%"
    bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%"
    bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%"
    bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee valign="bottom">960 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%"
    bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%"
    bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%"
    bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee valign="bottom">679 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left valign="bottom" >All
      In Costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%" valign="bottom">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%" valign="bottom">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%" valign="bottom">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%" valign="bottom">$49,810 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%" valign="bottom">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%" valign="bottom">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%" valign="bottom">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%" valign="bottom">$82,364 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee >&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Throughput tonnes </TD>
    <TD align=center width="10%">279,591 </TD>
    <TD align=center width="10%">406,136 </TD>
    <TD align=center width="10%">455,635 </TD>
    <TD align=center width="10%">1,141,362 </TD>
    <TD align=center width="10%">326,392 </TD>
    <TD align=center width="10%">351,348 </TD>
    <TD align=center width="10%">479,675 </TD>
    <TD align=center width="10%">1,157,415 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Payable silver ounces </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1,820,903 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>832,132 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1,590,164 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>4,243,199 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>2,652,189 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1,148,612 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1,504,508 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>5,305,309 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Sustaining cost per ounce </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$17.98 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>($6.01) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$11.94 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$11.01 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$12.48 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$10.46 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$23.16 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$15.07 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left >All
      In costs per ounce </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$11.74 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="10%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$15.52 </TD></TR></TABLE>
<P align=justify>Silver co-product cash costs and gold co-product cash costs are
measures used by the Company to manage and evaluate operating performance at
each of the Company&#146;s operating mining units and consolidated group, but do not
have a standardized meaning and are disclosed in addition to IFRS measures. The
following tables provide a detailed reconciliation of these measures to
Endeavour&#146;s cost of sales, as reported in the Company&#146;s consolidated financial
statements. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>19 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_20></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left noWrap bgcolor="#943634" valign="bottom" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff><B>Expressed in thousands US
      dollars</B> </FONT></TD>
    <TD width="44%" colSpan=4 align=center noWrap bgcolor="#943634" valign="bottom" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff>&nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<B>Three Months Ended September 30, 2016</B>
      </FONT></TD>
    <TD width="44%" colSpan=4 align=center noWrap bgcolor="#943634" valign="bottom" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff>&nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<B>Three Months Ended September 30, 2015</B>
  </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT
      color=#ffffff>&nbsp; </FONT></TD>
    <TD width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>Guanacevi </B> </FONT></TD>
    <TD width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>Bolanitos</B></FONT></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
  <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Direct production costs </TD>
    <TD align=center width="11%" valign="bottom">$7,271 </TD>
    <TD align=center width="11%" valign="bottom">$6,205 </TD>
    <TD align=center width="11%" valign="bottom">$10,557 </TD>
    <TD align=center width="11%" valign="bottom">$24,033 </TD>
    <TD align=center width="11%" valign="bottom">$9,060 </TD>
    <TD align=center width="11%" valign="bottom">$7,127 </TD>
    <TD align=center width="11%" valign="bottom">$14,260 </TD>
    <TD align=center width="11%" valign="bottom">$30,447 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Royalties </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">93 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">76 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">78 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">247 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">179 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">43 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">82 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">304 </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Special mining duty <SUP>(1)</SUP> </TD>
    <TD align=center width="11%" valign="bottom">(454) </TD>
    <TD align=center width="11%" valign="bottom">334 </TD>
    <TD align=center width="11%" valign="bottom">738 </TD>
    <TD align=center width="11%" valign="bottom">618 </TD>
    <TD align=center width="11%" valign="bottom">40 </TD>
    <TD align=center width="11%" valign="bottom">166 </TD>
    <TD align=center width="11%" valign="bottom">- </TD>
    <TD align=center width="11%" valign="bottom">206 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Opening finished goods </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(1,900) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(342) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(395) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(2,637) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(1,506) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(134) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(1,677) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(3,317) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Closing finished
      goods </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">2,641 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%" valign="bottom">232
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%" valign="bottom">179
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">3,052 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">1,050 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%" valign="bottom">455
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">1,249 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">2,754 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Direct production costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">7,651 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">6,505 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">11,157 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">25,313 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">8,823 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">7,657 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">13,914 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">30,394 </TD></TR>
  <TR>
    <TD valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Silver production </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">542,385 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">255,350 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">486,911 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">1,284,646 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">867,292 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">300,988 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">652,002 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">1,820,282 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Average realized
      silver price </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">19.16 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">19.16 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">19.16 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">19.16 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">14.67 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">14.67 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">14.67 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">14.67 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Silver value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">10,392,097 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">4,892,506 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">9,329,215 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">24,613,817 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">12,723,174 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">4,415,494 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">9,564,869 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">26,703,537 </TD></TR>
  <TR>
    <TD valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Gold production </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">1,163 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">7,875 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">5,326 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">14,364 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">1,792 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">5,397 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">8,130 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">15,319 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Average realized
      gold price </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">1,340 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">1,340 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">1,340 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">1,340 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">1,074 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">1,074 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">1,074 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">1,074 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Gold value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">1,558,420 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">10,552,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">7,136,840 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">19,247,760 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">1,924,608 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">&nbsp;5,796,378 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">8,731,620 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">&nbsp;16,452,606 </TD></TR>
  <TR>
    <TD valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Total metal value </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">11,950,517 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">15,445,006 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">16,466,055 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">43,861,577 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">14,647,782 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">10,211,872 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">18,296,489 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">43,156,143 </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Pro-rated silver costs </TD>
    <TD align=center width="11%" valign="bottom">87% </TD>
    <TD align=center width="11%" valign="bottom">32% </TD>
    <TD align=center width="11%" valign="bottom">57% </TD>
    <TD align=center width="11%" valign="bottom">56% </TD>
    <TD align=center width="11%" valign="bottom">87% </TD>
    <TD align=center width="11%" valign="bottom">43% </TD>
    <TD align=center width="11%" valign="bottom">52% </TD>
    <TD align=center width="11%" valign="bottom">62% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Pro-rated gold costs </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">13% </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">68% </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">43% </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">44% </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">13% </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">57% </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">48% </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">38% </TD></TR>
  <TR>
    <TD valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" valign="bottom">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Silver co-product cash costs </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$12.27 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$8.07 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$12.98 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$11.06 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$8.84 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$11.00 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$11.16 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">$10.33 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Gold co-product
      cash costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%" valign="bottom">$858
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%" valign="bottom">$564
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%" valign="bottom">$908
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%" valign="bottom">$773
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%" valign="bottom">$647
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%" valign="bottom">$805
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%" valign="bottom">$817
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%" valign="bottom">$756
    </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left noWrap bgcolor="#943634" valign="bottom" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff><B>Expressed in thousands US
      dollars</B> </FONT></TD>
    <TD width="44%" colSpan=4 align=center noWrap bgcolor="#943634" valign="bottom" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff><B>Nine
      Months Ended September 30, 2016</B> </FONT></TD>
    <TD width="44%" colSpan=4 align=center noWrap bgcolor="#943634" valign="bottom" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff><B>Nine
  Months Ended September 30, 2015</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT
      color=#ffffff>&nbsp; </FONT></TD>
    <TD width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>Guanacevi </B> </FONT></TD>
    <TD width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>Bolanitos</B></FONT></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
  <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Direct production costs </TD>
    <TD align=center width="11%" valign="bottom">$21,612 </TD>
    <TD align=center width="11%" valign="bottom">$22,834 </TD>
    <TD align=center width="11%" valign="bottom">$36,406 </TD>
    <TD align=center width="11%" valign="bottom">$80,852 </TD>
    <TD align=center width="11%" valign="bottom">$29,711 </TD>
    <TD align=center width="11%" valign="bottom">$24,262 </TD>
    <TD align=center width="11%" valign="bottom">$38,834 </TD>
    <TD align=center width="11%" valign="bottom">$92,807 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Royalties </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">288 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">217 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">227 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">732 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">405 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">182 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">208 </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">795 </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Special mining duty <SUP>(1)</SUP> </TD>
    <TD align=center width="11%" valign="bottom">(254) </TD>
    <TD align=center width="11%" valign="bottom">789 </TD>
    <TD align=center width="11%" valign="bottom">738 </TD>
    <TD align=center width="11%" valign="bottom">1,273 </TD>
    <TD align=center width="11%" valign="bottom">1,019 </TD>
    <TD align=center width="11%" valign="bottom">794 </TD>
    <TD align=center width="11%" valign="bottom">- </TD>
    <TD align=center width="11%" valign="bottom">1,813 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Opening finished goods </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(1,298) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(619) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(798) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(2,715) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(4,033) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(441) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(1,042) </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">(5,516) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Finished goods NRV adjustment </TD>
    <TD align=center width="11%" valign="bottom">- </TD>
    <TD align=center width="11%" valign="bottom">- </TD>
    <TD align=center width="11%" valign="bottom">- </TD>
    <TD align=center width="11%" valign="bottom">- </TD>
    <TD align=center width="11%" valign="bottom">- </TD>
    <TD align=center width="11%" valign="bottom">- </TD>
    <TD align=center width="11%" valign="bottom">- </TD>
    <TD align=center width="11%" valign="bottom">- </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Closing finished goods </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">2,641 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">232 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">179 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">3,052 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">1,050 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">455 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">1,249 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">2,754 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Direct production
      costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">22,989 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">23,453 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">36,752 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">83,194 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">28,152 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">25,252 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">39,249 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">92,653 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Silver production </TD>
    <TD align=center width="11%" valign="bottom">1,823,337 </TD>
    <TD align=center width="11%" valign="bottom">866,804 </TD>
    <TD align=center width="11%" valign="bottom">1,656,421 </TD>
    <TD align=center width="11%" valign="bottom">4,346,562 </TD>
    <TD align=center width="11%" valign="bottom">2,678,979 </TD>
    <TD align=center width="11%" valign="bottom">1,198,410 </TD>
    <TD align=center width="11%" valign="bottom">1,568,512 </TD>
    <TD align=center width="11%" valign="bottom">5,445,901 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Average realized silver price </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">16.80 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">16.80 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">16.80 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">16.80 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">16.05 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">16.05 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">16.05 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">16.05 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Silver value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" valign="bottom">30,632,062 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" valign="bottom">14,562,307 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" valign="bottom">27,827,873 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" valign="bottom">73,022,242 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" valign="bottom">42,997,613 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" valign="bottom">19,234,481 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" valign="bottom">25,174,618 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" valign="bottom">87,406,711 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Gold production </TD>
    <TD align=center width="11%" valign="bottom">4,096 </TD>
    <TD align=center width="11%" valign="bottom">24,794 </TD>
    <TD align=center width="11%" valign="bottom">17,083 </TD>
    <TD align=center width="11%" valign="bottom">45,973 </TD>
    <TD align=center width="11%" valign="bottom">5,615 </TD>
    <TD align=center width="11%" valign="bottom">18,800 </TD>
    <TD align=center width="11%" valign="bottom">20,142 </TD>
    <TD align=center width="11%" valign="bottom">44,557 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Average realized gold price </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">1,281 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">1,281 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">1,281 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">1,281 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">1,163 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">1,163 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">1,163 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">1,163 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Gold value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">5,246,976 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">31,761,114 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">21,883,323 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">58,891,413 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">6,530,245 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">21,864,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">23,425,146 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%" valign="bottom">&nbsp;51,819,791 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Total metal value </TD>
    <TD align=center width="11%" valign="bottom">35,879,038 </TD>
    <TD align=center width="11%" valign="bottom">46,323,421 </TD>
    <TD align=center width="11%" valign="bottom">49,711,196 </TD>
    <TD align=center width="11%" valign="bottom">131,913,655 </TD>
    <TD align=center width="11%" valign="bottom">49,527,858 </TD>
    <TD align=center width="11%" valign="bottom">41,098,881 </TD>
    <TD align=center width="11%" valign="bottom">48,599,764 </TD>
    <TD align=center width="11%" valign="bottom">139,226,502 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Pro-rated silver costs </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">85% </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">31% </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">56% </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">55% </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">87% </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">47% </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">52% </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">63% </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Pro-rated gold costs </TD>
    <TD align=center width="11%" valign="bottom">15% </TD>
    <TD align=center width="11%" valign="bottom">69% </TD>
    <TD align=center width="11%" valign="bottom">44% </TD>
    <TD align=center width="11%" valign="bottom">45% </TD>
    <TD align=center width="11%" valign="bottom">13% </TD>
    <TD align=center width="11%" valign="bottom">53% </TD>
    <TD align=center width="11%" valign="bottom">48% </TD>
    <TD align=center width="11%" valign="bottom">37% </TD></TR>
  <TR>
    <TD bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD>
    <TD align=center width="11%" bgColor=#eeeeee valign="bottom">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Silver co-product cash costs </TD>
    <TD align=center width="11%" valign="bottom">$10.76 </TD>
    <TD align=center width="11%" valign="bottom">$8.51 </TD>
    <TD align=center width="11%" valign="bottom">$12.42 </TD>
    <TD align=center width="11%" valign="bottom">$10.60 </TD>
    <TD align=center width="11%" valign="bottom">$9.12 </TD>
    <TD align=center width="11%" valign="bottom">$9.86 </TD>
    <TD align=center width="11%" valign="bottom">$12.96 </TD>
    <TD align=center width="11%" valign="bottom">$10.68 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee valign="bottom">
    <p style="text-indent: -15pt; margin-left: 15pt">Gold co-product cash costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$821 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$649 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$947 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$808 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$661 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$715 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$939 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee valign="bottom">$774 </TD></TR></TABLE>
<P align=justify> <SUP>(1)</SUP> Special mining duty is an EBITDA royalty tax in Mexico
presented as a current income tax in accordance with IFRS. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>20 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_21></A>
<P align=justify><B>Quarterly Results and Trends </B></P>
<P align=justify><B><I>The following table presents selected financial
information for each of the most recent eight quarters: </I></B></P>
<P align=justify><B>(tables in thousands of US dollars except per share amounts)
</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left noWrap bgcolor="#943634" style="BORDER-LEFT: 2px solid #000000; ; border-top-style:solid; border-top-width:2" bordercolor="#000000"><FONT
      color=#ffffff>&nbsp; </FONT></TD>
    <TD width="30%"
    colSpan=3 align=center noWrap bgcolor="#943634" style="BORDER-LEFT: 2px solid #000000; ; border-top-style:solid; border-top-width:2" bordercolor="#000000"><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD width="40%"
    colSpan=4 align=center noWrap bgcolor="#943634" style="BORDER-LEFT: 2px solid #000000; ; border-top-style:solid; border-top-width:2" bordercolor="#000000"><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD width="10%" align=center
    noWrap bgcolor="#943634" style="BORDER-RIGHT: 2px solid #000000; BORDER-LEFT: 2px solid #000000; ; border-top-style:solid; border-top-width:2" bordercolor="#000000"><FONT color=#ffffff><B>2014</B>
  </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left
    noWrap bgcolor="#943634" style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000"><FONT color=#ffffff><B>Quarterly Results</B> </FONT></TD>
    <TD width="10%" align=center
    noWrap bgcolor="#943634" style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000"><FONT color=#ffffff><B>Q3</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000"><FONT color=#ffffff><B>Q2</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000"><FONT color=#ffffff><B>Q1</B> </FONT></TD>
    <TD width="10%" align=center
    noWrap bgcolor="#943634" style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000"><FONT color=#ffffff><B>Q4</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000"><FONT color=#ffffff><B>Q3</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000"><FONT color=#ffffff><B>Q2</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000"><FONT color=#ffffff><B>Q1</B> </FONT></TD>
    <TD width="10%" align=center
    noWrap bgcolor="#943634"
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" bordercolor="#000000"><FONT color=#ffffff><B>Q4</B>
</FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Revenue </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">$42,066 </TD>
    <TD align=center width="10%">$44,510 </TD>
    <TD align=center width="10%">$41,541 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">$41,991 </TD>
    <TD align=center width="10%">$42,737 </TD>
    <TD align=center width="10%">$47,719 </TD>
    <TD align=center width="10%">$51,109 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$48,677 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left
      bgColor=#eeeeee>Direct cost </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>24,033 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>26,975 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>29,844 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>32,033 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>30,447 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>31,091 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>31,269 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>34,400 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left>Royalties </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">247 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">276
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">209
    </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">237 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">304
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">243
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">248
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">359 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left bgColor=#eeeeee>Mine
      operating cash flow </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>17,786 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>17,259 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>11,488 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>9,721 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>11,986 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>16,385 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>19,592 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>13,918 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Share-based
      compensation </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">(208)
    </TD>
    <TD align=center width="10%">230 </TD>
    <TD align=center width="10%">56 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">83 </TD>
    <TD align=center width="10%">109 </TD>
    <TD align=center width="10%">167 </TD>
    <TD align=center width="10%">73 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">110 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left
      bgColor=#eeeeee>Amortization and depletion </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>2,761 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>4,144 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>5,154 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>10,674 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>9,768 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>9,382 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>10,454 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>11,144 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left>Write down on inventory </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">-
</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">-
</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">234 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">-
</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">-
</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">-
</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">363 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#eeeeee>Mine operating earnings (loss) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>$15,233 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$12,885 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$6,278 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>($1,270) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$2,109 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$6,836 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$9,065 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>$2,301 </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
    width="10%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    align=center width="10%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    align=center width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left bgColor=#eeeeee>Net
      earnings (loss) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$5,586 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$1,699 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$1,829 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>(136,245) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(14,079) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>($974) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$1,357 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>($66,895) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Impairment charge,
      net of tax </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">- </TD>
    <TD align=center width="10%">- </TD>
    <TD align=center width="10%">- </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">134,000 </TD>
    <TD align=center width="10%">- </TD>
    <TD align=center width="10%">- </TD>
    <TD align=center width="10%">- </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">55,858 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#eeeeee>Write down of marketable securities </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>4,785 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left>Adjusted earnings (loss) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">$5,586 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$1,699 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$1,829 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">(2,245) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">(9,294) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">($974) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$1,357 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">($11,037) </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 2px solid" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" width="10%"
      bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" width="10%"
      bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Basic earnings
      (loss) per share </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">$0.04
    </TD>
    <TD align=center width="10%">$0.01 </TD>
    <TD align=center width="10%">$0.02 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">($1.33) </TD>
    <TD align=center width="10%">($0.14) </TD>
    <TD align=center width="10%">($0.01) </TD>
    <TD align=center width="10%">$0.01 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">($0.67) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left
      bgColor=#eeeeee>Diluted earnings (loss) per share </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$0.04 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$0.01 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$0.02 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>($1.33) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>($0.14) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>($0.01) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$0.01 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>($0.67) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left>Weighted shares outstanding </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">125,277,591</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">3,236,504&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">11104,646,404&nbsp;&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">102,054,670 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">101,976,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">101,976,901&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">101,976,901&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">&nbsp;101,881,133 </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 2px solid" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" width="10%"
      bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" width="10%"
      bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Net earnings (loss)
    </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">$5,586
    </TD>
    <TD align=center width="10%">$1,699 </TD>
    <TD align=center width="10%">$1,829 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">($136,245) </TD>
    <TD align=center width="10%">($14,079) </TD>
    <TD align=center width="10%">($974) </TD>
    <TD align=center width="10%">$1,357 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">($66,895) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left
      bgColor=#eeeeee>Amortization and depletion </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>2,834 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>4,211 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>5,222 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>10,775 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>9,849 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>9,457 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>10,518 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>11,257 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Finance costs </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">345
</TD>
    <TD align=center width="10%">294 </TD>
    <TD align=center width="10%">287 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">331
</TD>
    <TD align=center width="10%">370 </TD>
    <TD align=center width="10%">354 </TD>
    <TD align=center width="10%">313 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">321 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left
      bgColor=#eeeeee>Current income tax </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>2,732 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>3,480 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1,411 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>628 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>2,095 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>954 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>3,176 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>14,865 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Deferred income tax
    </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">(693)
    </TD>
    <TD align=center width="10%">459 </TD>
    <TD align=center width="10%">(103) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">(4,014) </TD>
    <TD align=center width="10%">3,110 </TD>
    <TD align=center width="10%">1,075 </TD>
    <TD align=center width="10%">1,003 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">(34,870) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#eeeeee>Impairment charges </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>134,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>83,000 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left>EBITDA </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">$10,804 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$10,143 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$8,646 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">$5,475 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$1,345 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$10,866 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$16,367 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">$7,678 </TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>21 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_22></A>
<P align=justify><B><I>The following table presents selected production
information for each of the most recent eight quarters: </I></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left noWrap bgcolor="#943634" style="BORDER-LEFT: 2px solid #000000; ; border-top-style:solid; border-top-width:1"><FONT
      color=#ffffff><B>Highlights</B> </FONT></TD>
    <TD width="33%"
    colSpan=3 align=center noWrap bgcolor="#943634" style="BORDER-LEFT: 2px solid #000000; ; border-top-style:solid; border-top-width:1"><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD width="44%"
    colSpan=4 align=center noWrap bgcolor="#943634" style="BORDER-LEFT: 2px solid #000000; ; border-top-style:solid; border-top-width:1"><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD width="10%" align=center
    noWrap bgcolor="#943634" style="BORDER-RIGHT: 2px solid #000000; BORDER-LEFT: 2px solid #000000; ; border-top-style:solid; border-top-width:1"><FONT color=#ffffff><B>2014</B>
  </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center
    noWrap bgcolor="#943634" style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="10%" align=center
    noWrap bgcolor="#943634" style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>Q3 </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>Q2 </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>Q1 </FONT></TD>
    <TD width="10%" align=center
    noWrap bgcolor="#943634" style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>Q4 </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q3</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q2</B> </FONT></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q1</B> </FONT></TD>
    <TD width="10%" align=center
    noWrap bgcolor="#943634"
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q4</B>
</FONT></TD></TR>
  <TR vAlign=top bgcolor="#eeeeee">
    <TD align=left style="BORDER-LEFT: #000000 2px solid"><B>Processed
      tonnes</B> </TD>
    <TD
      width="10%" align=center style="BORDER-LEFT: #000000 2px solid">355,611 </TD>
    <TD width="10%" align=center>377,198 </TD>
    <TD width="10%" align=center>408,553 </TD>
    <TD
      width="10%" align=center style="BORDER-LEFT: #000000 2px solid">408,092 </TD>
    <TD width="10%" align=center>404,878 </TD>
    <TD width="10%" align=center>371,745 </TD>
    <TD width="10%" align=center>380,792 </TD>
    <TD width="10%"
    align=center style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">374,212 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Guanacev&#237; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">82,059
    </TD>
    <TD align=center width="10%">98,756 </TD>
    <TD align=center width="10%">98,776 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">105,039 </TD>
    <TD align=center width="10%">111,469 </TD>
    <TD align=center width="10%">108,817 </TD>
    <TD align=center width="10%">106,106 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">102,375 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Bola&#241;itos </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">132,686 </TD>
    <TD align=center width="10%">136,322 </TD>
    <TD align=center width="10%">137,128 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">103,878 </TD>
    <TD align=center width="10%">109,124 </TD>
    <TD align=center width="10%">106,148 </TD>
    <TD align=center width="10%">136,076 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">145,408 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>El Cubo </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">140,866 </TD>
    <TD align=center width="10%">142,120 </TD>
    <TD align=center width="10%">172,649 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">199,175 </TD>
    <TD align=center width="10%">184,285 </TD>
    <TD align=center width="10%">156,780 </TD>
    <TD align=center width="10%">138,610 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">126,429 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid"><B>Silver ounces</B>
    </TD>
    <TD
      width="10%" align=center bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid">1,284,646 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">1,551,851 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">1,510,065 </TD>
    <TD
      width="10%" align=center bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid">1,732,765 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">1,820,282 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">1,805,569 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">1,820,050 </TD>
    <TD width="10%"
    align=center bgcolor="#eeeeee" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">2,009,172 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Guanacev&#237; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">542,385 </TD>
    <TD align=center width="10%">629,221 </TD>
    <TD align=center width="10%">651,731 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">761,769 </TD>
    <TD align=center width="10%">867,292 </TD>
    <TD align=center width="10%">958,581 </TD>
    <TD align=center width="10%">853,106 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">1,024,762 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Bola&#241;itos </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">255,350 </TD>
    <TD align=center width="10%">276,885 </TD>
    <TD align=center width="10%">334,569 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">251,363 </TD>
    <TD align=center width="10%">300,988 </TD>
    <TD align=center width="10%">376,305 </TD>
    <TD align=center width="10%">521,117 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">611,271 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>El Cubo </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">486,911 </TD>
    <TD align=center width="10%">645,745 </TD>
    <TD align=center width="10%">523,765 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">719,633 </TD>
    <TD align=center width="10%">652,002 </TD>
    <TD align=center width="10%">470,683 </TD>
    <TD align=center width="10%">445,827 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">373,139 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid"><B>Silver grade</B>
    </TD>
    <TD width="10%" align=center bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid">133
</TD>
    <TD width="10%" align=center bgcolor="#eeeeee">148 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">137 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid">156
</TD>
    <TD width="10%" align=center bgcolor="#eeeeee">163 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">180 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">174 </TD>
    <TD width="10%"
    align=center bgcolor="#eeeeee" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">191 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Guanacev&#237; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">235
</TD>
    <TD align=center width="10%">232 </TD>
    <TD align=center width="10%">249 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">269
</TD>
    <TD align=center width="10%">285 </TD>
    <TD align=center width="10%">325 </TD>
    <TD align=center width="10%">300 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">358 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Bola&#241;itos </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">76 </TD>
    <TD align=center width="10%">80 </TD>
    <TD align=center width="10%">94 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">90 </TD>
    <TD align=center width="10%">105 </TD>
    <TD align=center width="10%">131 </TD>
    <TD align=center width="10%">139 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">148 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>El Cubo </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">128
</TD>
    <TD align=center width="10%">156 </TD>
    <TD align=center width="10%">108 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">131
</TD>
    <TD align=center width="10%">124 </TD>
    <TD align=center width="10%">112 </TD>
    <TD align=center width="10%">113 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">106 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid"><B>Silver
      recovery</B> </TD>
    <TD width="10%" align=center bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid">84.3
    </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">86.2 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">83.7 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid">84.6
    </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">85.7 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">84.0 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">85.2 </TD>
    <TD width="10%"
    align=center bgcolor="#eeeeee" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">87.3 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Guanacev&#237; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">87.5
    </TD>
    <TD align=center width="10%">85.4 </TD>
    <TD align=center width="10%">82.4 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">83.9
    </TD>
    <TD align=center width="10%">84.9 </TD>
    <TD align=center width="10%">84.3 </TD>
    <TD align=center width="10%">83.4 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">87.0 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Bola&#241;itos </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">78.8
    </TD>
    <TD align=center width="10%">79.0 </TD>
    <TD align=center width="10%">80.7 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">83.6
    </TD>
    <TD align=center width="10%">81.7 </TD>
    <TD align=center width="10%">84.2 </TD>
    <TD align=center width="10%">85.7 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">88.3 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>El Cubo </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">84.0
    </TD>
    <TD align=center width="10%">90.6 </TD>
    <TD align=center width="10%">87.4 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">85.8
    </TD>
    <TD align=center width="10%">88.7 </TD>
    <TD align=center width="10%">83.4 </TD>
    <TD align=center width="10%">88.5 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">86.6 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid"><B>Gold ounces</B>
    </TD>
    <TD width="10%" align=center bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid">14,364
    </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">15,649 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">15,960 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid">15,433
    </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">15,319 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">13,430 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">15,808 </TD>
    <TD width="10%"
    align=center bgcolor="#eeeeee" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">15,127 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Guanacev&#237; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">1,163
    </TD>
    <TD align=center width="10%">1,365 </TD>
    <TD align=center width="10%">1,568 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">1,775
    </TD>
    <TD align=center width="10%">1,792 </TD>
    <TD align=center width="10%">1,946 </TD>
    <TD align=center width="10%">1,877 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">2,085 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Bola&#241;itos </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">7,875
    </TD>
    <TD align=center width="10%">8,470 </TD>
    <TD align=center width="10%">8,449 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">5,166
    </TD>
    <TD align=center width="10%">5,397 </TD>
    <TD align=center width="10%">4,982 </TD>
    <TD align=center width="10%">8,421 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">7,900 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>El Cubo </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">5,326
    </TD>
    <TD align=center width="10%">5,814 </TD>
    <TD align=center width="10%">5,943 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">8,492
    </TD>
    <TD align=center width="10%">8,130 </TD>
    <TD align=center width="10%">6,502 </TD>
    <TD align=center width="10%">5,510 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">5,142 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid"><B>Gold grade</B>
</TD>
    <TD width="10%" align=center bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid">1.55
    </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">1.58 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">1.50 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid">1.40
    </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">1.39 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">1.32 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">1.53 </TD>
    <TD width="10%"
    align=center bgcolor="#eeeeee" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">1.49 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Guanacev&#237; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">0.51
    </TD>
    <TD align=center width="10%">0.49 </TD>
    <TD align=center width="10%">0.56 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">0.61
    </TD>
    <TD align=center width="10%">0.58 </TD>
    <TD align=center width="10%">0.64 </TD>
    <TD align=center width="10%">0.63 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">0.70 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Bola&#241;itos </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">2.30
    </TD>
    <TD align=center width="10%">2.38 </TD>
    <TD align=center width="10%">2.33 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">1.88
    </TD>
    <TD align=center width="10%">1.95 </TD>
    <TD align=center width="10%">1.72 </TD>
    <TD align=center width="10%">2.30 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">2.03 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>El Cubo </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">1.46
    </TD>
    <TD align=center width="10%">1.56 </TD>
    <TD align=center width="10%">1.38 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">1.57
    </TD>
    <TD align=center width="10%">1.54 </TD>
    <TD align=center width="10%">1.51 </TD>
    <TD align=center width="10%">1.46 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">1.51 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid"><B>Gold recovery</B>
    </TD>
    <TD width="10%" align=center bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid">80.8
    </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">81.9 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">81.0 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid">83.9
    </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">84.9 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">85.4 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">84.5 </TD>
    <TD width="10%"
    align=center bgcolor="#eeeeee" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">84.4 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Guanacev&#237; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">86.4
    </TD>
    <TD align=center width="10%">87.7 </TD>
    <TD align=center width="10%">88.5 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">86.2
    </TD>
    <TD align=center width="10%">86.2 </TD>
    <TD align=center width="10%">86.9 </TD>
    <TD align=center width="10%">87.3 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">90.1 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Bola&#241;itos </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">80.3
    </TD>
    <TD align=center width="10%">81.2 </TD>
    <TD align=center width="10%">82.2 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">82.3
    </TD>
    <TD align=center width="10%">78.9 </TD>
    <TD align=center width="10%">84.9 </TD>
    <TD align=center width="10%">83.7 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">83.2 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>El Cubo </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">80.5
    </TD>
    <TD align=center width="10%">81.6 </TD>
    <TD align=center width="10%">77.6 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">84.5
    </TD>
    <TD align=center width="10%">89.1 </TD>
    <TD align=center width="10%">85.4 </TD>
    <TD align=center width="10%">84.7 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">83.8 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid"><B>Cash costs per
      oz</B> </TD>
    <TD width="10%" align=center bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid">$5.27
    </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">$5.37 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">$7.63 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid">$9.76
    </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">$8.11 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">$8.60 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">$7.17 </TD>
    <TD width="10%"
    align=center bgcolor="#eeeeee" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">$8.33 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Guanacev&#237; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">$11.12
    </TD>
    <TD align=center width="10%">$10.82 </TD>
    <TD align=center width="10%">$8.09 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">$10.57
    </TD>
    <TD align=center width="10%">$7.98 </TD>
    <TD align=center width="10%">$8.14 </TD>
    <TD align=center width="10%">$8.23 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$7.28 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Bola&#241;itos </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">($15.17) </TD>
    <TD align=center width="10%">($7.08) </TD>
    <TD align=center width="10%">($6.20) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">$8.09
    </TD>
    <TD align=center width="10%">$7.68 </TD>
    <TD align=center width="10%">$4.82 </TD>
    <TD align=center width="10%">$0.17 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$5.64 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>El Cubo </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">$9.16
    </TD>
    <TD align=center width="10%">$5.21 </TD>
    <TD align=center width="10%">$15.87 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">$9.45
    </TD>
    <TD align=center width="10%">$8.48 </TD>
    <TD align=center width="10%">$12.59 </TD>
    <TD align=center width="10%">$13.24 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$15.73 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid"><B>Total cost per
      oz</B><B><SUP>(1)</SUP></B> </TD>
    <TD width="10%" align=center bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid">$7.28
    </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">$8.30 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">$10.95 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid">$16.11
    </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">$13.57 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">$13.88 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">$12.97 </TD>
    <TD width="10%"
    align=center bgcolor="#eeeeee" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">$14.36 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Guanacev&#237; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">$14.15
    </TD>
    <TD align=center width="10%">$13.87 </TD>
    <TD align=center width="10%">$11.01 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">$13.06
    </TD>
    <TD align=center width="10%">$10.15 </TD>
    <TD align=center width="10%">$10.31 </TD>
    <TD align=center width="10%">$11.16 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$8.77 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Bola&#241;itos </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">($13.20) </TD>
    <TD align=center width="10%">($1.67) </TD>
    <TD align=center width="10%">($0.67) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">$17.94
    </TD>
    <TD align=center width="10%">$15.55 </TD>
    <TD align=center width="10%">$11.16 </TD>
    <TD align=center width="10%">$5.81 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$12.74 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>El Cubo </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">$9.99
    </TD>
    <TD align=center width="10%">$6.97 </TD>
    <TD align=center width="10%">$18.29 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">$18.80
    </TD>
    <TD align=center width="10%">$17.36 </TD>
    <TD align=center width="10%">$23.55 </TD>
    <TD align=center width="10%">$24.92 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$33.02 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid"><B>AISC per oz</B>
    </TD>
    <TD width="10%" align=center bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid">$11.47
    </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">$10.53 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">$11.12 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid">$17.33
    </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">$15.05 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">$16.86 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">$13.32 </TD>
    <TD width="10%"
    align=center bgcolor="#eeeeee" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">$15.37 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Guanacev&#237; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">$21.53
    </TD>
    <TD align=center width="10%">$20.11 </TD>
    <TD align=center width="10%">$12.95 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">$14.67
    </TD>
    <TD align=center width="10%">$12.76 </TD>
    <TD align=center width="10%">$13.41 </TD>
    <TD align=center width="10%">$11.16 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$11.89 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Bola&#241;itos </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">($11.16) </TD>
    <TD align=center width="10%">($4.25) </TD>
    <TD align=center width="10%">($3.55) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">$18.15
    </TD>
    <TD align=center width="10%">$14.40 </TD>
    <TD align=center width="10%">$13.80 </TD>
    <TD align=center width="10%">$5.74 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$9.44 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>El Cubo </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">$11.60
    </TD>
    <TD align=center width="10%">$7.20 </TD>
    <TD align=center width="10%">$18.11 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">$19.96
    </TD>
    <TD align=center width="10%">$18.48 </TD>
    <TD align=center width="10%">$26.56 </TD>
    <TD align=center width="10%">$26.44 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$35.05 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid"><B>Costs per
      tonne</B> </TD>
    <TD width="10%" align=center bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid">$71.18
    </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">$73.01 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">$74.26 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee" style="BORDER-LEFT: #000000 2px solid">$80.39
    </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">$75.07 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">$82.80 </TD>
    <TD width="10%" align=center bgcolor="#eeeeee">$82.67 </TD>
    <TD width="10%"
    align=center bgcolor="#eeeeee" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">$89.63 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Guanacev&#237; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">$93.24
    </TD>
    <TD align=center width="10%">$83.38 </TD>
    <TD align=center width="10%">$71.92 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">$93.59
    </TD>
    <TD align=center width="10%">$79.15 </TD>
    <TD align=center width="10%">$92.48 </TD>
    <TD align=center width="10%">$87.34 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$96.91 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid" align=left>Bola&#241;itos </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">$49.03
    </TD>
    <TD align=center width="10%">$63.94 </TD>
    <TD align=center width="10%">$60.03 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">$72.31
    </TD>
    <TD align=center width="10%">$70.17 </TD>
    <TD align=center width="10%">$70.89 </TD>
    <TD align=center width="10%">$74.00 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$83.58 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">$79.20 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$74.51 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$86.91 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">$77.65 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$75.50 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$84.14 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$87.61 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">$90.70 </TD></TR></TABLE>
<P align=justify><SUP>(1)</SUP> Total Production Cost per ounce </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>22 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_23></A>
<P align=justify><B>Key Economic Trends </B></P>
<P align=justify><I><B>Precious Metal Price Trends </B></I></P>
<P align=center>
<IMG
src="exhibit99-2x23x1.jpg"
border=0 width="648" height="364"> </P><BR>
<P align=justify>The prices of silver and gold are the largest single factor in
determ mining profitability and cash flow from operations, therefore, the
financial performance of the Company has been, and is expected to continue to
be, closely linked to the prices of silver and gold. During the first three
quarters of 2016, the average price of silver was $17.13 per ounce, with silver
trading between a range of $13.58 and $20.71 per ounce based on the London Fix
silver price. This compares to an average of $15.99 per ounce during the first
three quarters of 2015, with a low of $14.27 and a high of $18.23 per ounce.
During the first three quarters of 2016, the Company realized an average price
of $16.80 per silver ounce compared with $16.05 for the corresponding period in
2015.</P>
<P align=justify>During the first three quarters of 2016, the average price of
gold was $1,260 per ounce, with gold trading between a range of $1,077 and
$1,366 per ounce based on the London Fix PM gold price. Thiis compares to an
average of $1,178 per ounce during the first three quarters of 2015, with a low
of $1,081 and a high of $1,296 per ounce. During 2016, the Company realized an
average price of $1,281 per ounce compared with $1,163 for the corresponding
period in 2015. </P>
<P align=justify>During 2015, the average price of silver was $15.68 per ounce,
with silver trading between a range of $13.71 and $18.23 per ounce based on the
London Fix silver price. This compares to an average of $19.08 per ounce during
2014, with a low of $15.28 and a high of $22.05 per ounce. During 2015, the
Company realized an average price of $15.79 per ounce compared with $18.76 for
2014. </P>
<P align=justify>During 2015, the average price of gold was $1,159 per ounce,
with gold trading between a range of $1,049 and $1,296 per ounce based on the
London Fix PM gold price. This compares to an average of $1,266 per ounce during
2014, with a low of $1,142 and a high of $1,385 per ounce. During 2015, the Co
ompany realized an average price of $1,148 per ounce compared with $1,273 for
2014. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>23  </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_24></A>
<P align=justify>The major influences on precious metals prices from Q3, 2014 to
January 2016 included weaker investment demand, selling from precious metal
exchange traded funds, as well as strong US equity and bond markets that pulled
investments from other asset classes, including precious metals. In addition,
precious metal prices were also affected by an expectation of improving economic
conditions, which led d to the reduction of the US Federal Reserve&#146;s
quantitative easing program in 2014 and the anticipation of rising borrowing
rates over the past two years. Since February 2016, supply concerns, prevailing
low to negative interest rates and uncertainty in the Eurozone since the Brexit
vote led to renewed investment demand in precious metals. </P>
<P align=justify><I><B>Currency Fluctuations </B></I></P>
<P align=justify>The Company&#146;s operations are located in Mexico and therefore a
significant portion of operating costs and a portion of capital expenditures are
denominated in Mexican pesos. The corporate activities are based in Vancouver,
Canada with the significant portion of these expenditures being denominated in
Canadian dollars. Generally, as the US dollar strengthens, these currencies
weaken, and as the US dollar weakens, these currencies strengthen.</P>
<P align=justify>During the first three quarters of 2016 the Mexican peso
continued to depreciate with significant volatility against the US dollar.
During 2016, the average foreign exchange rate was $18.28 Mexican pesos per US
dollar, with the peso trading within a range of $17.17 to $19.82. This compares
to an av verage of $15.56 during the first three quarters of 2015, with a range
of $14.52 to $15.71 Mexican pesos per U.S. dollar.</P>
<P align=justify>During 2015, the Mexican peso continued to depreciate against
the US dollar with volatility increasing late in the year. The average foreign
exchange rate was $15.86 Mexican Pesos per US dollar, with the peso trading
within a range of $14.52 and $17.39. This compared to an average of $13.300
during 2014, with a range of $12.84 and $14.78 Mexican peso per US
dollar.<I></I></P>
<P align=center>
<IMG
src="exhibit99-2x24x1.jpg"
border=0 width="581" height="303"> </P>
<P align=justify>During the first three quarters of 2016, the Canadian dollar
initially depreciate relative to the US dollar, however rebounded in the middle
of the second quarter and traded relatively flat through the third quarter.
During 2016, the average foreign exchange rate was $1.3219 Canadian dollar per
US dollar, with the Canadian dollar trading within a range of $1.2533 and
$1.4602. This compares to an average of $1.258 during the first three quarters
of 2015, within a range of $1.160 and $1.341 Canadian dollar per U.S.
dollar.</P>
<P align=justify>During 2015, the Canadian dollar depreciated relative to the US
dollar. During 2015, the average foreign exchange rate was $1.2774 Canadian
dollar per US dollar, with the Canadian dollar trading within a range of $1.1599
and $1.3955. This compares to an average of $1.1041 during 2014, with a range of
$1.0627 and $1.1643 US dollar per Canadian dollar. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>24  </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_25></A>
<P align=center>
<IMG
src="exhibit99-2x25x1.jpg"
border=0 width="590" height="317"> </P>
<P align=justify><B><I>Cost Trends </I></B></P>
<P align=center>
<IMG
src="exhibit99-2x25x2.jpg"
border=0 width="579" height="386"> </P>
<P align=justify>The Company&#146;s profitability is subject to industry wide cost
pressures on development and operating costs with respect to labour, energy,
consumables and capital expenditure es. Underground mining is labour intensive
and approximately 33% of Endeavour&#146;s production costs are directly tied to
labour. In order to mitigate the impact of higher labour and consumable costs,
the Company focuses on continuous improvement, both by promoting more efficient
use of materials and supplies, and by pursuing more advantageous pricing, while
increasing performance and without compromising operational integrity. Over the
past eight t quarters, the Company has benefitted from its continuous
improvement programs, a depreciating Mexican peso, reduction of contractors and
a decrease e in cost pressures as metal prices fell.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>25  </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_26></A>
<P align=justify><B>2016 Outlook </B></P>
<P align=justify><B>Production </B></P>
<P align=justify>In January, the Company publicly guided silver production of
4.9 to 5.3 million oz and gold production of 40,000 to 43,000 oz for fiscal
2016. The projected decrease in production compared to 2015 was due to the
Company&#146;s focus on minimizing all-in sustaining costs and improving after-tax
free cash flow rather than maintaining metal output. Since January, rising
precious metal prices, stronger cash flows and two successful equity offerings
prompted the Company to revises its capital and exploration budgets in the
second half of 2016 and as well as its production guidance. In July 2016,
management raised its guidance for silver production of 5.5 to 6.0 million oz
and gold production of 49,000 to 54,000 oz in fiscal 2016. </P>
<P align=justify>At Guanacev&#237;, plant throughput averaged 1,020 tpd during the
first nine months of 2016. The mine has lagged behind plan as the mining
contractor focused on accelerating mine development and company personnel
focused on improving underground services, including power, dewatering and
ventilation. In July, management announced production would likely meet the low
end of the range of the January 2016 production guidance and revised its
production range lower to 2.9 to 3.1 million oz of silver and and 6,000 to 7,000
oz of gold. Management expects throughput to improve in the fourth quarter,
however Guanacev&#237; is behind plan for the year.</P>
<P align=justify>At Bola&#241;itos, throughput averaged 1,482 tpd during the first
nine months of 2016, exceeding plan as mining at LL- Asunci&#243;n uncovered new
extensions of the ore-body beyond the resource blocks and around historic mine
workings, while additional tonnes were also processed from historical
stockpiles. In July, management revised the 2016 production guidance higher
ranging from 0.9 million to 1 million oz silver and 24,000 to 26,000 oz gold,
with throughput still expected to decline to 800 tpd as originally guided. The
Bola&#241;itos mine is significantly ahead of production guidance for the year.</P>
<P align=justify>At El Cubo, throughput was above plan during the first nine
months of 2016 at 1,663 tpd as management elected to continue with mine
development in ore. In July 2016, the Company made a decision not to ramp down
production to care and maintenance by year-end as originally guided. The mine
was able to maintain 1,500 tpd in Q3, 2016 as development opened up new areas
for mining at the Santa Cecilia mine and extended mining along the Villapando
discovery. Management expects production to be maintained at 1,500 tpd in the
fourth quarter. In July, management revised the 2016 production guidance higher
to 1.7 million to 1.9 million silver ounces and 19,000-21,000 gold ounces. The
El Cubo mine is significantly ahead of production guidance for the year.</P>
<P align=justify>2016 Production Guidance (as revised in July 2016) </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD
    align=left bgcolor="#943634" style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Mine Production</B> </TD>
    <TD width="25%"
    align=center bgcolor="#943634" style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Ag (M oz)</B> </TD>
    <TD width="25%"
    align=center bgcolor="#943634" style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Au (K oz)</B> </TD>
    <TD width="25%"
    align=center bgcolor="#943634" style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Tonnes/Day (tpd)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Guanacev&#237; </TD>
    <TD align=center width="25%">2.9-3.1 </TD>
    <TD align=center width="25%">6.0-7.0 </TD>
    <TD align=center width="25%">1,100-1,300 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Bola&#241;itos </TD>
    <TD align=center width="25%" bgColor=#eeeeee>0.9-1.0 </TD>
    <TD align=center width="25%" bgColor=#eeeeee>24.0-26.0 </TD>
    <TD align=center width="25%" bgColor=#eeeeee>800-1,500 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>El Cubo </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="25%">1.7-1.9 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="25%">19.0-21.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="25%">1,000-2,000 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="25%"
    bgColor=#eeeeee>5.5-6.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="25%"
    bgColor=#eeeeee>49.0-54.0 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="25%"
    bgColor=#eeeeee>2,900-4,800 </TD></TR></TABLE></DIV>
<P align=justify><B>Operating Costs </B></P>
<P align=justify>Consolidated cash costs of production, net of gold by-product
credits, were guided to be $8-9 per oz of silver in 2016, slightly higher than
the 2015 cash costs due to the lower value of the gold credit assumption.
Consolidated cash costs on a co-product basis are anticipated to be $10.50
-$11.50 per oz silver and $800-$850 per oz gold. Costs have been significantly
lower than expected due to the additional throughput, depreciating peso and gold
credit. Management expects costs on a per ounce basis to be slightly higher in
the fourth quarter of the year, but on an annual basis will be significantly
lower than guidance.</P>
<P align=justify>All-in sustaining costs (AISC), net of gold by-product credits,
in accordance with the World Gold Council standard, were guided to be $12-13 per
oz of silver in 2016, substantially lower than 2015 due to the lower Mexican
peso to U.S. dollar exchange rate and improved operating costs on a per ounce
basis. When non-cash items such as stock-based compensation are excluded, AISC,
net of gold by-product credits, was forecast in the $11.50 -$12.50 range.
Management expects AISC to increase in the fourth quarter with the increase in
mine development and exploration expenditures, but on an annual basis will be
lower than guidance.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>26 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_27></A>
<P align=justify>Direct operating costs were guided to be in the $77-81 per
tonne range for the year. The direct operating costs have averaged $72.89 for
the nine months ended September 30, 2016 and on an annual basis will be lower
than guidance.</P>
<P align=justify><B>Capital Investments <BR></B>In January, the Company guided
capital expenditures totaling $11.3 million in 2016, primarily for mine
development at Guanacev&#237;, in order to access reserves for mining and replace
reserves by converting measured and indicated resources. A contingent budget was
also prepared to invest $4.5 million on additional mine development at
Guanacev&#237;, subject to financing plus small capital investments at Bola&#241;itos and
El Cubo subject to higher metal prices. In July 2016, the Company revised its
2016 capital investment guidance as follows:</P>
<P align=justify>At Guanacev&#237;, the Company is initiating a $2.8 million capital
investment program in Q4, 2016, as part of a three-year, $8.4 million capital
investment for mine development and ramp down into the Santa Cruz Sur ore-body.
This investment will provide access to an indicated resource of over 650,000
tonnes grading 250 g/t silver and 0.70 g/t gold. The currently defined ore-body
is open to the south and at depth.</P>
<P align=justify>At Bola&#241;itos, the Company commenced a $1.7 million capital
investment in Q3, 2016 to develop the Plateros orebody located 50 metres from
the existing LL-Ascunci&#243;n mine workings. The development will access an
indicated resource of over 130,000 tonnes grading 116 g/t silver and 1.61 g/t
gold, still open at depth. Underground drilling is planned to continue exploring
the mineralized zone once underground access is available. </P>
<P align=justify>At El Cubo, the Company commenced a $1.6 million ore
development program in Q3, 2016 to extend the V- Asunci&#243;n ramp an additional 1.6
km in order to access an indicated resource of more than 300,000 tonnes grading
141 g/t silver and 1.55 g/t gold. The V- Asunci&#243;n orebody extends well south of
the current mine plan but further evaluation work is needed before Endeavour can
commit to any additional development.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left
    noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="15%" align=center
    noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><FONT color=#ffffff><B>2016 Capital
    Program</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Guanacev&#237; </TD>
    <TD align=center width="15%">$14.1 million </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Bola&#241;itos </TD>
    <TD align=center width="15%" bgColor=#eeeeee>$1.7 million </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>El Cubo </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%">$1.6
      million </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#eeeeee>Total </TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
    bgColor=#eeeeee>$17.4 million </TD></TR></TABLE></DIV>
<P align=justify><B>Exploration Expenditures <BR></B>In January, the Company
guided exploration expenditures totaling $2.5 million on exploration drilling at
Guanacev&#237; and property holding costs in Mexico, with a contingent budget to
invest an additional $7.0 million on additional exploration, engineering and
land acquisition, primarily at Terronera, subject to financing. Endeavour&#146;s cash
and working capital positions grew substantially during the first half of 2016
due to higher metal prices, stronger cash flows, and the &#147;At-The-Market&#148; equity
offerings. </P>
<P align=justify>In July, the Company approved the contingent budget, as well as
additional expenditures for the newly acquired El Compas project, of which $6.7
million is budgeted for the second half of 2016. The Company now expects to
spend $10.1 million on exploration this year including 29,400 metres of
drilling, primarily at Terronera and secondarily at Guanacev&#237;, El Cubo, El
Compas and Guadalupe y Calvo. In addition to exploration work focused on growing
the Company&#146;s silver and gold resources, the budget includes acquisitions,
engineering and permitting work pursuant to a pre-feasibility study for
Terronera and a preliminary economic assessment for El Compas. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>27 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_28></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left
    noWrap bgcolor="#943634" style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Project</B> </FONT></TD>
    <TD width="25%" align=center
    noWrap bgcolor="#943634" style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>H2 2016
      Activity</B> </FONT></TD>
    <TD width="25%" align=center
    noWrap bgcolor="#943634" style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Drill Meters</B>
      </FONT></TD>
    <TD width="25%" align=center
    noWrap bgcolor="#943634" style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Expenditures
  (millions)</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Terronera </TD>
    <TD align=center width="25%">PFS, Drilling, Permitting </TD>
    <TD align=center width="25%">9,000 </TD>
    <TD align=center width="25%">$3.4 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Guanacev&#237; </TD>
    <TD align=center width="25%" bgColor=#eeeeee>Drilling </TD>
    <TD align=center width="25%" bgColor=#eeeeee>6,400 </TD>
    <TD align=center width="25%" bgColor=#eeeeee>$1.3 </TD></TR>
  <TR vAlign=top>
    <TD align=left>El Compas </TD>
    <TD align=center width="25%">PEA, Drilling, Infrastructure </TD>
    <TD align=center width="25%">3,000 </TD>
    <TD align=center width="25%">$2.0 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Guadalupe </TD>
    <TD align=center width="25%" bgColor=#eeeeee>Drilling </TD>
    <TD align=center width="25%" bgColor=#eeeeee>3,000 </TD>
    <TD align=center width="25%" bgColor=#eeeeee>$0.6 </TD></TR>
  <TR vAlign=top>
    <TD align=left>El Cubo </TD>
    <TD align=center width="25%">Drilling </TD>
    <TD align=center width="25%">2,000 </TD>
    <TD align=center width="25%">$0.3 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Various </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="25%"
    bgColor=#eeeeee>Mapping, Permitting </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="25%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="25%"
    bgColor=#eeeeee>$0.4 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="25%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="25%">23,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="25%">$8.0
    </TD></TR></TABLE>
<P align=justify>Subsequent to quarter end, the board authorized capital
expenditures in excess of the approved 2016 capital budget in order to sustain
production levels into 2017. Depending on timing, 2016 planned capital
expenditures could rise to $22.5 million compared to the $18.7 million capital
budget to ensure equipment is sourced in time for needs in 2017. The additional
$3.8 million includes $1.8 million at Guanacev&#237; for mobile equipment,
underground equipment and various capital items, $1.1 million at Bola&#241;itos for
mobile equipment and plant spares, and $1.0 million at El Cubo to overhaul and
replace mine equipment. </P>
<P align=justify><B>Liquidity and Capital Resources</B></P>
<P align=justify>Cash and cash equivalents significantly increased from $20.4
million at December 31, 2015 to $83.2 million at September 30, 2016, while the
amount drawn on the credit facility decreased by $10.5 million to $11.5 million.
The Company had working capital of $91.9 million at September 30, 2016 (December
31, 2015 - $17.3 million). The $74.6 million increase in working capital was
primarily due to $55.4 million gross proceeds from equity offerings, $10.5
million from proceeds of exercised stock options with the remainder primarily
generated from operating activities, offset by re-investment into the long term
future of the mines and repayment of the credit facility. </P>
<P align=justify>Operating activities generated cash of $23.7 million during the
first three quarters of 2016 compared to generating $27.4 million during the
same period in 2015. The significant non-cash adjustments to the net income of
$9.1 million in 2016 were amortization and depletion of $12.3 million,
share-based compensation of $2.6 million, finance costs of $0.9 million, and a
change in non-cash working capital of $1.4 million. The change in non-cash
working capital was primarily due to payment of income taxes and special mining
duty, a decrease in accounts payable, offset by a drawdown of stockpiles and
bullion held.</P>
<P align=justify>Investing activities during the 2016 period used $12.1 million
compared to $27.3 million in the same period of 2015. The investments in 2016
primarily relate to mine development at Guanacev&#237;, offset by proceeds on the
sale of available for sale assets and a return of a long term deposit. In 2015,
the Company invested similarly at each operation.</P>
<P align=justify>Capital spending totalled $12.7 million in property, plant and
equipment during 2016. $10.6 million was invested at Guanacev&#237;, with $9.2
million spent on 7.0 kilometres of mine development and $0.1 million spent on
the tailings dam and $1.3 million spent on various equipment. At Bola&#241;itos, the
Company invested $0.9 million, with $0.5 million spent on 0.7 kilometres of mine
development, $0.4 million on tailings expansion and various equipment. At El
Cubo, the Company invested $0.2 million on various items. The Company did
complete 0.6 kilometres of development in ore that was expensed as incurred. The
Company spent $1.0 million on capitalized exploration, concession taxes and
corporate equipment.</P>
<P align=justify>On May 27, 2016, the Company issued 2,147,239 common shares to
Canarc and assumed Canarc&#146;s obligation to pay an aggregate of 165 troy ounces of
gold to Marlin Gold Mining Ltd to acquire a 100% interest in Canarc&#146;s
wholly-owned subsidiary, Oro Silver Resources Ltd, which owns the El Compas
project through its wholly owned Mexican subsidiary, Minera Oro Silver. The
3,990 hectare El Compas project located in Zacatecas, Mexico consists of 28
concessions fully permitted for mining with 22 concessions subject to a 1.5% net
smelter return royalty and six concessions subject to a 3.0% net smelter return
royalty. Minera Oro Silver also holds a five year operating lease, renewable for
an additional five years, on a 500 tpd ore processing plant located in
Zacatecas, Mexico for a total annual lease cost of MXN 1.6 million
(approximately $90 thousand), adjusted annually for inflation.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>28 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify>On September 13, 2016, the Company entered into a definitive
agreement with Silver Standard Resources Inc. to acquire a 100% interest in
Silver Standard&#146;s Parral properties, located in the historic silver mining
district of Hidalgo de Parral in southern Chihuahua state, Mexico. </P>
<P align=justify>Subsequent to quarter end, the Company paid $6.0 million in the
Company&#146;s common shares, being 1,198,083 common shares at $5.008 per share,
representing the 10-day average closing price on the New York Stock Exchange
(&#147;NYSE&#148;) prior to the date of the Agreement.</P>
<P align=justify>Financing activities during 2016 increased cash by $51.9
million, compared to reducing cash by $7.9 million during the same period in
2015. During 2016 the Company paid $10.5 million to reduce its credit facility,
paid $0.6 million in interest, paid debt re-structuring costs of $0.5 million,
reduced its finance lease obligation by $0.5 million, received proceeds of $10.5
million from exercised stock options and raised gross proceeds through
at-the-market offerings of $55.4 million reduced by $1.9 million in share issue
costs. By comparison, during 2015, the Company paid $0.7 million in interest,
reduced its credit facility by $7.0 million and reduced its finance lease
obligation by $0.2 million. </P>
<P align=justify>In July 2014, the Company filed a short form base shelf
prospectus (the &#147;Base Shelf&#148;) that qualifies the distribution of up to CDN$ 200
million of common shares, warrants or units of the Company comprising any
combination of common shares and warrants (&#147;Securities&#148;). The distribution of
Securities may be effected from time to time in one or more transactions at a
fixed price or prices, which may vary with market prices prevailing at the time
of sale, or at prices related to such prevailing market prices to be negotiated
with purchasers and as set forth in an accompanying prospectus supplement,
including transactions that are deemed to be at the market distributions. The
Base Shelf also provided the Company with the ability to conduct an
&#147;At-the-Market&#148; offering through an &#147;At-the-Market&#148; facility (&#147;ATM&#148;) equity
distribution agreement. </P>
<P align=justify>On November 25, 2015, the Company entered into an ATM facility
with Cowen and Company, LLC, acting as sole agent. Under the terms of this ATM
facility, we may, from time to time, sell shares of our common stock having an
aggregate offering value of up to US$16.5 million on the New York Stock
Exchange. The Company determines, at its sole discretion, the timing and number
of shares to be sold under this ATM facility. A prospectus supplement to the
Base Shelf was filed on November 25, 2015 to qualify the shares to be sold under
the ATM facility up to a maximum of $16.5 million. During the year ended
December 31, 2015, the Company issued 799,569 common shares under the ATM
facility at an average price of $1.43 per share for net proceeds of $1.1
million. </P>
<P align=justify>During 2016, the Company completed this ATM facility issuing
7,218,125 common shares at an average price of $2.13 per share for proceeds of
$14.9 million, net of commission. Under this ATM Facility the Company issued a
total of 8,017,694 shares for net proceeds of $16.0 million. The common shares
were issued in at-the-market distributions on the New York Stock Exchange
pursuant to the effective registration statement on Form F-10, which registers
the offer and sale of the common shares under the ATM facility. </P>
<P align=justify>In May 2016, the Company filed a short form base shelf
prospectus that qualifies the distribution of up to CAN $175 million common
shares, warrants or units of the Company comprising any combination of common
shares and warrants (&#147;Securities&#148;). The distribution of Securities may be
effected from time to time in one or more transactions at a fixed price or
prices, which may vary with market prices prevailing at the time of sale, or at
prices related to such prevailing market prices to be negotiated with purchasers
and as set forth in an accompanying prospectus supplement, including
transactions that are deemed to be ATM distributions.</P>
<P align=justify>On May 5, 2016, the Company entered into a second ATM equity
facility with Cowen and Company, LLC, acting as sole agent. Under the terms of
this ATM facility, the Company may, from time to time, sell common stock having
an aggregate offering value of up to US$40.0 million on the New York Stock
Exchange. The Company determines, at its sole discretion, the timing and number
of shares to be sold under the ATM facility. From launch to the period ended
September 30, 2016, the Company had 10,245,347 common shares issued under the
ATM facility at an average price of $3.90 per share for proceeds of $38.9
million, net of commission. </P>
<P align=justify>During the nine months ended September 30, 2016, the Company
also recognized $843,000 of additional transaction costs, related to the two ATM
financings, as share issuance costs. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>29 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify>The Company believes operating cash flow and existing working
capital will be sufficient to cover 2016 capital requirements and commitments.
See the 2016 Outlook section on page 26 for further discussion.</P>
<P align=justify>As at September 30, 2016 the Company&#146;s issued share capital was
$444.4 million, representing 125,882,181 common shares (December 31, 2015:
$368.9 million representing 102,776,470 common shares). </P>
<P align=justify>As at September 30, 2016, the Company had options outstanding
to purchase 4,462,050 common shares with a weighted average exercise price of
CAN $3.93. </P>
<P align=justify>On January 19, 2016, the Company signed an amended and restated
credit facility (&#147;the Amended Facility&#148;) to convert the remaining outstanding
balance under the existing revolving credit facility into a two year facility
amortized quarterly and maturing on December 31, 2017. The Amended Facility came
into effect April 1, 2016 on completion of precedent conditions. The Amended
Facility is principally secured by a pledge of the Company&#146;s equity interests in
its material operating subsidiaries, including Refinadora Plata Guanacev&#237; SA de
CV, Minas Bola&#241;itos SA de CV and Compania Minera del Cubo SA de CV. The interest
rate margin on the Amended Facility is be 4.5% over LIBOR and the Company agreed
to pay a fee of $300,000 upon signing. The Facility and subsequent Amended
Facility are subject to the same qualitative and quantitative covenants,
including a debt to EBITDA leverage ratio, an interest service coverage ratio
and a tangible net worth calculation.</P>
<P align=justify>At September 30, 2016, the Company had $10.5 million
outstanding on the Amended Facility. (December 31, 2015 -$22 million).</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left valign="middle" noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" bordercolor="#000000"><FONT
      color=#ffffff><B>Facility Financial Covenants</B> </FONT></TD>
    <TD
      width="13%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" bordercolor="#000000"><FONT color=#ffffff><B>Facility Financial<br>
    Requirements</B>
      </FONT></TD>
    <TD
      width="13%" align=center valign="middle" noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" bordercolor="#000000"><FONT color=#ffffff><B>Sep 30, 2016</B> </FONT></TD>
  <TD
      width="13%" align=center valign="middle" noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:solid; border-top-width:1" bordercolor="#000000"><FONT color=#ffffff><B>Dec 31, 2015</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000">Leverage ratio </TD>
    <TD align=center width="13%" bordercolor="#000000"><U>&lt; </U>3.00:1 </TD>
    <TD align=center width="13%" bordercolor="#000000">0.30 </TD>
    <TD align=center width="13%" bordercolor="#000000">0.53 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee bordercolor="#000000">Interest service coverage ratio </TD>
    <TD align=center width="13%" bgColor=#eeeeee bordercolor="#000000"><U>&gt; </U>4.00:1 </TD>
    <TD align=center width="13%" bgColor=#eeeeee bordercolor="#000000">52 </TD>
    <TD align=center width="13%" bgColor=#eeeeee bordercolor="#000000">42 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bordercolor="#000000">Tangible net worth
      (000's) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="13%" bordercolor="#000000">&gt;45,900 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="13%" bordercolor="#000000">132,851 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="13%" bordercolor="#000000">51,020 </TD></TR></TABLE>
<P align=justify><B><I>Contingencies <BR></I></B>Minera Santa Cruz y Garibaldi
SA de CV (&#147;MSCG&#148;), a subsidiary of the Company, received a MXN$238 million
assessment on October 12, 2010 by Mexican fiscal authorities for failure to
provide the appropriate support for certain expense deductions taken in MSCG&#146;s
2006 tax return, failure to provide appropriate support for loans made to MSCG
from affiliated companies, and deemed an unrecorded distribution of dividends to
shareholders, among other individually immaterial items. MSCG immediately
initiated a Nullity action and filed an administrative attachment to dispute the
assessment. </P>
<P align=justify>In June 2015, the Superior Court ruled in favour of MSCG on a
number of the matters under appeal; however, the Superior Court ruled against
MSCG for failure to provide appropriate support for certain deductions taken in
MSCG&#146;s 2006 tax return. In June 2016, the Company received a MXN$123 million
assessment, which includes interest and penalties by Mexican fiscal authorities
for failure to provide the appropriate support for certain expense deductions
taken in MSCG&#146;s 2006 tax return, failure to provide appropriate support for
loans made to MSCG from affiliated companies, and deemed an unrecorded
distribution of dividends to shareholders, among other individually immaterial
items. If MSCG agrees to pay the tax assessment, or a lesser settled amount, it
is eligible to apply for forgiveness of 100% of the penalties and 50% of the
interest, with the latter amounting to MXN $53.4 million (~USD $2.9 million) on
the MXN $46.5 million estimated tax assessment.</P>
<P align=justify>Included in the Company&#146;s consolidated financial statements,
are net assets of $240,000, including $42,000 in cash, of MSCG. Following the
Tax Court&#146;s rulings, MSCG is in discussions with the tax authorities with
regards to the shortfall of assets within MSCG to settle its estimated tax
liability. An alternative settlement option would be to transfer the shares and
assets of MSCG to the tax authorities. The Company recognized an allowance for
transferring the shares and assets of MSCG amounting to $240,000. The Company is
currently assessing MSCG&#146;s settlement options with the authorities. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>30 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify>On acquisition of the El Cubo operation, under the terms of the
acquired Las Torres lease, the Company was required to provide financial
guarantees to the owner of the Las Torres Facility as security against any
environmental damages. As at September 30, 2016, there was a $1 million letter
of credit provided by the Company as security to the owner of the Las Torres
facility that expires on August 14, 2018. </P>
<P align=justify><B><I>Capital Requirements </I></B></P>
<P align=justify>In January, the Company guided capital expenditures totaling
$11.3 million in 2016, primarily for mine development at Guanacev&#237;, in order to
access reserves for mining and replace reserves by converting measured and
indicated resources. A contingent budget was also prepared to invest $4.5
million on additional mine development at Guanacev&#237;, subject to financing plus
small capital investments at Bola&#241;itos and El Cubo subject to higher metal
prices. The Company revised its 2016 capital investment guidance as follows:</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD align=left
    noWrap bgcolor="#943634" style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD width="33%" align=left
    noWrap bgcolor="#943634" style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Original Capital</B> </TD>
    <TD width="33%" align=left
    noWrap bgcolor="#943634" style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Updated Capital</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Guanacev&#237; </TD>
    <TD align=left width="33%">$11.3 million </TD>
    <TD align=left width="33%">$14.1 million </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Bola&#241;itos </TD>
    <TD align=left width="33%" bgColor=#eeeeee>- </TD>
    <TD align=left width="33%" bgColor=#eeeeee>$1.7 million </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>El Cubo </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="33%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="33%">$1.6
      million </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="33%"
    bgColor=#eeeeee><B>$11.3 million</B> </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="33%"
    bgColor=#eeeeee>$17.4 million </TD></TR></TABLE></DIV>
<P align=justify>At Guanacev&#237;, the Company is initiating a $2.8 million capital
investment program in Q4, 2016, as part of a three-year, $8.4 million capital
investment for mine development and ramp down into the Santa Cruz Sur ore-body.
This investment will provide access to an indicated resource of over 650,000
tonnes grading 250 g/t silver and 0.70 g/t gold. The currently defined ore-body
is open to the south and at depth.</P>
<P align=justify>At Bola&#241;itos, the Company commnenced a $1.7 million capital
investment in Q3, 2016 to develop the Plateros orebody located 50 metres from
the existing LL- Ascunci&#243;n mine workings. The development will access an
indicated resource of over 130,000 tonnes grading 116 g/t silver and 1.61 g/t
gold, still open at depth. Underground drilling is planned to continue exploring
the mineralized zone once underground access is available. </P>
<P align=justify>At El Cubo, the Company commenced a $1.6 million ore
development program in Q3, 2016 to extend the V- Asunci&#243;n ramp an additional 1.6
km in order to access an indicated resource of more than 300,000 tonnes grading
141 g/t silver and 1.55 g/t gold. The V- Asunci&#243;n orebody extends well south of
the current mine plan but further evaluation work is needed before Endeavour can
commit to any additional development.</P>
<P align=justify>Capital spending totalled $12.7 million in property, plant and
equipment during 2016. $10.6 million was invested at Guanacev&#237;, with $9.2
million spent on 7.0 kilometres of mine development and $0.1 million spent on
the tailings dam and $1.3 million spent on various equipment. At Bola&#241;itos, the
Company invested $0.9 million, with $0.5 million spent on 0.7 kilometres of mine
development, $0.4 million on tailings expansion and various equipment. At El
Cubo, the Company invested $0.2 million on various items. At El Cubo, the
Company did complete 0.6 kilometres of development in ore that was expensed as
incurred. The Company spent $1.0 million on capitalized exploration, concession
taxes and corporate equipment.</P>
<P align=justify>The Company has sufficient funds on hand to meet its current
and foreseeable capital requirements. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>31 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify>C<B><I>ontractual Obligations </I></B></P>
<P align=justify>The Company had the following contractual obligations at
September 30, 2016: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000"><FONT color=#ffffff><B>Payments due by
      period (in thousands of dollars)</B> </FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="8%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000"><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="8%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000"><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="8%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000"><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="8%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000"><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="8%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000"><FONT color=#ffffff>&nbsp;
      </FONT></TD>
  <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom noWrap bgcolor="#943634" style="border-style: none; border-width: medium"><FONT color=#ffffff><B>Contractual
      Obligations</B> </FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-style: none; border-width: medium" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="8%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-style: none; border-width: medium"><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-style: none; border-width: medium" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-style: none; border-width: medium" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="8%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-style: none; border-width: medium"><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-style: none; border-width: medium" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-style: none; border-width: medium" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="8%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-style: none; border-width: medium"><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-style: none; border-width: medium" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-style: none; border-width: medium" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="8%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-style: none; border-width: medium"><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-style: none; border-width: medium" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-style: none; border-width: medium" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="8%" align=right vAlign=bottom noWrap bgcolor="#943634" style="border-style: none; border-width: medium"><FONT
      color=#ffffff><B>More than 5</B> </FONT></TD>
  <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-style: none; border-width: medium" ><FONT
      color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="8%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium"><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="8%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium"><FONT color=#ffffff><B>Less than 1 year</B>
    </FONT></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="8%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium"><FONT color=#ffffff><B>1 - 3 years</B> </FONT></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="8%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium"><FONT color=#ffffff><B>3 - 5 years</B> </FONT></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="8%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium"><FONT color=#ffffff><B>years</B> </FONT></TD>
  <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: 2px solid #000000; ; border-top-style:none; border-top-width:medium" ><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Capital Assets purchases </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom bgcolor="#eeeeee">Finance lease obligation </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">276 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">276 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">- </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">- </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">- </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Operating lease </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">183 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">183 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom bgcolor="#eeeeee">Revolving credit facility </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">11,500 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">10,000 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgcolor="#eeeeee">1,500 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="8%" align=left vAlign=bottom bgcolor="#eeeeee">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Other Long-Term Liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">7,825 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">7,576 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">249 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid">Total </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid" >$</TD>
    <TD
    width="8%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;19,784 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid" >$</TD>
    <TD
    width="8%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;10,459 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid" >$</TD>
    <TD
    width="8%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;9,076 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid" >$</TD>
    <TD
    width="8%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;249 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid" >$</TD>
    <TD
    width="8%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;- </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD></TR></TABLE>
<P align=justify><B><I>Transactions with Related Parties </I></B></P>
<P align=justify>The Company shares common administrative services and office
space with Canarc Resource Corp. (&#147;Canarc&#148;) and Aztec Metals Corp., which are
related party companies by virtue of Bradford Cooke being a common director.
From time to time, Endeavour incurs third-party costs on behalf of the related
parties which are charged on a full cost recovery basis. The charges for these
costs totaled $33,000 for the nine months ended September 30, 2016 (September
30, 2015 - $33,000). The Company had a $3,000 net receivable related to
administration costs outstanding as at September 30, 2016 (December 31, 2015 &#150;
$111,000).</P>
<P align=justify>On May 27, 2016, the Company acquired Oro Silver Resources from
Canarc. The Company issued 2,147,239 common shares to Canarc and assumed
Canarc&#146;s obligation to pay an aggregate of 165 troy ounces of gold to Marlin
Gold Mining Ltd to acquire a 100% interest in Canarc&#146;s wholly-owned subsidiary,
Oro Silver Resources Ltd, which owns the El Compas project through its wholly
owned Mexican subsidiary, Minera Oro Silver de Mexico SA de CV (&#147;Minera Oro
Silver&#148;).</P>
<P align=justify>The Company was charged $234,000 for legal services for the
nine months ended September 30, 2016 (September 30, 2015 - $118,000) by Koffman
Kalef LLP, a firm in which the Company&#146;s corporate secretary is a partner. As of
September 30, 2016, the Company had a payable outstanding of $Nil relating to
these legal services (December 31, 2015 - $12,000).</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>32 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_33></A>
<P align=justify><B><I>Financial Assets and Liabilities </I></B></P>
<P align=justify>As at September 30, 2016, the carrying and fair values of
Endeavour&#146;s financial instruments by category were as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="1%" align=left noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="23%" colSpan=4 align=center noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff><B>As at
      Sept. 30, 2016</B> </FONT></TD>
    <TD width="2%" align=center noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=center noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="23%" colSpan=4 align=center noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff><B>As at
      December 31, 2015</B> </FONT></TD>
  <TD width="2%" align=center noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD width="1%" align=left noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"
    ></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Carrying value</B> </FONT></TD>
    <TD width="2%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"
    ></TD>
    <TD width="1%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"
    ></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Estimated Fair</B> <B>value</B>
    </FONT></TD>
    <TD width="2%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"
    ></TD>
    <TD width="1%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"
    ></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Carrying value</B> </FONT></TD>
    <TD width="2%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"
    ></TD>
    <TD width="1%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"
    ></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Estimated Fair</B> <B>value</B>
    </FONT></TD>
  <TD width="2%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"
    ></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Financial assets:</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD align=right width="10%" bgColor=#eeeeee>&nbsp;83,240 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD align=right width="10%" bgColor=#eeeeee>&nbsp;83,240 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD align=right width="10%" bgColor=#eeeeee>&nbsp;20,413 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD align=right width="10%" bgColor=#eeeeee>&nbsp;20,413 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Available for sale assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">108 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">108 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">614 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">614 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Trade receivables </TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>7,589 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>7,589 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>1,704 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>1,704 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Other receivables
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">18,335 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">18,335 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">22,639 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">22,639 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Total financial assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#eeeeee>&nbsp;109,272 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#eeeeee>&nbsp;109,272 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#eeeeee>&nbsp;45,370 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#eeeeee>&nbsp;45,370 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>Financial liabilities:</B> </TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Accounts payable and accrued liabiities </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;16,138 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;16,138 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;18,949 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;18,949 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Revolving credit facility </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#eeeeee>11,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#eeeeee>11,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#eeeeee>22,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#eeeeee>22,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total financial
      liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;27,638 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;27,638 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;40,949 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">&nbsp;40,949 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>Fair value hierarchy: </P>
<P align=justify>Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value hierarchy establishes three
levels to classify the inputs to valuation techniques used to measure fair
value. Level 1 inputs are quoted prices (unadjusted) in active markets for
identical assets or liabilities. Level 2 inputs are quoted prices in markets
that are not active, quoted prices for similar assets or liabilities in active
markets, inputs other than quoted prices that are observable for the asset or
liability (for example, interest rate and yield curves observable at commonly
quoted intervals, forward pricing curves used to value currency and commodity
contracts and volatility measurements used to value option contracts), or inputs
that are derived principally from or corroborated by observable market data or
other means. Level 3 inputs are unobservable (supported by no or little market
activity). The fair value hierarchy gives the highest priority to Level 1 inputs
and the lowest priority to Level 3 inputs. </P>
<P align=justify>Financial assets and liabilities measured at fair value on a
recurring basis include: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff><B>As at Sept. 30,
      2016</B> </FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><FONT color=#ffffff>&nbsp;
      </FONT></TD>
  <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000" ><FONT
      color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Expressed in thousands US dollars</B>
      </FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Level 1</B> </FONT></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Level 2</B> </FONT></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%"
    align=right vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Level 3</B> </FONT></TD>
  <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Financial assets:</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom bgcolor="#eeeeee">Available for sale securities </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >$</TD>
    <TD width="10%" align=right vAlign=bottom bgcolor="#eeeeee">&nbsp;108 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >$</TD>
    <TD width="10%" align=right vAlign=bottom bgcolor="#eeeeee">&nbsp;108 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >$</TD>
    <TD width="10%" align=right vAlign=bottom bgcolor="#eeeeee">&nbsp;- </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#eeeeee" >$</TD>
    <TD width="10%" align=right vAlign=bottom bgcolor="#eeeeee">&nbsp;- </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#eeeeee" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Trade receivables </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">7,589 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">7,589 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid">Total financial assets </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid" >$</TD>
    <TD
    width="10%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;7,697 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid" >$</TD>
    <TD
    width="10%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;7,697 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid" >$</TD>
    <TD
    width="10%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;- </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid" >$</TD>
    <TD
    width="10%" align=right vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;- </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>33 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_34></A>
<P align=justify><B><I>Available for sale securities </I></B></P>
<P align=justify>The Company holds marketable securities classified as Level 1
in the fair value hierarchy and as available for sale financial assets. The fair
values of available for sale investments are determined based on a market
approach reflecting the closing price of each particular security at the
reporting date. The closing price is a quoted market price obtained from the
stock exchange that is the principal active market for the particular security,
being the market with the greatest volume and level of activity for the assets.
Changes in fair value on available-for sale marketable securities are recognized
in other comprehensive income or loss, unless there is objective evidence of
impairment.</P>
<P align=justify><B><I>Trade receivables </I></B></P>
<P align=justify>The trade receivables consist of receivables from provisional
silver and gold sales from the Bola&#241;itos and El Cubo mine. The fair value of
receivables arising from concentrate sales contracts that contain provisional
pricing mechanisms is determined using the appropriate quoted closing price on
the measurement date from the exchange that is the principal active market for
the particular metal. As such, these receivables, which meet the definition of
an embedded derivative, are classified within Level 1 of the fair value
hierarchy. </P>
<P align=justify><B><I>Financial Instrument Risk Exposure and Risk Management
</I></B></P>
<P align=justify>The Company is exposed in varying degrees to a variety of
financial instrument related risks. The Board approves and monitors the risk
management process. The types of risk exposure and the way in which such
exposure is managed is provided as follows: </P>
<P align=justify><U>Credit Risk</U> <BR>The Company is exposed to credit risk on
its bank accounts, investments and accounts receivable. Credit risk exposure on
bank accounts and short term investments is limited through maintaining the
Company&#146;s balances with high-credit quality financial institutions, maintaining
investment policies, assessing institutional exposure and continual discussion
with external advisors. Value added tax (&#147;IVA&#148;) receivables are generated on the
purchase of supplies and services to produce silver which are refundable from
the Mexican government. Trade receivables are generated on the sale of
concentrate inventory to reputable metal traders. </P>
<P align=justify><U>Liquidity Risk</U> <BR>The Company ensures that there is
sufficient capital in order to meet short term business requirements. The
Company&#146;s policy is to invest cash at floating rates of interest, while cash
reserves are to be maintained in cash equivalents in order to maintain liquidity
after taking into account the Company&#146;s holdings of cash equivalents, money
market investments, marketable securities and receivables. The Company believes
that these sources, operating cash flow and its policies will be sufficient to
cover the likely short term cash requirements and commitments. </P>
<P align=justify><U>Market Risk</U> <BR>The significant market risk exposures to
which the Company is exposed are foreign currency risk, interest rate risk, and
commodity price risk.</P>
<P align=justify><I>Foreign Currency Risk</I> &#150; The Company&#146;s operations in
Mexico and Canada make it subject to foreign currency fluctuations. Certain of
the Company&#146;s operating expenses are incurred in Mexican pesos and Canadian
dollars; therefore the fluctuation of the US dollar in relation to these
currencies will consequently have an impact upon the profitability of the
Company and may also affect the value of the Company&#146;s assets and the amount of
shareholders&#146; equity. The Company has not entered into any agreements or
purchased any instruments to hedge possible currency risks. </P>
<P align=justify><I>Interest Rate Risk</I> &#150; In respect of financial assets, the
Company&#146;s policy is to invest cash at floating rates of interest and cash
reserves are to be maintained in cash equivalents in order to maintain
liquidity. Fluctuations in interest rates impact the value of cash equivalents.
The Facility is subject to interest rate risk as amounts outstanding are subject
to charges at a LIBOR-based rate payable according to the quoted rate term. The
effective interest rate for the nine-month period ended September 30, 2016 was
approximately 5%. As at September 30, 2016, with other variables unchanged, a 1%
increase in the LIBOR rate would result in additional annual interest expense of
$115,000.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>34 </FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_35></A>
<P align=justify><I>Commodity Price Risk </I>&#150; Gold and silver prices have
historically fluctuated significantly and are affected by numerous factors
outside of the Company&#146;s control, including, but not limited to , industrial and
retail demand, central bank lending, forward sales by producers and speculators,
levels of worldwide production, short-term changes in supply and demand because
of speculative hedging activities and certain other factors. The Company has not
engaged in any hedging activities, other than short term metal derivative
transactions less than 90 days, to reduce its exposure to commodity price risk.
At September 30, 2016 there are 243,090 ounces of silver and 5,266 ounces of
gold which do not have a final settlement price and the estimated revenues have
been recognized at current market prices. As at September 30, 2016, with other
variables unchanged, a 10% decrease in the market value of silver and gold would
result in a reduction of revenue of $1.2 million.</P>
<P align=justify><B><I>Outstanding Share Data </I></B></P>
<P align=justify>As of November 2, 2016, the Company had the following
securities issued and outstanding: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >&#149;&nbsp;&nbsp;</TD>
    <TD align=left width="90%">
      <P align=justify>127,080,264 common shares </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;&nbsp;&nbsp;</TD>
    <TD align=left width="90%">
      <P align=justify>325,000 performance share units </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;&nbsp;&nbsp;</TD>
    <TD align=left width="90%">
      <P align=justify>4,458,050 common shares issuable under stock options with
      a weighted average exercise price of CAN$3.93 per share expiring between
      May 23, 2017 and May 26, 2021. </P></TD></TR></TABLE>
<P align=justify>The Company considers the items included in the consolidated
statement of shareholders&#146; equity as capital. The Company&#146;s objective when
managing capital is to safeguard its ability to continue as a going concern so
that it can continue to provide returns for shareholders and benefits for other
stakeholders. The Company manages the capital structure and makes adjustments to
it in light of changes in economic conditions and the risk characteristics of
the underlying assets. In order to maintain or adjust the capital structure, the
Company may issue new shares through private placements, prospectus offerings,
convertible debentures, asset acquisitions or return capital to shareholders.
The Company is not subject to externally imposed capital requirements. </P>
<P align=justify><B><FONT size=4>Changes in Accounting Policies and Critical
Accounting Estimates </FONT></B></P>
<P align=justify><B><I>Accounting standards adopted during the period:
</I></B></P>
<P align=justify>Amendments to IAS 1, <I>Presentation of Financial Statements
(&#147;IAS 1&#148;) <BR></I>On December 18, 2014, the IASB issued amendments to IAS 1 as
part of its major initiative to improve presentation and disclosure in financial
reports. The amendments are effective for annual periods beginning on or after
January 1, 2016 with early adoption permitted. The Company intends to adopt
these amendments in its financial statements for the annual period beginning on
January 1, 2016. The Company does not anticipate this amendment to have a
significant impact on its consolidated financial statements. </P>
<P align=justify><B><I>Changes in IFRS not yet adopted: </I></B></P>
<P align=justify>New standards and amendments have been proposed; however, they
do not impact the condensed consolidated interim financial statements and are
not anticipated to impact the Company&#146;s annual consolidated financial
statements. The nature and impact of each new standard and amendment applicable
to the Company are described below: </P>
<P align=justify><I>Amendments to IAS 7, Statement of Cash Flows (&#147;IAS 7&#148;)
<BR></I>On January 7, 2016, the IASB issued amendments to IAS 7. The amendments
apply prospectively for annual periods beginning on or after January 1, 2017
with early adoption permitted. The amendments require disclosures that enable
users of financial statements to evaluate changes in liabilities arising from
financing activities, including both changes arising from cash flow and non-cash
changes. The Company intends to adopt the amendments to IAS 7 in its financial
statements for the annual periods beginning on January 1, 2017. The extent of
the impact of adoption of the amendments has not yet been determined. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>35  </FONT></B></TD></TR></TABLE></DIV><BR>
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<P align=justify><I>Amendments to IAS 12, Income Taxes (&#147;IAS 12&#148;) <BR></I>On
January 19, 2016, the IASB issued amendments to IAS 12. The amendments apply
retrospectively for annual periods beginning on or after January 1, 2017 with
early adoption permitted. The amendments clarify that the existence of a
deductible temporary difference depends solely on a comparison of the carrying
amount of an asset and its tax basis at the end of the reporting period, and is
not affected by possible future changes in the carrying amount or expected
manner of recovery of the asset. The amendments also clarify the methodology to
determine future income tax profits used for assessing the utilization of
deductible temporary differences. The Company intends to adopt the amendments to
IAS 12 in its financial statements for the annual period beginning on January 1,
2017. The extent of the impact of adoption of the amendments has not yet been
determined. </P>
<P align=justify><I>Amendments to IFRS 2, Share-based Payment (&#147;IFRS 2&#148;)
<BR></I>On June 20, 2016, the IASB issued amendments to IFRS 2 clarifying how to
account for certain types of share-based payment transactions. The amendments
provide requirements on the accounting for: the effects of vesting and
non-vesting conditions on the measurement of cash-settled share-based payments;
share-based transactions with a net settlement feature for withholding tax
obligations; and a modification to the terms and conditions of a share-based
payment that changes the classification of a transaction from cash-settled to
equity settled. </P>
<P align=justify>The amendments apply for annual periods beginning on or after
January 1, 2018. As a practical simplification, the amendments can be applied
prospectively. Retrospective, or early, application is permitted if information
is available without the use of hindsight. The Company intends to adopt the
amendments to IAS 2 in its financial statements for the annual period beginning
on January 1, 2018. The extent of the impact of adoption of the amendments has
not yet been determined. </P>
<P align=justify><I>IFRS 9, Financial Instruments (&#147;IFRS 9&#148;) <BR></I>In November
2009, the IASB issued IFRS 9, <I>Financial Instruments,</I> as the first step in
its project to replace IAS 39 <I>Financial Instruments: Recognition and
Measurement</I>. On July 24, 2014 the IASB issued the complete IFRS 9. IFRS 9
retains but simplifies the mixed measurement model and establishes two primary
measurement categories for financial assets: amortized cost and fair value. The
basis of classification depends on an entity&#146;s business model and the
contractual cash flows of the financial asset. Classification is made at the
time the financial asset is initially recognized, namely when the entity becomes
a party to the contractual provisions of the instrument. </P>
<P align=justify>IFRS 9 amends some of the requirements of IFRS 7, <I>Financial
Instruments: Disclosures</I>, including added disclosures about investments in
equity instruments measured at fair value in OCI, and guidance on the
measurement of financial liabilities and de-recognition of financial
instruments. The mandatory effective date of IFRS 9 is for annual periods
beginning on or after January 1, 2018 with early adoption permitted. The Company
is currently assessing the impact of adopting IFRS 9 on its consolidated
financial statements, including the applicability of early adoption. </P>
<P align=justify>IFRS 15, <I>Revenue from Contracts with Customers (&#147;IFRS
15&#148;)</I> <BR>On May 28, 2014, the IASB issued IFRS 15. The new standard is
effective for annual periods beginning on or after January 1, 2018 with early
adoption permitted. IFRS 15 will replace IAS 11 <I>Construction Contracts</I>,
IAS 18 <I>Revenue</I>, IFRIC 13 <I>Customer Loyalty Programmes</I>, IFRIC 15
<I>Agreements for the Construction of Real Estate</I>, IFRIC 18 <I>Transfer of
Assets from Customers</I> and SIC 31 <I>Revenue</I> &#150; <I>Barter Transactions
Involving Advertising Services</I>. </P>
<P align=justify>The standard contains a single model that applies to contracts
with customers and two approaches to recognizing revenue: at a point in time or
over time. The model features a contract-based five-step analysis of
transactions to determine whether, how much and when revenue is recognized. New
estimates and judgmental thresholds have also been introduced, which may affect
the amount and/or timing of revenue recognized. </P>
<P align=justify>On April 12, 2016 the IASB issued <I>Clarifications to IFRS 15,
Revenue from Contracts with Customers</I>, which is effective at the same time
as IFRS 15. The clarifications to IFRS 15 provide additional guidance with
respect to the five-step analysis, transition, and the application of the
standard to licenses of intellectual property.</P>
<P align=justify>The Company intends to adopt IFRS 15 and the clarifications in
its consolidated financial statements for the annual period beginning on January
1, 2018. The extent of the impact of adoption of the standard has not yet been
determined. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>36 </FONT></B></TD></TR></TABLE></DIV><BR>
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<P align=justify>IFRS 16, <I>Leases (&#147;IFRS 16&#148;) <br>
</I>On January 13, 2016, the IASB published a new standard, IFRS
16, <I>Leases, </I>eliminating the current dual accounting model for lessees,
which distinguishes between on-balance sheet finance leases and off-balance
sheet operating leases. Under the new standard, a lease becomes an on-balance
sheet liability that attracts interest, together with a new right-of-use asset.
In addition, lessees will recognize a front-loaded pattern of expense for most
leases, even when cash rentals are constant. IFRS 16 is effective for annual
periods beginning on or after January 1, 2019, with earlier adoption permitted.
The Company has not yet completed an assessment of the impact of this standard
on its financial statements. </P>
<P align=justify>The Company has not early adopted any other standard,
interpretation or amendment in the condensed consolidated interim financial
statements that have been issued, but not yet effective. </P>
<P align=justify><B><I>Critical Accounting Estimates <BR></I></B>The preparation
of financial statements requires the Company to make estimates that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Significant areas
requiring the use of management judgement relate to the determination of
mineralized reserves, plant and equipment lives, estimating the fair values of
financial instruments and derivatives, estimating the fair value of convertible
debenture components, impairment of non-current assets, reclamation and
rehabilitation provisions, recognition of deferred tax assets, and assumptions
used in determining the fair value of non-cash share-based compensation. </P>
<P align=justify>Critical judgments in applying policies that have a significant
effect on the amounts recognized in the consolidated financial statements for
the period include the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%">
      <P align=justify>Acquisition of Oro Silver Resources Ltd. &#150; critical
      judgments include the determination of asset purchase versus business
      combination and the valuation of assets acquired and liabilities assumed
      in respect of the Company&#146;s acquisition of Oro Silver Resources Ltd.
      during the period. In making its determination, the Company considered
      established mineral resources associated with the El Compas property and
      other contracts assumed in the transaction </P></TD></TR></TABLE>
<P align=justify>See &#147;Critical Accounting Estimates&#148; in the Company&#146;s annual
MD&amp;A for a detailed discussion of the other areas in which critical
accounting estimates are made. </P>
<P align=justify><B><FONT size=4>CONTROLS AND PROCEDURES </FONT></B></P>
<P align=justify>Endeavour&#146;s management, including the Chief Executive Officer
and Chief Financial Officer, has evaluated the Company&#146;s internal controls over
financial reporting to determine whether any changes occurred during the period
that have materially affected, or are reasonably likely to materially affect,
the Company&#146;s internal controls over financial reporting.</P>
<P align=justify>During the quarter ended September 30, 2016, a subsidiary paid
$0.8 million in false invoices from fraudulent communications impersonating an
authorized individual of the Company. The Company&#146;s internal controls detected
the fraudulent transactions resulting in the recovery of $0.2 million. The $0.6
million loss was included as other income and expense for the period ended.
Internal controls were properly designed to prevent any such loss, however human
error resulted in failure of the necessary preventive control. Subsequent to the
failure, an internal investigation was performed and determined the failure was
an isolated incident. A change of personnel at the subsidiary level resulted and
additional training was provided to finance and administrative staff. </P>
<P align=justify>During the nine months ended September 30, 2016 there have been
no changes that occurred, except as those disclosed above, that have materially
affected, or are reasonably likely to materially affect, Endeavour&#146;s internal
controls over financial reporting. <B></B></P>
<DIV align=center>
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    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><FONT
      color=#943634>37 </FONT></B></TD></TR></TABLE></DIV><BR>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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<P align=center><B>Form 52-109F2 </B><BR><B><I>Certification of Interim Filings
</I></B><BR><B><I>Full Certificate</I></B><B> </B></P>
<P align=justify>I, Bradford Cooke, Chief Executive Officer of Endeavour Silver
Corp., certify the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of
      Endeavour Silver Corp. (the &#147;issuer&#148;) for the interim period ended
      September 30, 2016.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B><I>No misrepresentations: </I></B>Based on my
      knowledge, having exercised reasonable diligence, the interim filings do
      not contain any untrue statement of a material fact or omit to state a
      material fact required to be stated or that is necessary to make a
      statement not misleading in light of the circumstances under which it was
      made, with respect to the period covered by the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge,
      having exercised reasonable diligence, the interim financial report
      together with the other financial information included in the interim
      filings fairly present in all material respects the financial condition,
      financial performance and cash flows of the issuer, as of the date of and
      for the periods presented in the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B><I>Responsibility: </I></B>The issuer&#146;s other
      certifying officer(s) and I are responsible for establishing and
      maintaining disclosure controls and procedures (DC&amp;P) and internal
      control over financial reporting (ICFR), as those terms are defined in
      National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146;
      Annual and Interim Filings, </I>for the issuer.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying
      officer(s) and I have, as at the end of the period covered by the interim
      filings</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance
that</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>material information relating to the issuer is made known
      to us by others, particularly during the period in which the interim
      filings are being prepared; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>information required to be disclosed by the issuer in its
      annual filings, interim filings or other reports filed or submitted by it
      under securities legislation is recorded, processed, summarized and
      reported within the time periods specified in securities legislation;
      and</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>designed ICFR, or caused it to be designed under our
      supervision, to provide reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
      external purposes in accordance with the issuer&#146;s
GAAP.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD>
      <P align=justify><B><I>Control framework: </I></B>The control framework
      the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s
      ICFR is the Internal Control &#150; Integrated Framework (2013) (COSO
      Framework) published by The Committee of Sponsoring Organizations of the
      Treadway Commission (COSO).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD>
      <P align=justify><B><I>ICFR &#150; material weakness relating to design:
      </I></B>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.3 </TD>
    <TD>
      <P align=justify><B><I>Limitation on scope of design:
  </I></B>N/A</P></TD></TR></TABLE><BR>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B><I>Reporting changes in ICFR: </I></B>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on July 1, 2016 and ended on
      September 30, 2016 that has materially affected, or is reasonably likely
      to materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left>Date: <B>November 3, 2016</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>&#147;Bradford
      Cooke&#148;</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bradford Cooke </TD></TR>
  <TR vAlign=top>
    <TD align=left>Chief Executive Officer </TD></TR></TABLE></DIV>
<P align=center>2</P>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
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   <TITLE>Endeavour Silver Corp.: Exhibit 99.4 - Filed by newsfilecorp.com</TITLE>
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<!--$$/page=--><A name=page_1></A>
<P align=center><B>Form 52-109F2 </B><BR><B><I>Certification of Interim Filings
</I></B><BR><B><I>Full Certificate</I></B></P>
<P align=justify>I, Dan Dickson, Chief Financial Officer of Endeavour Silver
Corp., certify the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of
      Endeavour Silver Corp. (the &#147;issuer&#148;) for the interim period ended
      September 30, 2016.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B><I>No misrepresentations: </I></B>Based on my
      knowledge, having exercised reasonable diligence, the interim filings do
      not contain any untrue statement of a material fact or omit to state a
      material fact required to be stated or that is necessary to make a
      statement not misleading in light of the circumstances under which it was
      made, with respect to the period covered by the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge,
      having exercised reasonable diligence, the interim financial report
      together with the other financial information included in the interim
      filings fairly present in all material respects the financial condition,
      financial performance and cash flows of the issuer, as of the date of and
      for the periods presented in the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B><I>Responsibility: </I></B>The issuer&#146;s other
      certifying officer(s) and I are responsible for establishing and
      maintaining disclosure controls and procedures (DC&amp;P) and internal
      control over financial reporting (ICFR), as those terms are defined in
      National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146;
      Annual and Interim Filings, </I>for the issuer.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying
      officer(s) and I have, as at the end of the period covered by the interim
      filings</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance
that</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>material information relating to the issuer is made known
      to us by others, particularly during the period in which the interim
      filings are being prepared; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>information required to be disclosed by the issuer in its
      annual filings, interim filings or other reports filed or submitted by it
      under securities legislation is recorded, processed, summarized and
      reported within the time periods specified in securities legislation;
      and</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>designed ICFR, or caused it to be designed under our
      supervision, to provide reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
      external purposes in accordance with the issuer&#146;s
GAAP.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD>
      <P align=justify><B><I>Control framework: </I></B>The control framework
      the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s
      ICFR is the Internal Control &#150; Integrated Framework (2013) (COSO
      Framework) published by The Committee of Sponsoring Organizations of the
      Treadway Commission (COSO).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD>
      <P align=justify><B><I>ICFR &#150; material weakness relating to design:
      </I></B>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.3 </TD>
    <TD>
      <P align=justify><B><I>Limitation on scope of design:
  </I></B>N/A</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B><I>Reporting changes in ICFR: </I></B>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on July 1, 2016 and ended on
      September 30, 2016 that has materially affected, or is reasonably likely
      to materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE><BR>
<DIV>
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cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left>Date: <B>November 3, 2016</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>&#147;Dan
      Dickson&#148;</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dan Dickson </TD></TR>
  <TR vAlign=top>
    <TD align=left>Chief Financial Officer </TD></TR></TABLE></DIV>
<P align=center>2</P>
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</DOCUMENT>
</SEC-DOCUMENT>
