<SEC-DOCUMENT>0001062993-16-008243.txt : 20160310
<SEC-HEADER>0001062993-16-008243.hdr.sgml : 20160310
<ACCEPTANCE-DATETIME>20160309174920
ACCESSION NUMBER:		0001062993-16-008243
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		45
CONFORMED PERIOD OF REPORT:	20151231
FILED AS OF DATE:		20160310
DATE AS OF CHANGE:		20160309

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:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33153
		FILM NUMBER:		161495619

	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>40-F
<SEQUENCE>1
<FILENAME>form40f.htm
<DESCRIPTION>FORM 40-F
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp. - Form 40-F - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
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<P align=center><B><FONT size=5>UNITED STATES </FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR>Washington, D.C. 20549
</P>
<P align=center><B><FONT size=5>FORM 40-F </FONT></B></P>
<P align=center>[&nbsp;&nbsp; ] REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF
THE SECURITIES EXCHANGE ACT OF1934 </P>
<P align=center>OR </P>
<P align=center>[X] ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 </P>
<P align=center>For the fiscal year ended<B> </B><B><U>December 31,
2015</U></B></P>
<P align=center>Commission file number:<B> </B><B><U>001-33153 </U></B></P>
<P align=center><IMG src="endeavourlogo.gif" border=0> </P>
<P align=center><B><U><FONT size=5>ENDEAVOUR SILVER CORP.</FONT></U></B><B>
</B><BR>(Exact Name of Registrant as Specified in its Charter) </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="33%" align=center><B><U>British Columbia </U></B></TD>
    <TD align=center width="33%"><B><U>1040 </U></B></TD>
  <TD align=center width="33%"><B><U>N/A </U></B></TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=center>(Province or other jurisdiction of incorporation or
      organization)  </TD>
    <TD width="33%" align=center>(Primary Standard Industrial Classification Code) </TD>
  <TD width="33%" align=center>(I.R.S. Employer Identification No.)  </TD>
  </TR>
  </TABLE>
<P align=center><B>#301-700 West Pender Street</B><BR><B>Vancouver, British
Columbia, Canada V6C 1G8 </B><BR><B><U>(604) 685-9775</U> </B><BR>(Address and Telephone Number of Registrant&#146;s Principal Executive
Offices) <BR></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>DL Services Inc. </B></TD>
    <TD align=center width="50%">Copies to: </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>Columbia Center, 701 Fifth Avenue, Suite 1600 </B></TD>
    <TD align=center width="50%"><B>Jason K. Brenkert </B></TD></TR>
  <TR vAlign=top>
    <TD align=center><B>Seattle, Washington 98104 </B></TD>
    <TD align=center width="50%"><B>Dorsey &amp; Whitney LLP </B></TD></TR>
  <TR vAlign=top>
    <TD align=center><B><U>(206) 903-5448 </U></B></TD>
    <TD align=center width="50%"><B>1400 Wewatta Street, Suite 400 </B></TD></TR>
  <TR vAlign=top>
    <TD align=center>(Name, address (including zip code) and telephone number
</TD>
    <TD align=center width="50%"><B>Denver, Colorado 80202-5549 </B></TD></TR>
  <TR vAlign=top>
    <TD align=center>(including area code) of agent for service in the United
      States) </TD>
    <TD align=center width="50%"><B><U>(303) 629-3400
</U></B></TD></TR></TABLE>
<P align=justify>Securities registered or to be registered pursuant to Section
12(b) of the Act: </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><U>Title of Each Class: </U></TD>
    <TD align=center width="50%"><U>Name of Each Exchange On Which Registered:
      </U></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=center width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><B><U>Common Shares, no par value </U></B></TD>
    <TD align=center width="50%"><B><U>NYSE </U></B></TD></TR></TABLE>
<P align=justify>Securities registered or to be registered pursuant to Section
12(g) of the Act: <B><U>None</U></B><B> </B></P>
<P align=justify>Securities for which there is a reporting obligation pursuant
to Section 15(d) of the Act: <B><U>None</U></B><B> </B></P>
<P align=justify>For annual reports, indicate by check mark the information
filed with this form: <BR>[X]&nbsp; Annual Information
Form&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
[X]&nbsp; Audited Annual Financial Statements </P>
<P align=justify>Indicate the number of outstanding shares of each of the
issuer's classes of capital or common stock as of the close of the period
covered by the annual report: As at December 31, 2015, <B>102,776,470 </B>common
shares of the Registrant were issued and outstanding. </P>
<P align=justify>Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Exchange Act during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days. <BR>[X]&nbsp;
Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
[&nbsp;&nbsp; ]&nbsp; No </P>
<P align=justify>Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files).
<BR>[&nbsp;&nbsp; ]&nbsp;
Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;
]&nbsp; No </P>
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<P align=center><B>EXPLANATORY NOTE </B></P>
<P align=justify>Endeavour Silver Corp. (the &#147;Company&#148; or the &#147;Registrant&#148;) is a
Canadian issuer eligible to file its annual report pursuant to Section 13 of the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), on Form 40-F
pursuant to the multi-jurisdictional disclosure system of the Exchange Act. The
Company is a &#147;foreign private issuer&#148; as defined in Rule 3b-4 under the Exchange
Act. Equity securities of the Company are accordingly exempt from Sections
14(a), 14(b), 14(c), 14(f) and 16 of the Exchange Act pursuant to Rule 3a12-3
thereunder.</P>
<P align=center><B>FORWARD-LOOKING STATEMENTS </B></P>
<P align=justify>This annual report on Form 40-F and the exhibits attached
hereto contain &#147;forward-looking statements&#148; within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
concern the Company&#146;s anticipated results and developments in the Company&#146;s
operations in future periods, planned exploration and development of its
properties, plans related to its business and other matters that may occur in
the future. These statements relate to analyses and other information that are
based on forecasts of future results, estimates of amounts not yet determinable
and assumptions of management. </P>
<P align=justify>Statements concerning reserves and mineral resource estimates
may also be deemed to constitute forward-looking statements to the extent that
they involve estimates of the mineralization that will be encountered if the
Company&#146;s property is developed, and in the case of mineral reserves, such
statements reflect the conclusion based on certain assumptions that a mineral
deposit can be economically exploited. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as &#147;expects&#148; or &#147;does not expect&#148;, &#147;is
expected&#148;, &#147;anticipates&#148; or &#147;does not anticipate&#148;, &#147;plans&#148;, &#147;estimates&#148; or
&#147;intends&#148;, or stating that certain actions, events or results &#147;may&#148;, &#147;could&#148;,
&#147;would&#148;, &#147;might&#148; or &#147;will&#148; (or the negative and grammatical variations of any of
these terms and similar expressions) be taken, occur or be achieved,) are not
statements of historical fact and may be forward-looking statements.
Forward-looking statements are subject to a variety of known and unknown risks,
uncertainties and other factors which could cause actual events or results to
differ from those expressed or implied by the forward-looking statements,
including, without limitation:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD >&nbsp;</TD>
    <TD width="5%" align=left>&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>risks related to precious and base metal price
      fluctuations; </P></TD></TR>
  <TR vAlign=top>
    <TD></TD>
    <TD width="5%" align=left>&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>risks related to fluctuations in the currency markets
      (particularly the Mexican peso, Canadian dollar and United States dollar);
      </P></TD></TR>
  <TR vAlign=top>
    <TD></TD>
    <TD width="5%" align=left>&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>risks related to the inherently dangerous activity of
      mining, including conditions or events beyond our control, and operating
      or technical difficulties in mineral exploration, development and mining
      activities; </P></TD></TR>
  <TR vAlign=top>
    <TD></TD>
    <TD width="5%" align=left>&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>uncertainty in our ability to fund the development of our
      mineral properties or the completion of further exploration programs;
    </P></TD></TR>
  <TR vAlign=top>
    <TD></TD>
    <TD width="5%" align=left>&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>ncertainty as to actual capital costs, operating costs,
      production and economic returns, and uncertainty that our development
      activities will result in profitable mining operations; </P></TD></TR>
  <TR vAlign=top>
    <TD></TD>
    <TD width="5%" align=left>&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>risks related to our reserves and mineral resource
      figures being estimates based on interpretations and assumptions which may
      result in less mineral production under actual conditions than is
      currently estimated and to diminishing quantities or grades of mineral
      reserves as properties are mined; </P></TD></TR>
  <TR vAlign=top>
    <TD></TD>
    <TD width="5%" align=left>&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>risks related to changes in governmental regulations, tax
      and labor laws and obtaining necessary licenses and permits; </P></TD></TR>
  <TR vAlign=top>
    <TD></TD>
    <TD width="5%" align=left>&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>risks related to our business being subject to
      environmental laws and regulations which may increase our costs of doing
      business and restrict our operations; </P></TD></TR>
  <TR vAlign=top>
    <TD></TD>
    <TD width="5%" align=left>&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>risks related to our mineral properties being subject to
      prior unregistered agreements, transfers, or claims and other defects in
      title; </P></TD></TR>
  <TR vAlign=top>
    <TD>&nbsp;</TD>
    <TD width="5%" align=left>&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>risks relating to inadequate insurance or inability to
      obtain insurance; </P></TD></TR>
  <TR vAlign=top>
    <TD>&nbsp;</TD>
    <TD width="5%" align=left>&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>risks related to our ability to successfully integrate
      acquisitions; </P></TD></TR>
  <TR vAlign=top>
    <TD>&nbsp;</TD>
    <TD width="5%" align=left>&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>uncertainty in our ability to obtain necessary financing;
      </P></TD></TR>
  <TR vAlign=top>
    <TD></TD>
    <TD width="5%" align=left>&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>risks related to increased competition that could
      adversely affect our ability to attract necessary capital funding or
      acquire suitable producing properties for mineral exploration in the
      future; </P></TD></TR>
  <TR vAlign=top>
    <TD></TD>
    <TD width="5%" align=left>&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>risks related to many of our primary properties being
      located in Mexico, including political, economic, and regulatory
      instability; and </P></TD></TR>
  <TR vAlign=top>
    <TD></TD>
    <TD width="5%" align=left>&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>risks related to our officers and directors becoming
      associated with other natural resource companies which may give rise to
      conflicts of interests; </P></TD></TR></TABLE><BR>
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<P align=justify>This list is not exhaustive of the factors that may affect our
forward-looking statements. Some of the important risks and uncertainties that
could affect forward-looking statements are described further in the exhibits
attached to this annual report on Form 40-F, including in the Annual Information
Form of the Company filed as <U>Exhibit 99.1</U> to this annual report on Form
40-F and are incorporated by reference herein. Should one or more of these risks
and uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in the forward-looking
statements. The Company&#146;s forward-looking statements are based on beliefs,
expectations and opinions of management on the date the statements are made and
the Company does not assume any obligation to update forward-looking statements
if circumstances or management&#146;s beliefs, expectations or opinions change,
except as required by law. For the reasons set forth above, investors should not
place undue reliance on forward-looking statements. </P>
<P align=center><B>NOTE TO UNITED STATES READERS- </B><BR><B>DIFFERENCES IN
UNITED STATES AND CANADIAN REPORTING PRACTICES </B><BR></P>
<P align=justify>The Company is permitted, under the multi-jurisdictional
disclosure system adopted by the United States Securities and Exchange
Commission (the &#147;SEC&#148;), to prepare this annual report in accordance with
Canadian disclosure requirements, which differ from those of the United States.
The Company has prepared its consolidated financial statements, which are filed
as <U>Exhibit 99.2</U> to this annual report on Form 40-F, in accordance with
International Financial Reporting Standards as issued by the International
Accounting Standards Board (&#147;IFRS&#148;) and they are not comparable to financial
statements of United States companies.</P>
<P align=center><B>MINERAL RESOURCE AND RESERVE ESTIMATES </B></P>
<P align=justify>The Company&#146;s Annual Information Form (&#147;AIF&#148;) filed as
<U>Exhibit 99.1</U> to this annual report on Form 40-F and management&#146;s
discussion and analysis for the fiscal year ended December 31, 2015 filed as
<U>Exhibit 99.4</U> has been prepared in accordance with the requirements of the
securities laws in effect in Canada, which differ from the requirements of
United States securities laws. 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 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;) - <I>CIM Definition Standards on Mineral
Resources and Mineral Reserves</I>, adopted by the CIM Council, as amended.
These definitions differ from the definitions in SEC Industry Guide 7 (&#147;SEC
Industry Guide 7&#148;) under the United States Securities Act of 1933, as amended
(the &#147;Securities Act&#148;). </P>
<P align=justify>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. </P>
<P align=justify>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 all or any part of a mineral deposit 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. </P>
<P align=justify>Accordingly, information contained in this annual report on
Form 40-F and the documents incorporated by reference herein contain
descriptions of our mineral deposits that may not be comparable to similar
information made public by U.S. companies subject to the reporting and
disclosure requirements under the United States federal securities laws and the
rules and regulations thereunder. </P>
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<P align=center><B>CURRENCY </B></P>
<P align=justify>Unless otherwise indicated, all dollar amounts in this annual
report on Form 40-F are in United States dollars. The exchange rate of Canadian
dollars into United States dollars, on December 31, 2015, based upon the noon
exchange rate as quoted by the Bank of Canada, was Cdn.$1.00 = US.$0.7225. </P>
<P align=center><B>ANNUAL INFORMATION FORM </B></P>
<P align=justify>The Company&#146;s AIF for the fiscal year ended December 31, 2015
is filed as <U>Exhibit 99.1</U> to this annual report on Form 40-F and is
incorporated by reference herein. </P>
<P align=center><B>AUDITED ANNUAL FINANCIAL STATEMENTS </B></P>
<P align=justify>The audited consolidated financial statements of the Company
for the years ended December 31, 2015 and 2014, including the report of the
independent auditor with respect thereto, are filed as <U>Exhibit 99.2</U> to
this annual report on Form 40-F and are incorporated by reference herein.</P>
<P align=center><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P align=justify>The Company&#146;s management&#146;s discussion and analysis for the
fiscal year ended December 31, 2015 (&#147;MD&amp;A&#148;) is filed as <U>Exhibit 99.4</U>
to this annual report on Form 40-F and is incorporated by reference herein.<B>
</B></P>
<P align=center><B>TAX MATTERS </B></P>
<P align=justify>Purchasing, holding, or disposing of the Company&#146;s securities
may have tax consequences under the laws of the United States and Canada that
are not described in this annual report on Form 40-F. </P>
<P align=center><B>CONTROLS AND PROCEDURES </B></P>
<P align=justify><I>Disclosure Controls and Procedures </I></P>
<P align=justify>At the end of the period covered by this annual report on Form
40-F for the fiscal year ended December 31, 2015, an evaluation was carried out
under the supervision of, and with the participation of, the Company&#146;s
management, including its Chief Executive Officer (CEO) and Chief Financial
Officer (CFO), of the effectiveness of the design and operation of the Company&#146;s
disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange
Act). Based upon that evaluation, the Company&#146;s CEO and CFO have concluded that
the Company&#146;s disclosure controls and procedures were effective to give
reasonable assurance that the information required to be disclosed by the
Company in reports that it files or submits under the Exchange Act is (i)
recorded, processed, summarized and reported, within the time periods specified
in the SEC&#146;s rules and forms, and (ii) accumulated and communicated to
management, including its principal executive and principal financial officers,
or persons performing similar functions, as appropriate to allow timely
decisions regarding required disclosure. </P>
<P align=justify><I>Management&#146;s Report on Internal Control over Financial
Reporting </I></P>
<P align=justify>Management is responsible for establishing and maintaining
adequate internal control over financial reporting, as defined in Rules
13a-15(f) of the Exchange Act. A company&#146;s internal control over financial
reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles. </P>
<P align=justify>A company&#146;s internal control over financial reporting includes
those policies and procedures that (i) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (ii) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (iii) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company&#146;s assets that could have a
material effect on the financial statements. It should be noted that a control
system, no matter how well conceived or operated, can only provide reasonable
assurance, not absolute assurance, that the objectives of the control system are
met.</P>
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<P align=justify>Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of
changes in conditions, or that the degree of compliance with policies and
procedures may deteriorate. </P>
<P align=justify>Management, including the CEO and CFO, assessed the
effectiveness of the Company&#146;s internal control over financial reporting as of
December 31, 2015. In making this assessment, management used the criteria set
forth in the Internal Control Integrated Framework (2013) issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based
on its assessment, management has concluded that, as of December 31, 2015, the
Company&#146;s internal control over financial reporting was effective and no
material weaknesses in the Company&#146;s internal control over financial reporting
were discovered. </P>
<P align=justify>The Company is required to provide an auditor&#146;s attestation
report on its internal control over financial reporting for the fiscal year
ended December 31, 2015. In this annual report on Form 40-F, the Company&#146;s
independent registered public accounting firm, KPMG LLP (&#147;KPMG&#148;), has provided
its opinion as to the effectiveness of the Company&#146;s internal control over
financial reporting as of December 31, 2015. KPMG has also audited the Company&#146;s
financial statements included in this annual report on Form 40-F and issued a
report thereon. </P>
<P align=justify><I>Auditor&#146;s Attestation Report </I></P>
<P align=justify>KPMG&#146;s attestation report on the Company&#146;s internal control
over financial reporting is included in the audit report filed in <U>Exhibit
99.3</U> of this annual report on Form 40-F and is incorporated by reference
herein. </P>
<P align=justify><I>Changes in Internal Control over Financial Reporting
</I></P>
<P align=justify>During the first quarter of 2015, the Company enhanced its
internal control system by implementing a policy to consult with a professional
valuation company with experience and knowledge assessing the financial impact
of any future impairment of non-current assets. The change was implemented
address a material weakness identified in management&#146;s assessment of the
effectiveness of internal control over financial reporting as at December 31,
2014. Based on the Company&#146;s assessment of internal control over financial
reporting on December 31, 2015, the material weakness has been rectified.</P>
<P align=center><B>CORPORATE GOVERNANCE </B></P>
<P align=justify>The Company&#146;s Board of Directors (the &#147;Board of Directors&#148;) is
responsible for the Company&#146;s Corporate Governance policies and has separately
designated standing Compensation, Corporate Governance and Nominating, and Audit
Committees. The Board of Directors has determined that all the members of the
Compensation, Corporate Governance and Nominating, and Audit Committees are
independent, based on the criteria for independence prescribed by section
303A.02 of the NYSE Listed Company Manual. </P>
<P align=justify><I>Compensation Committee </I></P>
<P align=justify>Compensation of the Company&#146;s CEO and all other officers is
recommended by management to the Compensation Committee, established in
accordance with section 303A.05 of the NYSE Listed Company Manual, for
evaluation and recommendation to the Board of Directors.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=justify>The Compensation Committee develops, reviews and monitors
director and executive compensation and policies. The Compensation Committee is
also responsible for annually reviewing the adequacy of compensation for
directors and others and the composition of compensation packages. The Company&#146;s
CEO cannot be present during the Committee&#146;s deliberations or vote. The
Compensation Committee is composed of four independent directors (as determined
under section 303A.02 and section 303A.05 of the NYSE Listed Company Manual):
Ricardo Campoy (Chair), Geoffrey Handley, Ken Pickering and Mario Szotlender.
The Company&#146;s Compensation Committee Charter is available on the Company&#146;s
website at www.edrsilver.com. </P>
<P align=justify><I>Corporate Governance and Nominating Committee </I></P>
<P align=justify>The Company&#146;s Corporate Governance and Nominating Committee,
established in accordance with section 303A.04 of the NYSE Listed Company
Manual, is tasked with (a) developing and recommending to the Board of Directors
corporate governance principles applicable to the Company; (b) identifying and
recommending qualified individuals for nomination to the Board of Directors; and
(c) providing such assistance as the Chair of the Board of Directors, if
independent, or alternatively the lead director of the Board of Directors, may
require. The Corporate Governance and Nominating Committee is composed of three
independent directors (as determined under Section 303A.02 of the NYSE Listed
Company Manual): Geoffrey Handley (Chair), Rex McLennan, and Mario Szotlender.
The Corporate Governance and Nominating Committee Charter is available on the
Company&#146;s website at www.edrsilver.com. </P>
<P align=justify>The principal corporate governance responsibilities of the
Corporate Governance and Nominating Committee include 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 width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>reviewing and reassessing at least annually the adequacy
      of the Company&#146;s corporate governance procedures and recommending any
      proposed changes to the Board of Directors for approval;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b) </TD>
    <TD>
      <P align=justify>reviewing and recommending changes to the Board of
      Directors of the Company&#146;s Code of Conduct and considering any requests
      for waivers from the Company&#146;s Code of Conduct;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">c) </TD>
    <TD>
      <P align=justify>receiving comments from all directors and reporting
      annually to the Board of Directors with an assessment of the Board of
      Director&#146;s performance to be discussed with the full Board of Directors
      following the end of each fiscal year.</P></TD></TR></TABLE>
<P align=justify>The principal responsibilities of the Corporate Governance and
Nominating Committee for selection and nomination of director nominees include
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 width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>in making recommendations to the Board of Directors
      regarding director nominees, the Corporate Governance and Nominating
      Committee shall consider the appropriate size of the Board of Directors;
      the competencies and skills that the Board of Directors considers to be
      necessary for the Board of Directors, as a whole, to possess; the
      competencies and skills that the Board of Directors considers each
      existing director to possess; the competencies and skills each new nominee
      will bring to the Board of Directors; and whether or not each new nominee
      can devote sufficient time and resources to the nominee&#146;s duties as a
      director of the Company;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b) </TD>
    <TD>
      <P align=justify>developing qualification criteria for directors for
      recommendation to the Board of Directors and, in conjunction with the
      Chair of the Board of Directors (or, if the Chair is not an independent
      director, any lead director of the Board of Directors), the Corporate
      Governance and Nominating Committee shall appoint directors to the various
      committees of the Board of Directors;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">c) </TD>
    <TD>
      <P align=justify>having the sole authority to retain and terminate any
      search firm to be used to identify director candidates or any other
      outside advisors considered necessary to carry out its duties and to
      determine the terms of such retainer;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">d) </TD>
    <TD>
      <P align=justify>in conjunction with the Chair of the Board of Directors
      (or, if the Chair of the Board of Directors is not an independent
      director, any lead director of the Board of Directors), overseeing the
      evaluation of the Board of Directors and of the Company and making
      recommendations to the Board of Directors as
appropriate.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<P align=center><B>AUDIT COMMITTEE </B></P>
<P align=justify>The Company&#146;s Board of Directors has a separately designated
standing Audit Committee established in accordance with section 3(a)(58)(A) of
the Exchange Act and section 303A.06 and 303A.07 of the NYSE Listed Company
Manual. The Company&#146;s Audit Committee is comprised of: </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="20%"  >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="75%" >Rex McLennan (Chair) </TD></TR>
  <TR vAlign=top>
    <TD width="20%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="75%" >Mario Szotlender </TD></TR>
  <TR vAlign=top>
    <TD width="20%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="75%" >Ricardo Campoy </TD></TR>
  <TR vAlign=top>
    <TD width="20%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="75%" >Geoffrey Handley
</TD></TR></TABLE>
<P align=justify>In the opinion of the Company&#146;s Board of Directors, all members
of the Audit Committee are independent (as determined under Rule 10A-3 of the
Exchange Act and section 303A.02 of the NYSE Listed Company Manual) and are
financially literate. The members of the Audit Committee do not have fixed terms
and are appointed and replaced from time to time by resolution of the Board of
Directors. </P>
<P align=justify>The Audit Committee meets with the Company&#146;s President, the
CEO, the CFO and the Company&#146;s independent auditors to review and inquire into
matters affecting financial reporting, the system of internal accounting and
financial controls, as well as audit procedures and audit plans. The Audit
Committee also recommends to the Board of Directors which independent registered
public auditing firm should be appointed by the Company. In addition, the Audit
Committee reviews and recommends to the Board of Directors for approval the
annual financial statements, the MD&amp;A, and undertakes other activities
required by exchanges on which the Company&#146;s securities are listed and by
regulatory authorities to which the Company is held responsible. The Company&#146;s
Audit Committee Charter is available on the Company&#146;s website at
www.edrsilver.com. </P>
<P align=justify>Audit Committee Financial Expert </P>
<P align=justify>The Company&#146;s Board of Directors has determined that Rex
McLennan qualifies as a financial expert (as defined in Item 407 (d)(5)(ii) of
Regulation S-K under the Exchange Act), has financial management expertise
(pursuant to section 303A.07 of the NYSE Listed Company Manual) and is
independent (as determined under Exchange Act Rule 10A-3 and section 303A.02 of
the NYSE Listed Company Manual). </P>
<P align=center><B>PRINCIPAL ACCOUNTING FEES AND SERVICES &#150; INDEPENDENT
AUDITORS</B> </P>
<P align=justify>The following table shows the aggregate fees billed to the
Company by KPMG LLP and its affiliates, Chartered Accountants, the Company&#146;s
independent registered public auditing firm, in each of the last two years. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=center width="25%">2015 </TD>
    <TD align=center width="25%">2014 </TD></TR>
  <TR vAlign=top>
    <TD align=left ><I>Audit Fees <sup>(1)</sup></I> </TD>
    <TD align=center width="25%">$497,500</TD>
    <TD align=center width="25%">&nbsp;&nbsp; $587,800 </TD></TR>
  <TR vAlign=top>
    <TD align=left ><I>Tax Fees <sup>(2)</sup></I><sup> </sup> </TD>
    <TD align=center
      width="25%">$0 </TD>
    <TD align=center
      width="25%">$0 </TD></TR>
  <TR vAlign=top>
    <TD align=left ><I>All other fees <sup>(3)</sup></I><sup> </sup> </TD>
    <TD align=center width="25%">$0</TD>
    <TD align=center
      width="25%">$0 </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Total*</B> </TD>
    <TD align=center width="25%"><B>$497,500</B> </TD>
    <TD align=center width="25%"><B>$587,800</B> </TD></TR></TABLE></DIV>
<P align=justify>* All amounts are expressed in Canadian dollars </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%"><sup>(1) </sup> </TD>
    <TD>
      <P align=justify>The aggregate fees billed in each of the last two fiscal
      years for assurance and related services by the Company&#146;s external auditor
      that are reasonably related to the performance of the audit or review of
      the Company&#146;s financial statements.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(2) </sup> </TD>
    <TD>
      <P align=justify>The aggregate fees billed in each of the last two fiscal
      years for professional services rendered by the company&#146;s external auditor
      for tax compliance and tax advice.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(3) </sup> </TD>
    <TD>
      <P align=justify>The aggregate fees billed in each of the last two fiscal
      years for products and services provided by the Company&#146;s external
      auditor, other than the services reported under clauses 1and 2 above. The
      nature of the services provided in the fiscal period ending December 31,
      2015 pertains to filing of a supplemental
prospectus.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A>
<P align=center><B>PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES PROVIDED BY
</B><BR><B>INDEPENDENT AUDITORS</B> <BR>
</P>
<P align=justify>The Audit Committee pre-approves all audit services to be
provided to the Company by its independent auditors. Non-audit services that are
prohibited to be provided to the Company by its independent auditors may not be
pre-approved. In addition, prior to the granting of any pre-approval, the Audit
Committee must be satisfied that the performance of the services in question
will not compromise the independence of the independent auditors. All non-audit
services performed by the Company&#146;s auditor for the fiscal year ended December
31, 2015 were pre-approved by the Audit Committee of the Company. No non-audit
services were approved pursuant to the <I>de minimis</I> exemption to the
pre-approval requirement. </P>
<P align=center><B>OFF-BALANCE SHEET TRANSACTIONS </B></P>
<P align=justify>The Company does not have any off-balance sheet financing
arrangements or relationships with unconsolidated special purpose entities. </P>
<P align=center><B>CODE OF ETHICS </B></P>
<P align=justify>The Company has adopted a Code of Business Conduct and Ethics
(the &#147;Code&#148;) that applies to all the Company&#146;s directors, executive officers and
employees, which is available on the Company&#146;s website at www.edrsilver.com and
in print to any shareholder who requests it. The Code meets the requirements for
a &#147;code of ethics&#148; within the meaning of that term in Form 40-F. </P>
<P align=justify>All amendments to the Code, and all waivers of the Code with
respect to any of the officers covered by it, will be posted on the Company&#146;s
website, www.edrsilver.com within five business days of the amendment or waiver
and provided in print to any shareholder who requests them. During the fiscal
year ended December 31, 2015, the Company did not substantively amend, waive or
implicitly waive any provision of the Code with respect to any of the directors,
executive officers or employees subject to it. </P>
<P align=center><B>CONTRACTUAL OBLIGATIONS </B></P>
<P align=justify>The following table lists as of December 31, 2015 information
with respect to the Company&#146;s known contractual obligations.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD colspan="15" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
      >&nbsp;Payments due by period (in thousands of
      dollars)&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD nowrap >&nbsp; </TD>
    <TD width="1%" nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
      >Contractual Obligations </TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Total </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Less
      than 1 year </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">1 &#150;
      3 years </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">3 &#150;
      5 years </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">More
      than 5 years </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Accounts Payable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;18,949 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;18,949 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Income Tax Payable </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">5,844 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">5,844 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Operating Lease </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>329 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>208 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>121 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Finance Leases </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">1,180 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">1,180 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Capital Commitments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Revolving Credit Facility </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">22,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">22,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Other Long-Term Liabilities<SUP>(1)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>7,762 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>7,513 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>249 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="10%">&nbsp;56,064 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="10%">&nbsp;48,181 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="10%">&nbsp;7,634 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="10%">&nbsp;249 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="10%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&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 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><sup>(1) </sup> </TD>
    <TD>
      <P align=justify>The $7.8 million of other long-term liabilities is the
      discounted cost estimate to settle the Company&#146;s reclamation costs of the
      Guanacevi mine, Bolanitos mine and El Cubo mine in Mexico. These costs
      include land rehabilitation, decommissioning of buildings and mine
      facilities, on-going care and maintenance and other
  costs.</P></TD></TR></TABLE>
<P align=center><B>NOTICES PURSUANT TO REGULATION BTR</B> </P>
<P align=justify>There were no notices required by Rule 104 of Regulation BTR
that the Registrant sent during the year ended December 31, 2015 concerning any
equity security subject to a blackout period under Rule 101 of Regulation BTR.
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A>
<P align=center><B>NYSE CORPORATE GOVERNANCE </B></P>
<P align=justify>The Company&#146;s common shares are listed on the NYSE. Sections
103.00 and 303A.11 of the NYSE Listed Company Manual permit foreign private
issuers to follow home country practices in lieu of certain provisions of the
NYSE Listed Company Manual. A foreign private issuer that follows home country
practices in lieu of certain provision of the NYSE Listed Company Manual must
disclose any significant ways in which its corporate governance practices differ
from those followed by domestic companies either on the its website or in the
annual report that it distributes to shareholders in the United States. A
description of the significant ways in which the Company&#146;s governance practices
differ from those followed by domestic companies pursuant to NYSE standards is
as follows: </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Shareholder Meeting Quorum
Requirement</I>: The NYSE is of the opinion that the quorum required for any
meeting of shareholders should be sufficiently high to insure a representative
vote. The Company&#146;s quorum requirement is set forth in its Memorandum and
Articles. A quorum for a meeting of members of the Company is two persons who
are, or who represent by proxy, shareholders who, in the aggregate, hold at
least 5% of the shares entitled to be voted at the meeting. </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Proxy Delivery Requirement</I>: The
NYSE requires the solicitation of proxies and delivery of proxy statements for
all shareholder meetings, and requires that these proxies shall be solicited
pursuant to a proxy statement that conforms to SEC proxy rules. The Company is a
&#147;foreign private issuer&#148; as defined in Rule 3b-4 under the Exchange Act, and the
equity securities of the Company are accordingly exempt from the proxy rules set
forth in Sections 14(a), 14(b), 14(c) and 14(f) of the Exchange Act. The Company
solicits proxies in accordance with applicable rules and regulations in Canada.
</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Shareholder Approval
Requirement:</I> The Company will follow Toronto Stock Exchange rules for
shareholder approval of new issuances of its common shares. Following Toronto
Stock Exchange rules, shareholder approval is required for certain issuances of
shares that: (i) materially affect control of the Company; or (ii) provide
consideration to insiders in aggregate of 10% or greater of the market
capitalization of the listed issuer and have not been negotiated at arm&#146;s
length. Shareholder approval is also required, pursuant to Toronto Stock
Exchange rules, in the case of private placements: (x) for an aggregate number
of listed securities issuable greater than 25% of the number of securities of
the listed issuer which are outstanding, on a non-diluted basis, prior to the
date of closing of the transaction if the price per security is less than the
market price; or (y) that during any six month period are to insiders for listed
securities or options, rights or other entitlements to listed securities greater
than 10% of the number of securities of the listed issuer which are outstanding,
on a non-diluted basis, prior to the date of the closing of the first private
placement to an insider during the six month period. </P>
<P align=justify>The foregoing are consistent with the laws, customs and
practices in Canada. </P>
<P align=justify>In addition, the Company may from time-to-time seek relief from
the NYSE corporate governance requirements on specific transactions under the
NYSE Listed Company Guide, in which case, the Company shall make the disclosure
of such transactions available on the Company&#146;s website at www.edrsilver.com.
Information contained on the Company&#146;s website is not part of this annual report
on Form 40-F. </P>
<P align=center><B>MINE SAFETY DISCLOSURE</B> </P>
<P align=justify>Pursuant to Section 1503(a) of the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010 (&#147;Dodd-Frank Act&#148;), issuers that are
operators, or that have a subsidiary that is an operator, of a coal or other
mine in the United States are required to disclose in their periodic reports
filed with the SEC information regarding specified health and safety violations,
orders and citations, related assessments and legal actions, and mining-related
fatalities under the regulation of the Federal Mine Safety and Health
Administration (&#147;MSHA&#148;) under the Federal Mine Safety and Health Act of 1977
(the &#147;Mine Act&#148;). During the fiscal year ended December 31, 2015, the Company
had no mines in the United States subject to regulation by MSHA under the Mine
Act. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></A>
<P align=center><B>UNDERTAKING </B></P>
<P align=justify>The Company undertakes to make available, in person or by
telephone, representatives to respond to inquiries made by the Commission staff,
and to furnish promptly, when requested to do so by the Commission staff,
information relating to: the securities registered pursuant to Form 40-F; the
securities in relation to which the obligation to file an annual report on Form
40-F arises; or transactions in said securities. </P>
<P align=center><B>CONSENT TO SERVICE OF PROCESS</B> </P>
<P align=justify>The Company filed an Appointment of Agent for Service of
Process and Undertaking on Form F-X/A with the SEC on March 28, 2013, with
respect to the class of securities in relation to which the obligation to file
this annual report on Form 40-F arises.</P>
<P align=center><B>EXHIBIT INDEX </B></P>
<P align=justify>The following exhibits have been filed as part of this annual
report: </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><B><U>Exhibit</U></B> </TD>
    <TD align=left width="90%" ><B><U>Description</U></B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>Annual Information</B> </TD>
    <TD align=left width="90%"  bgColor=#eeeeee
    >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-1.htm">99.1. </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-1.htm">Annual
      Information Form of the Company for the year ended December 31, 2015
    </a></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-2.htm">99.2. </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-2.htm">The following
      audited consolidated financial statements of the Company, are exhibits to
      and form a part of this annual report: </a></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; </TD>
    <TD align=left width="90%" bgColor=#eeeeee >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="exhibit99-2.htm">Consolidated Statements of Financial
      Position as of December 31, 2015 and 2014 </a></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; </TD>
    <TD align=left width="90%" bgColor=#eeeeee >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="exhibit99-2.htm">Consolidated Statements of Comprehensive
    Income (Loss) for the year ended December 31, 2015 and December 31, 2014 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%"
      ><a href="exhibit99-2.htm" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; </TD>
    <TD align=left width="90%" bgColor=#eeeeee >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="exhibit99-2.htm">Consolidated Statement of Changes in
      Equity for the years ended December 31, 2015 and December 31, 2014 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%"
      ><a href="exhibit99-2.htm" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; </TD>
    <TD align=left width="90%" bgColor=#eeeeee >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="exhibit99-2.htm">Consolidated Statements of Cash Flow for
      the years ended December 31, 2015 and December 31, 2014 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%" >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; </TD>
    <TD align=left width="90%" bgColor=#eeeeee >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="exhibit99-2.htm">Notes to Consolidated Financial
      Statements </a></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-3.htm">99.3. </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-3.htm">Independent
      Registered Public Accounting Firm&#146;s Report on Consolidated Financial
  Statements and Attestation on Internal Control Over Financial Reporting </a></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-4.htm">99.4. </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-4.htm">Management&#146;s
      Discussion and Analysis (Amended)</a></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>Certifications</B> </TD>
    <TD align=left width="90%"  bgColor=#eeeeee
    >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-5.htm">99.5. </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-5.htm">Certificate of
  Chief Executive Officer Pursuant to Rule 13a-14(a) of the Exchange Act  </a></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-6.htm">99.6. </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-6.htm">Certificate of
  Chief Financial Officer Pursuant to Rule 13a-14(a) of the Exchange Act  </a></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-7.htm">99.7. </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-7.htm">Certificate of
      Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted
      pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 </a></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-8.htm">99.8. </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-8.htm">Certificate of
      Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted
      pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 </a></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>Consents</B> </TD>
    <TD align=left width="90%" bgColor=#eeeeee >&nbsp; </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-9.htm">99.9. </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-9.htm">Consents of
      Zachary J. Black, SME-RM of Hard Rock Consulting </a></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-10.htm">99.10 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-10.htm">Consents of
      Jeffery W. Choquette, P.E. of Hard Rock Consulting </a></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-11.htm">99.11 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-11.htm">Consents of
      Jennifer J. Brown, SME-RM of Hard Rock Consulting </a></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-12.htm">99.12 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-12.htm">Consent of Peter
      J. Smith, P. Eng. of Smith Foster &amp; Associates </a></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-13.htm">99.13 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-13.htm">Consent of Scott
  Fleming, P.E. of Amec Foster Wheeler Environment and Infrastructure  </a></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></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 bgColor=#eeeeee><a href="exhibit99-14.htm">99.14 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-14.htm">Consent of Jarita
      Barry, P. Geo. of P&amp;E Mining Consultants Inc. </a></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-15.htm">99.15 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-15.htm">Consent of David
      Burga, P. Geo. of P&amp;E Mining Consultants Inc. </a></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-16.htm">99.16 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-16.htm">Consent of
      Richard Routledge, P. Geo. of P&amp;E Mining Consultants Inc. </a></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-17.htm">99.17 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-17.htm">Consent of
  Richard Sutcliffe, Ph.D., P. Geo. of P&amp;E Mining Consultants Inc.</a></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-18.htm">99.18 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-18.htm">Consent of James
      L. Pearson, P. Eng. of P&amp;E Mining Consultants Inc. </a></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-19.htm">99.19 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-19.htm">Consent of Eugene
      Puritch. P. Eng. of P&amp;E Mining Consultants Inc. </a></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-20.htm">99. 20 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-20.htm">Consent of
      Eugenio Iasillo P. E. of Process Engineering L.L.C </a></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-21.htm">99.21 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><a href="exhibit99-21.htm">Consent of KPMG
      LLP </a></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A>
<P align=center><B>SIGNATURES</B> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Exchange Act, the
Registrant certifies that it meets all of the requirements for filing on Form
40-F and has duly caused this annual report to be signed on its behalf by the
undersigned, thereto duly authorized. </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 >&nbsp;</TD>
    <TD align=left width="50%"><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left
      width="50%">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Bradford
      Cooke</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name: Bradford Cooke </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Title: Chief Executive Officer
</TD></TR></TABLE>
<P align=justify>Date: March 8, 2016 </P>
<HR align=center width="100%" color=black noShade SIZE=5>
</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>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B><FONT size=5>ANNUAL INFORMATION FORM </FONT></B></P>
<P align=center><B><FONT size=3>(&#147;AIF&#148;) </FONT></B></P>
<P align=center><B><FONT size=3>of </FONT></B></P>
<P align=center><STRONG></STRONG>&nbsp;</P>
<P align=center><B><FONT size=5>ENDEAVOUR SILVER CORP. </FONT></B></P>
<P align=center>&nbsp;</P>
<P align=center><B><FONT size=3>(the &#147;Company&#148; or &#147;Endeavour&#148;) </FONT></B></P>
<P align=center><STRONG></STRONG>&nbsp;</P>
<P align=center>Suite #301 - 700 West Pender Street
<BR>Vancouver, British Columbia, Canada, V6C 1G8
<BR>Phone: (604) 685-9775 <BR>Fax: (604)
685-9744 <BR>
</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><B>Dated: March 8, 2016 </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center><B><U>TABLE OF CONTENTS</U></B><B> </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 bgColor=#eeeeee><A href="#page_4"><B>ITEM</B> <B>1:</B>
      </A>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_4"><B>PRELIMINARY NOTES</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_4"><B>1</B>
    </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_4">1.1<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_4">Incorporation
      of Documents by Reference </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_4">1<I></I>
    </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_4">1.2<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_4">Date of
      Information </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_4">1<I></I>
    </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_4">1.3<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_4">Forward-Looking Statements </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_4">1<I></I>
    </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_6">1.4<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_6">Currency and
      Exchange Rates </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_6">3<I></I>
    </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_6">1.5<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_6">Classification of Mineral Reserves and Resources </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_6">3<I></I>
    </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_6">1.6<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_6">Cautionary
      Note to U.S. Investors concerning Estimates of Mineral Reserves and
      Measured, Indicated and Inferred Mineral Resources </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_6">3<I></I>
    </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_7"><B>ITEM</B> <B>2:</B>
      </A>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_7"><B>CORPORATE
      STRUCTURE</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_7"><B>4</B>
    </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_7">2.1<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_7">Name, Address
      and Incorporation </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_7">4<I></I>
    </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_7">2.2<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_7">Subsidiaries
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_7">4<I></I>
    </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_7"><B>ITEM</B> <B>3:</B>
      </A>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_7"><B>GENERAL
      DEVELOPMENT OF THE BUSINESS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_7"><B>4</B>
    </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_7">3.1<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_7">Three Year
      History </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_7">4<I></I>
    </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_12">3.2<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_12">Significant
      Acquisitions </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_12">9<I></I>
    </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_12"><B>ITEM</B> <B>4:</B>
      </A>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_12"><B>DESCRIPTION OF THE BUSINESS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_12"><B>9</B>
    </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_12">4.1<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_12">General
      Description </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_12">9<I></I>
    </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_13">4.2<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_13">Risk Factors
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_13">10<I></I>
      </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_24">4.3<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_24">Asset-Backed
      Securities Outstanding </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_24">21<I></I>
      </A></TD>
  </TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_24">4.4<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_24">Mineral
      Projects </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_24">21<I></I>
      </A></TD>
  </TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_50"><B>ITEM</B> <B>5:</B>
      </A>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_50"><B>DIVIDENDS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_50"><B>47</B>
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_50">5.1<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_50">Dividends
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_50">47<I></I>
      </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_50"><B>ITEM</B> <B>6:</B>
      </A>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_50"><B>DESCRIPTION OF CAPITAL STRUCTURE</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_50"><B>47</B>
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_50">6.1<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_50">General
      Description of Capital Structure </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_50">47<I></I>
      </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_51">6.2<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_51">Constraints
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_51">48<I></I>
      </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_51">6.3<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_51">Ratings
    </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_51">48<I></I>
      </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_51"><B>ITEM</B> <B>7:</B>
      </A>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_51"><B>MARKET
      FOR SECURITIES</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_51"><B>48</B>
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_51">7.1<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_51">Trading
      Price and Volume </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_51">48<I></I>
      </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_52"><B>ITEM</B> <B>8:</B>
      </A>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_52"><B>ESCROWED
      SECURITIES</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_52"><B>49</B>
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_52">8.1<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_52">Escrowed
      Securities </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_52">49<I></I>
      </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_52"><B>ITEM</B> <B>9:</B>
      </A>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_52"><B>DIRECTORS
      AND OFFICERS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_52"><B>49</B>
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_52">9.1<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_52">Name,
      Occupation and Security Holding </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_52">49<I></I>
      </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_55">9.2<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_55">Cease Trade
      Orders, Bankruptcies, Penalties or Sanctions </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_55">52<I></I>
      </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_57">9.3<I></I> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_57">Conflicts of
      Interest </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_57">54<I></I>
      </A></TD>
  </TR></TABLE><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 align=left bgColor=#eeeeee><A
      href="#page_57"><B>ITEM
      10:</B>&nbsp;&nbsp;&nbsp; </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><A
      href="#page_57"><STRONG>PROMOTERS</STRONG>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_57"><B>54</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_57"><B>ITEM
      11:</B>&nbsp;&nbsp;&nbsp; </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><A
      href="#page_57"><B>LEGAL
      PROCEEDINGS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_57"><B>54</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_57">11.1<I></I>
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><A
      href="#page_57">Legal
      Proceedings </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_57">54<I></I>
      </A></TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_58">11.2<I></I>
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><A
      href="#page_58">Regulatory
      Actions </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_58">55<I></I>
      </A></TD>
  </TR>
  <TR>
    <TD align=center >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_59"><B>ITEM
      12:</B>&nbsp;&nbsp;&nbsp; </A></TD>
    <TD align=left width="85%"  bgColor=#eeeeee ><A
      href="#page_59"><STRONG>INTEREST
      OF MANAGEMENT AND OTHERS IN MATERIAL</STRONG>
      <B>TRANSACTIONS</B>&nbsp;&nbsp;</A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_59"><B>56</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_59">12.1<I></I>
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><A
      href="#page_59">Interest
      of Management and Others in Material Transactions </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_59">56<I></I>
      </A></TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_59"><B>ITEM
      13:</B>&nbsp;&nbsp;&nbsp; </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><A
      href="#page_59"><STRONG>TRANSFER
      AGENT AND REGISTRAR</STRONG>&nbsp;&nbsp;</A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_59"><B>56</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_59">13.1<I></I>
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><A
      href="#page_59">Transfer
      Agent and Registrar </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_59">56<I></I>
      </A></TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_59"><B>ITEM
      14:</B>&nbsp;&nbsp;&nbsp; </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><A
      href="#page_59"><STRONG>MATERIAL
      CONTRACTS</STRONG>&nbsp;&nbsp;</A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_59"><B>56</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_59">14.1<I></I>
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><A
      href="#page_59">Material
      Contracts </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_59">56<I></I>
      </A></TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_60"><B>ITEM
      15:</B>&nbsp;&nbsp;&nbsp; </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><A
      href="#page_60"><STRONG>INTERESTS
      OF EXPERTS</STRONG>&nbsp;&nbsp;</A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_60"><B>57</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_60">15.1<I></I>
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><A
      href="#page_60">Names
      of Experts </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_60">57<I></I>
      </A></TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_60">15.2<I></I>
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><A
      href="#page_60">Interests
      of Experts </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_60">57<I></I>
      </A></TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_61"><B>ITEM
      16:</B>&nbsp;&nbsp;&nbsp; </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><A
      href="#page_61"><STRONG>ADDITIONAL
      INFORMATION</STRONG>&nbsp;&nbsp;</A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_61"><B>58</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_61">16.1<I></I>
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><A
      href="#page_61">Additional
      Information </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_61">58<I></I>
      </A></TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A
      href="#page_61">16.2<I></I>
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><A
      href="#page_61">Audit
      Committee </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_61">58<I></I>
      </A></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=justify><B>ITEM
1:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRELIMINARY NOTES
</B></P>
<P
align=justify><B>1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Incorporation of Documents by Reference </B></P>
<P align=justify>All financial information in this Annual Information Form
(&#147;AIF&#148;) has been prepared in accordance with International Financial Reporting
Standards (&#147;IFRS&#148;) as prescribed by the International Accounting Standards
Board. </P>
<P align=justify>The information provided in the AIF is supplemented by
disclosure contained in the documents listed below which are incorporated by
reference into this AIF. These documents must be read together with the AIF in
order to provide full, true and plain disclosure of all material facts relating
to Endeavour. The documents listed below are not contained within, nor attached
to this document. The documents may be accessed by the reader at the following
locations: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center><BR><U>Type of Document </U></TD>
    <TD align=center width="18%" ><U>Effective Date /
      </U><BR><U>Period Ended </U></TD>
    <TD align=center width="18%" ><U>Date Filed /
      </U><BR><U>Posted </U></TD>
    <TD align=center width="35%" ><U>Document name which may be
      viewed at the </U><BR><U>SEDAR website at </U><B><U><FONT
      color=#0000ff>www.sedar.com </FONT></U></B></TD></TR>
  <TR vAlign=top>
    <TD align=left>NI 43-101 Technical Report: Updated Mineral Resource and
      Reserve Estimates for the Guanacevi Project, Durango State, Mexico    </TD>
    <TD vAlign=center align=left width="18%" >December 31, 2015
    </TD>
    <TD vAlign=center align=left width="18%" >March 9, 2016 </TD>
    <TD vAlign=center align=left width="35%" >Technical Report
      (NI 43-101) &#150; English Qualification Certificate(s) and Consent(s) </TD></TR>
  <TR vAlign=top>
    <TD align=left>NI 43-101 Technical Report: Updated Mineral Resource and
      Reserve Estimates for the Bola&#241;itos  Project Guanajuato State, Mexico    </TD>
    <TD vAlign=center align=left width="18%" >December 31, 2015
    </TD>
    <TD vAlign=center align=left width="18%" >March 9, 2016 </TD>
    <TD vAlign=center align=left width="35%" >Technical Report
      (NI 43-101) &#150; English Qualification Certificate(s) and Consent(s) </TD></TR>
  <TR vAlign=top>
    <TD align=left>NI 43-101 Technical Report: Updated Mineral Resource and
      Reserve Estimates for the El Cubo Project, Guanajuato State, Mexico </TD>
    <TD vAlign=center align=left width="18%" >December 31, 2015
    </TD>
    <TD vAlign=center align=left width="18%" >March 9, 2016 </TD>
    <TD vAlign=center align=left width="35%" >Technical Report
      (NI 43-101) &#150; English Qualification Certificate(s) and Consent(s) </TD></TR>
  <TR vAlign=top>
    <TD align=left>NI 43-101 Technical Report Preliminary Economic Assessment
      for the Terronera Project, Jalisco State, Mexico </TD>
    <TD vAlign=center align=left width="18%" >March 25, 2015 </TD>
    <TD vAlign=center align=left width="18%" >May 13, 2015 </TD>
    <TD vAlign=center align=left width="35%" >Technical Report
      (NI 43-101) &#150; English Qualification Certificate(s) and Consent(s)
  </TD></TR></TABLE></DIV>
<P align=justify>References to &#147;the Company&#148;, &#147;Endeavour&#148; or &#147;Endeavour Silver&#148;
are to Endeavour Silver Corp. and where applicable and as the context requires,
include its subsidiaries. </P>
<P
align=justify><B>1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Date of Information </B></P>
<P align=justify>All information in this AIF is as of December 31, 2015 unless
otherwise indicated. </P>
<P
align=justify><B>1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Forward-Looking Statements </B></P>
<P align=justify>This Annual Information Form contains &#147;forward-looking
statements&#148; within the meaning of applicable Canadian securities legislation.
Such forward-looking statements concern the Company&#146;s anticipated results and
developments in the Company&#146;s operations in future periods, planned exploration
and development of its properties, plans related to its business and other
matters that may occur in the future. These statements relate to analyses and
other information that are based on expectations of future performance,
including silver and gold production and planned work programs. </P>
<P align=center>1 <BR><B><I>Endeavour Silver Corp.</I></B><B><I>
</I></B><BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P align=justify>Statements concerning reserves and mineral resource estimates
constitute forward-looking statements to the extent that they involve estimates
of the mineralization that will be encountered if the property is developed and,
in the case of mineral reserves, such statements reflect the conclusion based on
certain assumptions that the mineral deposit can be economically exploited. </P>
<P align=justify>Forward-looking statements are subject to a variety of known
and unknown risks, uncertainties and other factors which could cause actual
events or results to differ from those expressed or implied by the
forward-looking statements, including, without limitation: </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>risks related to precious and base metal price
      fluctuations; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks related to fluctuations in the currency markets
      (particularly the Mexican peso, Canadian dollar and United States dollar);
      </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks related to the inherently dangerous activity of
      mining, including conditions or events beyond our control, and operating
      or technical difficulties in mineral exploration, development and mining
      activities; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>uncertainty in our ability to fund the development of our
      mineral properties or the completion of further exploration programs;
    </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>uncertainty as to actual capital costs, operating costs,
      production and economic returns, and uncertainty that our development
      activities will result in profitable mining operations; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks related to our reserves and mineral resource
      figures being estimates based on interpretations and assumptions which may
      result in less mineral production under actual conditions than is
      currently estimated and to diminishing quantities or grades of mineral
      reserves as properties are mined; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks related to changes in governmental regulations, tax
      and labour laws and obtaining necessary licenses and permits; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks related to our business being subject to
      environmental laws and regulations which may increase our costs of doing
      business and restrict our operations; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks related to our mineral properties being subject to
      prior unregistered agreements, transfers, or claims and other defects in
      title; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks relating to inadequate insurance or inability to
      obtain insurance; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks related to our ability to successfully integrate
      acquisitions; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>uncertainty in our ability to obtain necessary financing;
      </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks related to increased competition that could
      adversely affect our ability to attract necessary capital funding or
      acquire suitable producing properties for mineral exploration in the
      future; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks related to many of our primary properties being
      located in Mexico, including political, economic, and regulatory
      instability; and </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks related to our officers and directors becoming
      associated with other natural resource companies which may give rise to
      conflicts of interests. </P></TD></TR></TABLE>
<P align=justify>This list is not exhaustive of the factors that may affect our
forward-looking statements. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect, actual results
may vary materially from those described in the forward-looking statements. The
Company&#146;s forward-looking statements are based on beliefs, expectations and
opinions of management on the date the statements are made and the Company does
not assume any obligation to update forward-looking statements if circumstances
or management&#146;s beliefs, expectations or opinions change, except as required by
law. For the reasons set forth above, investors should not place undue reliance
on forward-looking statements. </P>
<P align=center>2 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P
align=justify><B>1.4</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>Currency and Exchange Rates</B><B> </B></P>
<P align=justify>All dollar amounts in this AIF are expressed in U.S. dollars
unless otherwise indicated. References to &#147;Cdn.$&#148; are to Canadian dollars. On
March 8, 2016, the noon exchange rate for the United States dollar in terms of
Canadian dollars, as quoted by the Bank of Canada, was U.S.$1.00 = Cdn.$1.3389
(Cdn.$1.00 = U.S.$0.7469). On December 31, 2015, the noon exchange rate for the
United States dollar in terms of Canadian dollars, as quoted by the Bank of
Canada, was U.S.$1.00 = Cdn.$1.3840 (Cdn.$1.00 = U.S.$0.7225). </P>
<P
align=justify><B>1.5</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>Classification of Mineral Reserves and Resources </B></P>
<P align=justify>In this AIF, the definitions of proven and probable mineral
reserves, and measured, indicated and inferred mineral resources are those used
by the Canadian provincial securities regulatory authorities and conform to the
definitions utilized by the Canadian Institute of Mining, Metallurgy and
Petroleum, as the CIM Definition Standards on Mineral Resources and Mineral
Reserves adopted by the CIM Council, as amended. </P>
<P
align=justify><B>1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>
</B><B>Cautionary Note to U.S. Investors concerning Estimates of Mineral
Reserves and Measured, Indicated and Inferred Mineral Resources </B></P>
<P align=justify>This AIF has been prepared in accordance with the requirements
of the securities laws in effect in Canada, which differ from the requirements
of United States securities laws. 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 the Canadian Securities Administrators&#146; 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 as the CIM Definition
Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council,
as amended. These definitions differ from the definitions in SEC Industry Guide
7 under the United States Securities Act of 1933, as amended. 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.
</P>
<P align=justify>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. </P>
<P align=justify>Accordingly, information contained in this AIF contain
descriptions of our mineral deposits that may not be comparable to similar
information made public by U.S. companies subject to the reporting and
disclosure requirements under the United States federal securities laws and the
rules and regulations thereunder. </P>
<P align=center>3 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<P align=justify><B>ITEM
2:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CORPORATE
STRUCTURE </B></P>
<P
align=justify><B>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Name, Address and Incorporation </B></P>
<P align=justify>The Company was incorporated under the laws of the Province of
British Columbia on March 11, 1981 under the name, &#147;Levelland Energy &amp;
Resources Ltd&#148;. Effective August 27, 2002 the Company changed its name to
&#147;Endeavour Gold Corp.&#148;, consolidated its share capital on the basis of four old
common shares for one new common share and increased its share capital to
100,000,000 common shares without par value. On September 13, 2004, the Company
changed its name to &#147;Endeavour Silver Corp.&#148;, transitioned from the <I>Company
Act</I> (British Columbia) to the <I>Business Corporations Act</I> (British
Columbia) and increased its authorized share capital to unlimited common shares
without par value. </P>
<P align=justify>The Company&#146;s principal business office is located at: </P>
<P style="MARGIN-LEFT: 5%" align=justify>Suite 301 - 700 West Pender Street
<BR>Vancouver, British Columbia <BR>Canada, V6C 1G8 <BR></P>
<P align=justify>and its registered and records office is located at: </P>
<P style="MARGIN-LEFT: 5%" align=justify>19<SUP>th</SUP> Floor, 885 West Georgia
Street <BR>Vancouver, British Columbia <BR>Canada, V6C 3H4 <BR></P>
<P
align=justify><B>2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subsidiaries </B></P>
<P align=justify>The Company conducts its business primarily in Mexico through
subsidiary companies. The following table lists the material subsidiaries,
jurisdiction of incorporation and % ownership held.</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 ><B>Name of Company</B> </TD>
    <TD align=center width="25%"><B>Incorporated</B> </TD>
    <TD align=center width="25%"><B>% held</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="25%">&nbsp; </TD>
    <TD width="25%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >
    <p style="margin-left: 5%">Endeavour Gold Corporation, S.A.
      de C.V. </TD>
    <TD align=center width="25%" bgColor=#e6efff>Mexico </TD>
    <TD align=center width="25%" bgColor=#e6efff>100 </TD></TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="margin-left: 5%">Minera Paola S.A. de C.V. SOFOM ENR </TD>
    <TD align=center width="25%">Mexico </TD>
    <TD align=center width="25%">100 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >
    <p style="margin-left: 5%">Minera Plata Adelante, S.A. de
      C.V. </TD>
    <TD align=center width="25%" bgColor=#e6efff>Mexico </TD>
    <TD align=center width="25%" bgColor=#e6efff>100 </TD></TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="margin-left: 5%">Minera Santa Cruz Garibaldi S.A. de C.V. </TD>
    <TD align=center width="25%">Mexico </TD>
    <TD align=center width="25%">100 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >
    <p style="margin-left: 5%">Refinadora Plata Guanacevi, S.A.
      de C.V. </TD>
    <TD align=center width="25%" bgColor=#e6efff>Mexico </TD>
    <TD align=center width="25%" bgColor=#e6efff>100 </TD></TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="margin-left: 5%">Mina Bola&#241;itos S.A de C.V. </TD>
    <TD align=center width="25%">Mexico </TD>
    <TD align=center width="25%">100 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >
    <p style="margin-left: 5%">Compa Minera del Cubo S.A. de C.V.
</TD>
    <TD align=center width="25%" bgColor=#e6efff>Mexico </TD>
    <TD align=center width="25%" bgColor=#e6efff>100 </TD></TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="margin-left: 5%">Minas Lupycal S.A. de C.V. </TD>
    <TD align=center width="25%">Mexico </TD>
    <TD align=center width="25%">100 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >
    <p style="margin-left: 5%">Minera Plata Carina S.P.A. </TD>
    <TD align=center width="25%" bgColor=#e6efff>Chile </TD>
    <TD align=center width="25%" bgColor=#e6efff>100 </TD></TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="margin-left: 5%">MXRT Holdings Inc. </TD>
    <TD align=center width="25%">Canada </TD>
    <TD align=center width="25%">100 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >
    <p style="margin-left: 5%">Endeavour Zilver S.A.R.L. </TD>
    <TD align=center width="25%" bgColor=#e6efff>Luxembourg </TD>
    <TD align=center width="25%" bgColor=#e6efff>100 </TD></TR></TABLE>
<P align=justify><B>ITEM
3:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GENERAL
DEVELOPMENT OF THE BUSINESS </B></P>
<P
align=justify><B>3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Three Year History </B></P>
<P align=justify><B><U>Overview</U></B><B> </B></P>
<P align=justify>The Company is a Canadian mineral company engaged in the
evaluation, acquisition, exploration, development and exploitation of precious
metal properties in Mexico and Chile.</P>
<P align=center>4 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify><B>Guanacevi Mines</B></P>
<P align=justify>In May 2004, Endeavour signed formal option agreements to
acquire up to a 100% interest in the producing Santa Cruz silver-gold mine,
certain other mining concessions and the Guanacevi mineral processing plant
(collectively, the &#147;Guanacevi Mines Project&#148;) in Durango, Mexico. The terms of
the agreements gave Endeavour the option to acquire an initial 51% interest in
these operating assets by paying a total of approximately $4 million to the
vendors and incurring $1 million in mine exploration and development within one
year. This was completed on January 28, 2006. The balance of the 49% interest
was purchased through the payment of a further $3 million by instalments. The
purchase of the remaining 49% of the mill facility was completed in July 2006
and the purchase of the remaining 49% of the mining assets was completed in
January 2008. </P>
<P align=justify>Under the option interest agreement, a scheduled January 28,
2007 payment of $638,000 was made with 176,201 shares of the Company in lieu of
cash. Further to a negotiated early buy-out of the minority shareholders, the
Company acquired the remaining shares of Minera Santa Cruz y Garibaldi S.A. de
C.V. (&#147;Minera Santa Cruz&#148;), which owned 49% of the Santa Cruz silver-gold mine
in May 2007 by the issue of 1,350,000 shares of the Company with a fair market
value of $5.04 per share.</P>
<P align=justify>The Company elected to accelerate the buy-out in order to
streamline the mining operations and facilitate additional capital investments
for the mine development program.</P>
<P align=justify><B>Bola&#241;itos Mines </B></P>
<P align=justify>In February 2007, the Company<B> </B>acquired the right to
purchase the exploitation contracts to the producing Unidad Bola&#241;itos silver
(gold) mines located in the northern parts of the Guanajuato and La Luz silver
districts in the state of Guanajuato, Mexico from Minas de la Luz SA de CV
("MdlL") for $3.4 million, comprised of $2.4 million in cash and $1.0 million in
common shares of the Company. On April 30, 2007 the Company completed the
acquisition by paying $2.4 million in cash and issuing 224,215 common shares
priced at $4.46 per share. </P>
<P align=justify>In April 2007 the Company entered into an agreement with two
subsidiaries of Industrial Pe&#241;oles S.A. de C.V. (&#147;Pe&#241;oles&#148;) to purchase all of
the Guanajuato property and plant assets for 800,000 common shares of the
Company and a share purchase warrant exercisable for an additional 250,000
common shares at Cdn.$5.50 per share within a two year period. The acquisition
was completed on May 30, 2007 and the Company has a 100% interest in the
Bola&#241;itos Mines, free and clear of any royalties. The share purchase warrant
expired on May 30, 2009 unexercised.</P>
<P align=justify><B>El Cubo Mines</B></P>
<P align=justify>On July 13, 2012, the Company completed the acquisition of MXRT
Holdings Ltd (formerly Mexgold Resources Inc. (&#147;Mexgold&#148;)) and its three wholly
owned subsidiaries: Compania Minera del Cubo, S.A. de C.V., Minas Lupycal S.A.
de C.V (formerly AuRico Gold GYC, S.A. de C.V.) and Metales Interamericanos,
S.A. de C.V. from AuRico Gold Inc. (&#147;AuRico&#148;).</P>
<P align=justify>As a result of the acquisition, the Company owns the El Cubo
silver-gold mine located in Guanajuato, Mexico and the Guadalupe y Calvo
silver-gold exploration project located in Chihuahua, Mexico. </P>
<P align=justify>El Cubo is a producing silver-gold mine located in the
southeast part of the historic Guanajuato mining district in central Mexico,
only 10 kilometres (km) from Endeavour's operating Bola&#241;itos silver-gold mine in
the northwest part of the Guanajuato district. </P>
<P align=center>5 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify>The El Cubo property consists of 61 mineral concessions
covering 8,144 hectares, including several historic and currently active mine
adits, ramps and shafts. Approximately 38 individual veins have been identified
on the El Cubo property. Veins typically strike northwest, dip 70 degrees
southwest and average nearly 2 metres wide.</P>
<P align=justify><B>Terronera Project (formerly San Sebastian Project) </B></P>
<P align=justify>San Sebasti&#225;n del Oeste is an historic silver and gold mining
district in southwestern Jalisco state, approximately 155 kilometres southwest
of Guadalajara. One small high-grade underground silver and gold mine, Santa
Quit&#233;ria, is currently operating in the district, producing 100 tonnes of ore
per day. Our San Sebasti&#225;n property surrounds the Santa Quit&#233;ria mine and
represents a new district-scale silver-and gold exploration and mining
opportunity for Endeavour. </P>
<P align=justify>The San Sebasti&#225;n property displays a classic low-sulphidation
epithermal vein system with four mineralized subdistricts, each consisting of a
cluster of quartz veins (calcite, barite) bearing sulphide minerals (pyrite,
argentite, galena, and sphalerite). Historically, more than 50 small mines have
been developed within at least 20 veins. Although the San Sebasti&#225;n silver mines
were first discovered in 1542 and there have been several periods of small-scale
mining over the last 450 years, little modern exploration was ever carried out
in the district. </P>
<P align=justify>Endeavour identified substantial potential for additional
high-grade mineralized zones within the several dozen kilometres of known veins
on the San Sebasti&#225;n properties. In 2010, the Company signed an option to
purchase a 100% interest in the San Sebastian properties by paying a total of
$2.7 million over three years and paying a 2% NSR royalty on any future
production. The high-grade discovery in the Terronera vein confirmed our
opinion. Endeavour published an initial resource in 2014 and a Preliminary
Economic Assessment (&#147;Terronera PEA&#148;) in 2015.</P>
<P align=justify>The Terronera PEA results in an after-tax base case net present
value of $48.6 million using a 5% discount rate, which achieves a 20% rate of
return and a pay-back period of 3.7 years. Total operating revenue in the
Terronera PEA was estimated at $542 million from estimated sales of 20.4 million
ounces (oz) of silver and 138,500 oz of gold at $18 per oz silver and $1,260 per
oz gold. Mine-site cash operating costs were estimated at $3.93 per oz silver
net of gold credits based on $83 per tonne total operating costs or total
operating costs of $287 million. Additional total sustaining capital costs were
estimated at $75 million, including dry stack tailings and life of mine capital,
exploration and general and administrative expenditures at estimated mine-site
all-in sustaining costs of $7.60 per oz silver net of gold credits for the life
of the project. </P>
<P align=justify>The PEA economic analysis is preliminary in nature and is based
on production schedules that include Inferred Mineral Resources, which are
considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as Mineral Reserves.
There is no certainty that the preliminary economic assessment in the Terronera
PEA will be realized or that Inferred Mineral Resources will be upgraded to
Indicated Mineral Resources. Mineral Resources that are not Mineral Reserves do
not have demonstrated economic viability. See &#147;Terronera Project, Jalisco State,
Mexico&#148; under Item 4.4 Mineral Projects for further details of the Terronera
PEA, including the basis for the preliminary economic assessment therein and the
qualifications and assumptions made in connection with such assessment. </P>
<P align=center>6 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify><B><U>Three Year History</U></B><B> </B></P>
<P align=justify><B><I>2016 to Present <BR>
</I></B>On March 9, 2016 the Company
released updated NI 43-101 Reserve and Resource estimates as at December 31,
2015 for its active silver mining and exploration projects in Mexico, being the
Guanacevi Mines, the Bola&#241;itos Mines and the El Cubo Mines. </P>
<P align=justify>Endeavour&#146;s 2016 strategy is to focus on minimizing all-in
sustaining costs and improving after-tax free cash flow rather than metal
output. Endeavour management expects that silver production will be the range of
4.9 -5.3 million oz, gold production will be in the range of 47,000-52,000 oz,
and silver equivalent production will be in the range of 7.9 -8.5 million oz
using a 75:1 silver:gold ratio. </P>
<P align=justify>At Guanacev&#237;, production will continue at the 1,200 tonne per
day (tpd) plant capacity primarily from the Santa Cruz, Porvenir Norte, and
Porvenir Centro deposits. Underground exploration and mine development will
continue to be funded from cash flow, and additional mine development is
scheduled for permitting and development subject to financing from existing
sources.</P>
<P align=justify>At Bola&#241;itos, mine production will continue at 850 tpd
primarily from the LL-Asunci&#243;n deposit. The plant will operate closer to its
1,600 tpd capacity in the first half in order to process the 75,000 tonne ore
stockpile. No exploration or mine development is planned at the current metal
prices, but that could change during the year if prices improve. </P>
<P align=justify>At El Cubo, production will continue initially from the
V-Asunci&#243;n, Dolores, Villalpando, San Nicolas and Santa Cecilia veins, but will
decline each month until only V-Asunci&#243;n is producing prior to going on care and
maintenance in the fourth quarter. Investments on exploration and mine
development have been suspended until metal prices improve. </P>
<P align=justify>Subsequent to December 31, 2015, the Company issued an
additional 3,616,043 shares under at-the-market &#147;ATM&#148; facility at an average
price of $1.57 per share for net proceeds of $5.5 million. The common shares
were issued in at-the-market distributions on the New York Stock Exchange
pursuant to our effective registration statement on Form F-10, which registers
the offer and sale of the common shares under our ATM facility. </P>
<P align=justify><B><I>2015 <BR></I></B>In 2015, the Company delivered silver
production that was above announced guidance and gold production in line with
guidance. The Company produced 7,178,666 oz silver and 59,990 oz gold. Silver
equivalent production totaled 11.4 million ounces at a 70:1 silver:gold ratio.
With continued weakness in precious metal prices, the Company remained focused
on cost improvements and reductions, in particular at the El Cubo operation. The
El Cubo operation increased ore mined and processed by 64%, achieving a
production rate of 2,165 tpd in the fourth quarter, driving costs per tonne down
19%, cash costs down 36% and all-in-sustaining costs down 44% compared to 2014.
At the Bola&#241;itos operation, the mine reduced output from 1,600 tpd to 1,000 tpd
as underground resources focused on the development of the LL-Asuncion ore body,
as the Lucero ore zone discovered in 2009 and 2010 was in its last year as the
primary source of the mined ore. Despite the lower throughput, Bola&#241;itos
operating costs per tonne improved from the previous year, however, lower grade
material increased its cost metrics on a per ounce basis. The Guanacev&#237; mine
continued to perform around its capacity of 1,200 tpd, while cost per tonne also
improved at this operation. Consolidated plant throughput was 1,565,507 tonnes
at average grades of 167 grams per tonne (gpt) silver and 1.41 gpt gold.</P>
<P align=center>7 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify>In early 2015, the Company released an updated NI 43-101
Reserve and Resource estimate as at October 31, 2014 for its active silver mines
and the Terronera PEA. The Company continued to advance the Terronera project
with additional drilling and studies subsequent to the release of the Terronera
PEA. </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><B><I>2014 <BR></I></B>Endeavour delivered company records of
annual silver production from mining operations in 2014, led by record
performance of the Guanacev&#237; mine. The Company beat the high end of its silver
production guidance by 5%, although gold production fell short of guidance by
3%. Consolidated silver production during 2014 was 7,212,074 ounces, an increase
of 6% compared to 2013, and gold production was 62,895 ounces. Plant throughput
was 1,404,406 tonnes at average grades of 185 grams per tonne silver and 1.62
gpt gold. Silver production increased due to higher grades and recoveries,
partially offset by the lower throughput. Gold production was lower due to lower
grades and throughput. The El Cubo mine output rose throughout 2014 in order to
fill the El Cubo plant to its 1,550 tpd capacity. </P>
<P align=justify>The Company continued in 2014 to focus its efforts on the
improvement of the El Cubo mine it acquired in 2012. Cost per tonne fell 13% to
$98.92 as cost cutting initiatives took effect and appeared to be sustainable.
The Company completed 28,000 metres of exploration drilling in 69 holes,
including the expansion and delineation of V-Asuncion ore body.</P>
<P align=justify>In early 2014, the Company released an updated NI 43-101
Reserve and Resource estimate as at December 31, 2013 for its active silver
mining and exploration projects in Mexico.</P>
<P align=justify><B><I>2013 <BR></I></B>Endeavour recorded its eighth
consecutive year of growing sales revenue in 2013. During 2013, increased
production drove sales 33% higher to $276.8 million and mine operating cash-flow
increased 2% to $116.9 million from the previous year due to slightly higher
margins. Direct operating costs rose as a result of the increased production,
while the Company incurred additional costs with employee layoffs to improve the
long term viability of its operations.</P>
<P align=justify>Endeavour reported its eighth consecutive year of growing
silver and gold production for 2013, increasing silver production by 52% to
6,813,069 oz silver and gold production by 95% to 75,578 oz gold compared to
2012. The Company focused its efforts on the improvement of the El Cubo mine it
acquired in 2012. The Company successfully reduced the El Cubo workforce from
980 employees to 576 employees as of December 31, 2013 while improving plant
throughput, ore grades and recoveries in 2013. The Company returned the leased
Las Torres facility to its owner, completely refurbished the El Cubo plant in
seven months and drove 10.6 kilometres of underground development. Furthermore
the Company continued to improve safety programs, site governance and community
initiatives.</P>
<P align=justify>Endeavour originally outlined 28 separate target areas in and
around the existing mines at El Cubo with near-term potential to delineate new
reserves and resources. In 2013, the Company drilled 18,450 metres in 47 holes
to discover new high-grade, gold-silver vein mineralization in the historic
Villalpando, V-Asuncion and Dolores veins. Drilling at Dolores helped to extend
and define the hanging-wall and footwall vein ore-bodies that are currently in
production. Drilling in the Villalpando and V-Asuncion veins, discovered in late
2012 and fast-tracked to production last year, successfully extended this newly
discovered mineralized zone over 900 m in strike length, still open for
expansion. </P>
<P align=center>8 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify>In early 2013, the Company released an updated NI 43-101
Reserve and Resource estimate as at December 15, 2012 for its active silver
mining and exploration projects in Mexico. Endeavour achieved its eighth
consecutive year of combined reserve and resource growth. </P>
<P
align=justify><B>3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Significant Acquisitions </B></P>
<P align=justify>No significant acquisitions for which disclosure is required
under Part 8 of National Instrument 51-102 were completed by the Company during
its most recently completed financial year. </P>
<P align=justify><B>ITEM
4:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DESCRIPTION OF
THE BUSINESS </B></P>
<P
align=justify><B>4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
General Description </B></P>
<P align=justify><B><I>The Business of the Company </I></B></P>
<P align=justify>The Company&#146;s principal business activities are the evaluation,
acquisition, exploration, development and exploitation of mineral properties.
The Company produces silver-gold from its underground mines at Guanacevi,
Bola&#241;itos and El Cubo in Mexico. The Company also has interests in certain
exploration properties in Mexico and Chile. </P>
<P align=justify>The Company&#146;s business is not materially affected by
intangibles such as licences, patents and trademarks, nor is it significantly
affected by seasonal changes. Other than as disclosed in this AIF, the Company
is not aware of any aspect of its business which may be affected in the current
financial year by renegotiation or termination of contracts. <B></B></P>
<P align=justify><B><I>Foreign Operations </I></B></P>
<P align=justify>As the Company&#146;s producing mines and mineral exploration
interests are principally located in Mexico, the Company&#146;s business is dependent
on foreign operations. As a developing economy, operating in Mexico has certain
risks. See &#147;Risk Factors &#150; Foreign Operations&#148;. </P>
<P align=justify><B><I>Employees </I></B></P>
<P align=justify>As at December 31, 2015, the Company had approximately 14
employees based in its Vancouver corporate office and approximately 1,683 full
and part-time employees in Mexico. Additional consultants are also retained from
time to time for specific corporate activities, development and exploration
programs.</P>
<P align=justify><B><I>Environmental Protection </I></B></P>
<P align=justify>The Company&#146;s environmental permit requires that it reclaim
certain land it disturbs during mining operations. Significant reclamation and
closure activities include land rehabilitation, decommissioning of buildings and
mine facilities, ongoing care and maintenance and other costs. Although the
ultimate amount of the reclamation and rehabilitation costs to be incurred
cannot be predicted with certainty, the total undiscounted amount of probability
weighted estimated cash flows required to settle the Company&#146;s estimated
obligations is $2.1 million for the Guanacevi mine operations, $1.8 million for
the Bola&#241;itos mine operations and $4.2 million for the El Cubo mine operations.
</P>
<P align=center>9 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify><B><I>Community, Environmental and Corporate Safety Policies
</I></B></P>
<P align=justify>Endeavour is focused on the improvement of sustainability
programs for all stakeholders and understands that such programs contribute to
the long term benefit of the Company and society at large. Sustainability
programs implemented by the Company range from improving the Company&#146;s safety
policies and practices; supporting health programs for the Company&#146;s employees
and the local communities; enhancing environmental stewardship and reclamation;
sponsoring educational scholarships and job skills training programs; sponsoring
community cultural events and infrastructure improvements; and supporting
charitable causes.</P>
<P
align=justify><B>4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Risk Factors </B></P>
<P align=justify>The Company&#146;s ability to generate revenues and profits from its
mineral properties, or any other mineral property it may acquire, is dependent
upon a number of factors, including, without limitation, the following risk
factors. </P>
<P align=justify><B><I>Precious and Base Metal Price Fluctuations
<BR></I></B>The profitability of the precious metal operations in which the
Company has an interest will be significantly affected by changes in the market
prices of precious metals. Prices for precious metals fluctuate on a daily
basis, have historically been subject to wide fluctuations and are affected by
numerous factors beyond the control of the Company such as the level of interest
rates, the rate of inflation, central bank transactions, world supply of the
precious metals, foreign currency exchange rates, international investments,
monetary systems, speculative activities, international economic conditions and
political developments. The exact effect of these factors cannot be accurately
predicted, but the combination of these factors may result in the Company not
receiving adequate returns on invested capital or the investments retaining
their respective values. Declining market prices for these metals could
materially adversely affect the Company&#146;s operations and profitability. </P>
<P align=justify><B><I>Fluctuations in the price of consumed commodities
<BR></I></B>Prices and availability of commodities consumed or used in
connection with exploration, development and mining, such as natural gas,
diesel, oil, electricity, cyanide and other re-agents fluctuate and affect the
costs of production at our operations. These fluctuations can be unpredictable,
can occur over short periods of time and may have a materially adverse impact on
our operating costs or the timing and costs of various projects. Our general
policy is not to hedge our exposure to changes in prices of the commodities that
we use in our business.</P>
<P align=justify><B><I>Foreign Exchange Rate Fluctuations <BR></I></B>Operations
in Mexico and Canada are subject to foreign currency exchange fluctuations. The
Company raises its funds through equity issuances which are priced in Canadian
dollars, and the majority of the exploration costs of the Company are
denominated in United States dollars and Mexican pesos. The Company may suffer
losses due to adverse foreign currency fluctuations.</P>
<P align=justify><B><I>Competitive Conditions <BR></I></B>Significant
competition exists for natural resource acquisition opportunities. As a result
of this competition, some of which is with large, well established mining
companies with substantial capabilities and significant financial and technical
resources, the Company may be unable to either compete for or acquire rights to
exploit additional attractive mining properties on terms it considers
acceptable. Accordingly, there can be no assurance that the Company will be able
to acquire any interest in additional projects that would yield reserves or
results for commercial mining operations.</P>
<P align=center>10 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify><B><I>Operating Hazards and Risks <BR></I></B>Mining operations
generally involve a high degree of risk, which even a combination of experience,
knowledge and careful evaluation may not be able to overcome. These risks
include, but are not limited to, the following: environmental hazards,
industrial accidents, third party accidents, unusual or unexpected geological
structures or formations, fires, power outages, labour disruptions, floods,
explosions, cave-ins, land-slides, acts of God, periodic interruptions due to
inclement or hazardous weather conditions, earthquakes, war, rebellion,
revolution, delays in transportation, inaccessibility to property, restrictions
of courts and/or government authorities, other restrictive matters beyond the
reasonable control of the Company, and the inability to obtain suitable or
adequate machinery, equipment or labour and other risks involved in the
operation of mines.</P>
<P align=justify>Operations in which the Company has a direct or indirect
interest will be subject to all the hazards and risks normally incidental to
exploration, development and production of precious and base metals, any of
which could result in work stoppages, delayed production and resultant losses,
increased production costs, asset write downs, damage to or destruction of mines
and other producing facilities, damage to life and property, environmental
damage and possible legal liability for any or all damages. The Company may
become subject to liability for pollution, cave-ins or hazards against which it
cannot insure or against which it may elect not to insure. Any compensation for
such liabilities may have a material, adverse effect on the Company&#146;s financial
position.</P>
<P align=justify>Our property, business interruption and liability insurance may
not provide sufficient coverage for losses related to these or other hazards.
Insurance against certain risks, including certain liabilities for environmental
pollution, may not be available to us or to other companies within the industry
at reasonable terms or at all. In addition, our insurance coverage may not
continue to be available at economically feasible premiums, or at all. Any such
event could have a material adverse effect on our business.</P>
<P align=justify><B><I>Mining Operations <BR></I></B>The capital costs required
by the Company&#146;s projects may be significantly higher than anticipated. Capital
and operating costs, production and economic returns, and other estimates
contained in the Company&#146;s current technical reports, may differ significantly
from those provided for in future studies and estimates and from management
guidance, and there can be no assurance that the Company&#146;s actual capital and
operating costs will not be higher than currently anticipated. In addition,
delays to construction and exploration schedules may negatively impact the net
present value and internal rates of return of the Company&#146;s mineral properties
as set forth in the applicable technical report. Similarly, there can be no
assurance that historical rates of production, grades of ore processed, rates of
recoveries or mining cash costs will not experience fluctuations or differ
significantly from current levels over the course of the mining operations
conducted by the Company.</P>
<P align=justify>In addition, there can be no assurance that the Company will be
able to continue to extend the production from its current operations through
exploration and drilling programs.</P>
<P align=justify><B><I>Infrastructure <BR></I></B>Mining, processing,
development and exploration activities depend, to one degree or another, on
adequate infrastructure. Reliable roads, bridges, power sources and water supply
are important determinants, which affect capital and operating costs. The lack
of availability on acceptable terms or the delay in the availability of any one
or more of these items could prevent or delay exploitation or development of the
Company&#146;s projects. If adequate infrastructure is not available in a timely
manner, there can be no assurance that the exploitation or development of the
Company&#146;s projects will be commenced or completed on a timely basis, if at all;
the resulting operations will achieve the anticipated production volume, or the
construction costs and ongoing operating costs associated with the exploitation
and/or development of the Company&#146;s advanced projects will not be higher than
anticipated. In addition, unusual or infrequent weather phenomena, sabotage,
government or other interference in the maintenance or provision of such
infrastructure could adversely affect the Company&#146;s operations and
profitability. </P>
<P align=center>11 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify><B><I>Exploration and Development <BR></I></B>There is no
assurance given by the Company that its exploration and development programs and
properties will result in the discovery, development or production of a
commercially viable ore body or yield new reserves to replace or expand current
reserves.</P>
<P align=justify>The business of exploration for minerals and mining involves a
high degree of risk. Few properties that are explored are ultimately developed
into producing mines. At this time, other than the mineral reserves on the
Company&#146;s Guanacevi Mines Project, Bola&#241;itos Mines Project and El Cubo Mine,
none of the Company&#146;s properties have any defined ore-bodies with proven
reserves.</P>
<P align=justify>The economics of developing silver, gold and other mineral
properties are affected by many factors including capital and operating costs,
variations of the tonnage and grade of ore mined, fluctuating mineral markets,
and such other factors as government regulations, including regulations relating
to royalties, allowable production, importing and exporting of minerals and
environmental protection. Depending on the prices of silver, gold or other
minerals produced, the Company may determine that it is impractical to commence
or continue commercial production.</P>
<P align=justify>Substantial expenditures are required to discover an ore-body,
to establish reserves, to identify the appropriate metallurgical processes to
extract metal from ore, and to develop the mining and processing facilities and
infrastructure. The marketability of any minerals acquired or discovered may be
affected by numerous factors which are beyond the Company&#146;s control and which
cannot be accurately foreseen or predicted, such as market fluctuations,
conditions for precious and base metals, the proximity and capacity of milling
and smelting facilities, and such other factors as government regulations,
including regulations relating to royalties, allowable production, importing and
exporting minerals and environmental protection. In order to commence
exploitation of certain properties presently held under exploration concessions,
it is necessary for the Company to apply for an exploitation concession. There
can be no guarantee that such a concession will be granted. Unsuccessful
exploration or development programs could have a material adverse impact on the
Company&#146;s operations and profitability.</P>
<P align=justify><B><I>Calculation of Reserves and Resources and Precious Metal
Recoveries <BR></I></B>There is a degree of uncertainty attributable to the
calculation and estimation of reserves and resources and their corresponding
metal grades to be mined and recovered. Until reserves or resources are actually
mined and processed, the quantities of mineralization and metal grades must be
considered as estimates only. Any material change in the quantity of mineral
reserves, mineral resources, grades and recoveries may affect the economic
viability of the Company&#146;s properties.</P>
<P align=justify><B><I>Decreases in the market price of silver or gold may
render the mining of reserves uneconomic. <BR></I></B>The mineral resource and
reserve figures included in the AIF and the documents incorporated by reference
are estimates, which are, in part, based on forward-looking information, and no
assurance can be given that the indicated level of silver and gold will be
produced. Factors such as metal price fluctuations, increased production costs
and reduced recovery rates may render the present proven and probable reserves
unprofitable to develop at a particular site or sites for periods of time. </P>
<P align=justify>The NI 43-101 technical reports in respect of the Guanacevi
Mines, the Bolanitos Mines and the El Cubo Mine assume the following metal
prices: $16 per ounce for silver and $1,200 per ounce for gold. The Terronera
PEA assumes the following metal prices in the base case plan: $18 per ounce for
silver and $1,260 per ounce for gold. Mineral reserve and resource estimates
would be lower than estimated to the extent that actual metal prices are lower
than assumed. </P>
<P align=center>12 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify><B><I>Replacement of Reserves and Resources <BR></I></B>The
Guanacev&#237;, Bola&#241;itos and El Cubo mines are the Company&#146;s only current sources of
mineral production. Current life-of-mine plans provide for a defined production
life for mining at the Company&#146;s mines. The Bola&#241;itos mine has an expected mine
life of less than two years based on current proven and probable reserves and
production levels. If the Company&#146;s mineral reserves and resources are not
replaced either by the development or discovery of additional reserves and/or
extension of the life-of-mine at its current operating mines or through the
acquisition or development of an additional producing mine, this could have an
adverse impact on the Company&#146;s future cash flows, earnings, financial
performance and financial condition, including as a result of requirements to
expend funds for reclamation and decommissioning. </P>
<P align=justify><B><I>Acquisition Strategy <BR></I></B>As part of the Company&#146;s
business strategy, it has sought and will continue to seek new mining and
development opportunities in the mining industry. In pursuit of such
opportunities, it may fail to select appropriate acquisition candidates,
negotiate appropriate acquisition terms, conduct sufficient due diligence to
determine all related liabilities or to negotiate favourable financing terms.
The Company may encounter difficulties in transitioning the business, including
issues with the integration of the acquired businesses or its personnel into the
Company. The Company cannot assure that it can complete any acquisition or
business arrangement that it pursues, or is pursuing, on favourable terms, or
that any acquisitions or business arrangements completed will ultimately benefit
its business.</P>
<P align=justify><B><I>Integration of New Acquisitions <BR></I></B>The Company&#146;s
success at completing any acquisitions will depend on a number of factors,
including, but not limited to: identifying acquisitions which fit the Company&#146;s
strategy; negotiating acceptable terms with the seller of the business or
property to be acquired; and obtaining approval from regulatory authorities in
the jurisdictions of the business or property to be acquired.</P>
<P align=justify>The positive effect on the Company&#146;s results arising from past
and future acquisitions will depend on a variety of factors, including, but not
limited to: assimilating the operations of an acquired business or property in a
timely and efficient manner including the existing work force, union
arrangements and existing contracts; maintaining the Company&#146;s financial and
strategic focus while integrating the acquired business or property;
implementing uniform standards, controls, procedures and policies at the
acquired business, as appropriate; and to the extent that the Company makes an
acquisition outside of markets in which it has previously operated, conducting
and managing operations in a new operating environment and under a new
regulatory regime where it has no direct experience.</P>
<P align=justify>Past and future business or property acquisitions could place
increased pressure on the Company&#146;s cash flow if such acquisitions involve cash
consideration or the assumption of obligations requiring cash payments. The
integration of the Company&#146;s existing operations with any acquired business will
require significant expenditures of time, attention and funds. Achievement of
the benefits expected from consolidation would require the Company to incur
significant costs in connection with, among other things, implementing financial
and planning systems. The Company may not be able to integrate the operations of
a recently acquired business or restructure the Company&#146;s previously existing
business operations without encountering difficulties and delays. In addition,
this integration may require significant attention from the Company&#146;s management
team, which may detract attention from the Company&#146;s day-to-day operations. Over
the short-term, difficulties associated with integration could have a material
adverse effect on the Company&#146;s business, operating results, financial condition
and the price of the Company&#146;s common shares. In addition, the acquisition of
mineral properties may subject the Company to unforeseen liabilities, including
environmental liabilities.</P>
<P align=center>13 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify><B><I>Foreign Operations <BR></I></B>The Company&#146;s operations
are currently conducted through subsidiaries principally in Mexico and, as such,
its operations are exposed to various levels of political, economic and other
risks and uncertainties which could result in work stoppages, blockades of the
Company&#146;s mining operations and appropriation of assets. Some of the Company&#146;s
operations are located in areas where Mexican drug cartels operate. These risks
and uncertainties vary from region to region and include, but are not limited
to, terrorism; hostage taking; local drug gang activities; military repression;
expropriation; extreme fluctuations in currency exchange rates; high rates of
inflation; labour unrest; the risks of war or civil unrest; renegotiation or
nullification of existing concessions, licenses, permits and contracts; illegal
mining; changes in taxation policies; restrictions on foreign exchange and
repatriation; and changing political conditions, currency controls and
governmental regulations that favour or require the awarding of contracts to
local contractors or require foreign contractors to employ citizens of, or
purchase supplies from, a particular jurisdiction.</P>
<P align=justify>Local opposition to mine development projects could arise in
Mexico, and such opposition could be violent. There can be no assurance that
such local opposition will not arise with respect to the Company&#146;s Mexican
operations. If the Company were to experience resistance or unrest in connection
with its Mexican operations, it could have a material adverse effect on its
operations and profitability. To the extent the Company acquires mineral
properties in jurisdictions other than Mexico, it may be subject to similar and
additional risks with respect to its operations in those jurisdictions.</P>
<P align=justify><B><I>Government Regulation <BR></I></B>The Company&#146;s
operations, exploration and development activities are subject to extensive
foreign federal, state and local laws and regulations governing such matters as
environmental protection, management and use of toxic substances and explosives,
management of natural resources, health, exploration and development of mines,
production and post-closure reclamation, safety and labour, mining law reform,
price controls import and export laws, taxation, maintenance of claims, tenure,
government royalties and expropriation of property. There is no assurance that
future changes in such regulation, if any, will not adversely affect the
Company&#146;s operations. The activities of the Company require licenses and permits
from various governmental authorities.</P>
<P align=justify>The costs associated with compliance with these laws and
regulations are substantial and possible future laws and regulations, changes to
existing laws and regulations and more stringent enforcement of current laws and
regulations by governmental authorities, could cause additional expenses,
capital expenditures, restrictions on or suspensions of the Company&#146;s operations
and delays in the development of its properties. Moreover, these laws and
regulations may allow governmental authorities and private parties to bring
lawsuits based upon damages to property and injury to persons resulting from the
environmental, health and safety practices of the Company&#146;s past and current
operations, or possibly even those actions of parties from whom the Company
acquired its mines or properties, and could lead to the imposition of
substantial fines, penalties or other civil or criminal sanctions. The Company
retains competent and well trained individuals and consultants in jurisdictions
in which it does business, however, even with the application of considerable
skill the Company may inadvertently fail to comply with certain laws. Such
events can lead to financial restatements, fines, penalties, and other material
negative impacts on the Company.</P>
<P align=justify><B><I>Mexican Foreign Investment and Income Tax Laws
<BR></I></B>On October 31, 2013, the Mexican Tax Reform package was approved by
the Mexican Congress and it came into effect on January 1, 2014. This law
applies on a prospective basis and is expected to affect the future earnings of
the Company&#146;s operations in Mexico. The Company has taken the position that the
7.5% mining royalty is an income tax in accordance with IFRS for financial
reporting purpose, as it is based on a measure of revenue less certain specified
costs. On substantial enactment, a taxable temporary difference arises, as
property, plant and equipment and exploration and evaluation assets have book
basis but no tax basis for purposes of the royalty.</P>
<P align=center>14 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify>In December 2012, the Mexican government amended federal labour
laws with respect to the use of service companies, subcontracting arrangements
and the obligation to compensate employees with appropriate profit-sharing in
Mexico. While the Company believes it is probable that these amended labour laws
will not result in any material obligation or additional profit-sharing
entitlements for its Mexican employees, there can be no assurance that this will
continue to be the case.</P>
<P align=justify>Any developments or changes in such legal, regulatory or
governmental requirements as described above or otherwise are beyond the control
of the Company and may adversely affect its business. </P>
<P align=justify><B><I>Mexican Tax Assessments <BR></I></B>As disclosed under
&#147;Legal Proceedings&#148; on page 54 and 55, a subsidiary of the Company in Mexico has
received a tax assessment from Mexican fiscal authorities.</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. An assessment by the Tax Court was made, however the Tax
Court did not follow the Superior Court directive as required by law. Therefore
the Company filed another Nullity action for the Tax Court to follow the
Superior Court directive during the year. The Company expects the Tax Court to
make a final assessment based on the Superior Court directive in 2017. The
Company estimates the impact of the Superior Court ruling will result in an
additional tax expense of MXN 31.7 million (~USD $1.8 million) to MSCG for
fiscal 2006 when the Tax Court rules on a final assessment. As of December 31,
2015, the Company estimates additional interest and penalties payable on overdue
taxes by MSCG to be MXN 65.7 million (~USD $3.8 million). 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 22.6 million (~USD $1.3 million) on the MXN 31.7 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. As of September 30, 2015, 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,
however the Tax Court assessment must be received before any negotiation can be
finalized or a decision is made.</P>
<P align=justify>While the Company is of the view that the tax assessment has no
legal merit and is contesting it, there is no assurance that the Company will be
successful or that the Company will not have to pay the full amount of the
assessment plus interest and penalties. If the Company is unsuccessful this
could negatively impact the Company&#146;s financial position and create difficulties
for the Company in dealing with Mexican fiscal authorities in the future. As a
result of a detailed review of the Company&#146;s financial information and delivery
of appropriate requested documents to the Mexican fiscal authorities, the
Company has estimated that there is no material potential tax exposure arising
under the assessment. </P>
<P align=justify><B><I>Obtaining and Renewing of Government Permits
<BR></I></B>In the ordinary course of business, the Company is required to
obtain and renew government permits for the operation and expansion of existing
operations or for the development, construction and commencement of new
operations. Obtaining or renewing the necessary governmental permits is a
complex and time-consuming process involving numerous jurisdictions and possibly
involving public hearings and costly undertakings on the Company&#146;s part. The
duration and success of the Company&#146;s efforts to obtain and renew permits are
contingent upon many variables not within its control including the
interpretation of applicable requirements implemented by the permitting
authority.</P>
<P align=center>15 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify>The Company may not be able to obtain or renew permits that are
necessary to its operations, or the cost to obtain or renew permits may exceed
what the Company believes it can recover from a given property once in
production. Any unexpected delays or costs associated with the permitting
process could delay the development or impede the operation of a mine, which
could adversely impact the Company&#146;s operations and profitability.</P>
<P align=justify><B><I>Environmental Factors <BR></I></B>All phases of the
Company&#146;s operations are subject to environmental regulation in the various
jurisdictions in which it operates. Environmental legislation is evolving in a
manner which will require stricter standards and enforcement, increased fines
and penalties for non-compliance, more stringent environmental assessments of
proposed projects and a heightened degree of responsibility for companies and
their officers, directors and employees. There is no assurance that any future
changes in environmental regulation will not adversely affect the Company&#146;s
operations. The costs of compliance with changes in government regulations have
the potential to reduce the profitability of future operations. Environmental
hazards that may have been caused by previous or existing owners or operators
may exist on the Company&#146;s mineral properties, but are unknown to the Company at
present.</P>
<P align=justify><B><I>Title to Assets <BR></I></B>Although the Company has or
will receive title opinions for any properties in which it has a material
interest, there is no guarantee that title to such properties will not be
challenged or impugned. The Company has not conducted surveys of the claims in
which it holds direct or indirect interests and, therefore, the precise area and
location of such claims may be in doubt. The Company&#146;s claims may be subject to
prior unregistered agreements or transfers or native land claims and title may
be affected by unidentified or unknown defects. The Company has conducted as
thorough an investigation as possible on the title of properties that it has
acquired or will be acquiring to be certain that there are no other claims or
agreements that could affect its title to the concessions or claims. If title to
the Company&#146;s properties is disputed it may result in the Company paying
substantial costs to settle the dispute or clear title and could result in the
loss of the property, which events may affect the economic viability of the
Company.</P>
<P align=justify><B><I>Employee Recruitment and Retention <BR></I></B>Recruiting
and retaining qualified personnel is critical to the Company&#146;s success. The
Company is dependent on the services of key executives including the Company&#146;s
President and Chief Executive Officer and other highly skilled and experienced
executives and personnel focused on managing the Company&#146;s interests. The number
of persons skilled in acquisition, exploration, development and operation of
mining properties are limited and competition for such persons is intense. As
the Company&#146;s business activity grows, the Company will require additional key
financial, administrative and mining personnel as well as additional operations
staff. We could experience increases in our recruiting and training costs and
decreases in our operating efficiency, productivity and profit margins. If we
are not able to attract, hire and retain qualified personnel, the efficiency of
our operations could be impaired, which could have an adverse impact on the
Company&#146;s future cash flows, earnings, financial performance and financial
condition.</P>
<P align=justify><B><I>Potential Conflicts of Interest <BR></I></B>The directors
and officers of the Company may serve as directors and/or officers of other
public and private companies, and may devote a portion of their time to manage
other business interests. This may result in certain conflicts of interest.</P>
<P align=justify>To the extent that such other companies may participate in
ventures in which the Company is also participating, such directors and officers
of the Company may have a conflict of interest in negotiating and reaching an
agreement with respect to the extent of each company&#146;s participation. The laws
of British Columbia, Canada, require the directors and officers to act honestly,
in good faith, and in the best interests of the Company and its shareholders.
However, in conflict of interest situations, directors and officers of the
Company may owe the same duty to another company and will need to balance the
competing obligations and liabilities of their actions.</P>
<P align=center>16 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify>There is no assurance that the needs of the Company will
receive priority in all cases. From time to time, several companies may
participate together in the acquisition, exploration and development of natural
resource properties, thereby allowing these companies to: (i) participate in
larger properties and programs; (ii) acquire an interest in a greater number of
properties and programs; and (iii) reduce their financial exposure to any one
property or program. A particular company may assign, at its cost, all or a
portion of its interests in a particular program to another affiliated company
due to the financial position of the company making the assignment.</P>
<P align=justify>In determining whether or not the Company will participate in a
particular program and the interest therein to be acquired by it, it is expected
that the directors and officers of the Company will primarily consider the
degree of risk to which the Company may be exposed and its financial position at
that time.</P>
<P align=justify><B><I>Third Party Reliance <BR></I></B>The Company&#146;s rights to
acquire interests in certain mineral properties have been granted by third
parties who themselves may hold only an option to acquire such properties. As a
result, the Company may have no direct contractual relationship with the
underlying property holder.</P>
<P align=justify><B><I>Absolute Assurance on Financial Statements <BR></I></B>We
prepare our financial reports in accordance with accounting policies and methods
prescribed by International Financial Reporting Standards. In the preparation of
financial reports, management may need to rely upon assumptions, make estimates
or use their best judgment in determining the financial condition or results of
operations of the Company. Significant accounting details are described in more
detail in the notes to our annual consolidated financial statements for the year
ended December 31, 2015. In order to have a reasonable level of assurance that
financial transactions are properly authorized, assets are safeguarded against
unauthorized or improper use and transactions are properly recorded and
reported, we have implemented and continue to analyze our internal control
systems for financial reporting. Although we believe our financial reporting and
financial statements are prepared with reasonable safeguards to ensure
reliability, we cannot provide absolute assurance in that regard.</P>
<P align=justify><B><I>General Economic Conditions <BR></I></B>The unprecedented
events in global financial markets during the last few years have had a profound
effect on the global economy. Many industries, including the gold and silver
mining industry, are affected by these market conditions. Some of the key
effects of the current financial market turmoil include contraction in credit
markets resulting in a widening of credit risk, devaluations and high volatility
in global equity, commodity, foreign exchange and precious metal markets, and a
lack of market liquidity. A continued or worsened slowdown in the financial
markets or other economic conditions, including but not limited to, consumer
spending, employment rates, business conditions, inflation, fuel and energy
costs, consumer debt levels, lack of available credit, the state of the
financial markets, interest rates, and tax rates may adversely affect the
Company&#146;s growth and profitability.</P>
<P align=justify>Specifically:</P>
<ul>
  <li>
<P align=justify>the volatility of gold and silver prices
affects our revenues, profits and cash flow;</P>
  </li>
  <li>
<P align=justify>volatile energy prices,
commodity and consumables prices and currency exchange rates affect our
production costs; and </P>
  </li>
  <li>
<P align=justify>the devaluation and volatility of global stock
markets affects the valuation of our equity securities. </P>
  </li>
</ul>
<P align=justify>These factors could have a material adverse effect on the
Company&#146;s financial condition and financial performance.</P>
<P align=center>17 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify><B><I>Substantial Volatility of Share Price <BR></I></B>The
market prices for the securities of mining companies, including our own, have
historically been highly volatile. The market has from time to time experienced
significant price and volume fluctuations that are unrelated to the operating
performance of any particular company. In addition, because of the nature of our
business, certain factors such as our announcements and the public&#146;s reaction,
our operating performance and the performance of competitors and other similar
companies, fluctuations in the market prices of our resources, government
regulations, changes in earnings estimates or recommendations by research
analysts who track our securities or securities of other companies in the
resource sector, general market conditions, announcements relating to
litigation, the arrival or departure of key personnel and the risk factors
described in this AIF can have an adverse impact on the market price of the
Common Shares. Any negative change in the public&#146;s perception of Endeavour&#146;s
prospects could cause the price of our securities, including the price of our
Common Shares, to decrease dramatically. Furthermore, any negative change in the
public&#146;s perception of the prospects of mining companies in general could
depress the price of our securities, including the price of our Common Shares,
regardless of our results. Following declines in the market price of a company&#146;s
securities, securities class-action litigation is often instituted. Litigation
of this type, if instituted, could result in substantial costs and a diversion
of our management&#146;s attention and resources. </P>
<P align=justify><B><I>Need for additional financing <BR></I></B>The Company&#146;s
current cash and cash-flows may not be sufficient to pursue additional
exploration, development or discovery of additional reserves, extension to
life-of-mines or new acquisitions and, therefore, the Company may require
additional financing. Additional financing may not be available on acceptable
terms, if at all. The Company may need additional financing by way of private or
public offerings of equity or debt or the sale of project or property interests
in order to have sufficient working capital for its business objectives, as well
as for general working capital purposes. </P>
<P align=justify>The success and the pricing of any such capital raising and/or
debt financing will be dependent upon the prevailing market conditions at that
time. There can be no assurance that financing will be available to the Company
or, if it is available, that it will be offered on acceptable terms. If
additional financing is raised through the issuance of equity or convertible
debt securities of the Company, this may negatively impact the price of the
Common Shares and the interests of shareholders in the net assets of the Company
may be diluted. </P>
<P align=justify><B><I>Differences in U.S. and Canadian reporting of mineral
reserves and resources <BR></I></B>The Company&#146;s mineral reserve and resource
estimates are not directly comparable to those made in filings subject to SEC
reporting and disclosure requirements as the Company generally reports mineral
reserves and resources in accordance with Canadian practices. These practices
are different from those used to report mineral reserve and resource estimates
in reports and other materials filed with the SEC. It is Canadian practice to
report measured, indicated and inferred resources, which are not permitted in
disclosure filed with the SEC by United States issuers. Under SEC rules,
mineralization may not be classified as a "reserve" 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. United States investors
are cautioned not to assume that all or any part of measured or indicated
resources will ever be converted into reserves.</P>
<P align=justify>Further, "inferred mineral resources" have a great amount of
uncertainty as to their existence and as to whether they can be mined legally or
economically. Disclosure of "contained ounces" is permitted disclosure under
Canadian regulations; however, the SEC 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 of metal
measures.</P>
<P align=justify>Accordingly, information concerning descriptions of
mineralization, reserves and resources contained in this AIF, or in the
documents incorporated herein by reference, may not be comparable to information
made public by United States companies subject to the reporting and disclosure
requirements of the SEC.</P>
<P align=center>18 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify><B><I>Material weaknesses in the internal control over
financial reporting <BR></I></B>In connection with the audit of the Company&#146;s
consolidated financial statements for the year ended December 31, 2014, the
auditors discovered a material weakness related to the Company&#146;s ineffective
management review of the recording of the impairment of long-lived assets and
related financial statement disclosures, specifically related to the circular
impact on deferred income taxes. A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material misstatement of the
Company&#146;s annual or interim financial statements will not be prevented or
detected on a timely basis. </P>
<P align=justify>Pursuant to the material weakness identified and disclosed as
of December 31, 2014 and due to the inherent complexities in valuing long-lived
assets, the Company remediated its internal controls by engaging as a consultant
a professional valuation company with experience and knowledge in assessing the
financial impact of impairments and will consult with such professional if there
are any future impairments. In addition, no assurance can be provided that the
Company has identified all of its existing significant deficiencies and material
weaknesses, or that it will not in the future have additional significant
deficiencies or material weaknesses. Section 404 of the U.S. Sarbanes-Oxley Act
<B>(&#147;SOX&#148;) </B>requires an annual assessment by management of the effectiveness
of the Company&#146;s internal control over financial reporting and an attestation
report by the independent auditor addressing this assessment. The Company&#146;s
failure to satisfy the requirements of Section 404 of SOX on an ongoing, timely
basis could result in the loss of investor confidence in the reliability of the
Company&#146;s financial statements, which in turn could harm the business and
negatively affect the trading price of the Common Shares. In addition, any
failure to implement required new or improved controls, or difficulties
encountered in their implementation, could harm the Company&#146;s operating results
or cause us to fail to meet reporting obligations. Future acquisitions of
companies may also provide the Company with challenges in implementing the
required processes, procedures and controls in its acquired operations. Acquired
companies may not have disclosure controls and procedures or internal control
over financial reporting that are as thorough or effective as those required by
securities laws currently applicable the Company. </P>
<P align=justify>In addition, no evaluation can provide complete assurance that
the internal control over financial reporting will detect or uncover all
failures of persons within the Company to disclose material information required
to be reported. The effectiveness of the Company&#146;s controls and procedures could
also be limited by simple errors or faulty judgments. In addition, as the
Company expands, the challenges involved in implementing appropriate internal
control over financial reporting will increase and will require that it continue
to improve the internal control over financial reporting. Although the Company
intend to devote substantial time and incur substantial costs, as necessary, to
ensure ongoing compliance, it cannot be certain that it will be successful in
complying with Section 404 of SOX. </P>
<P align=justify><B><I>Company&#146;s Credit Facility with the Bank of Nova Scotia
<BR></I></B>The Company has a Facility with Scotiabank (terms as defined under
Item 14.1 Material Contracts). The Facility requires the Company to make certain
interest payments, provide a first-ranking security interest over all of its
assets and also contains a number of covenants that impose significant operating
and financial restrictions on the Company and may limit the Company&#146;s ability to
engage in acts that may be in its long-term best interest. </P>
<P align=justify>If the Company&#146;s cash flows and cash and cash equivalents are
insufficient to fund its debt service obligations, including repayment or
renewal of the Facility at the end of its term, the Company could face liquidity
problems and could be forced to seek amendments to the Facility, or reduce or
delay investments and capital expenditures, dispose of material assets or
operations, seek additional debt or equity capital or restructure or refinance
the Company&#146;s indebtedness, including the Facility. The Company may not be able
to affect any such alternative measures on commercially reasonable terms or at
all and, even if successful, those alternatives may not allow the Company to
meet its scheduled debt service obligations. There can be no certainty that the
Company will be able to repay or renew the Facility at maturity and the failure
to do so would have a material adverse effect on the Company. </P>
<P align=center>19 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify>In addition, a breach of the covenants under the Facility could
result in an event of default under the applicable indebtedness. Such a default
may allow the creditors to accelerate the related debt, and may result in the
acceleration of any other debt to which a cross acceleration or cross default
provision applies. In the event a lender accelerates the repayment of the
Company&#146;s borrowings, the Company may not have sufficient assets to repay its
indebtedness. The security interests provided by the Company under the Facility
may adversely affect the Company&#146;s ability to secure other types of financing.
As a result of the security interests granted to the Scotiabank, any default
under Facility including any covenants thereunder, could result in the loss of
the Company&#146;s entire interest in its material assets. </P>
<P align=justify><B><I>Potential dilution of present and prospective
shareholdings <BR></I></B>In order to finance future operations and development
efforts, the Company may raise funds through the issue of common shares or the
issue of securities convertible into common shares. The Company cannot predict
the size of future issues of common shares or the issue of securities
convertible into common shares or the effect, if any, that future issues and
sales of the Company&#146;s common shares will have on the market price of its common
shares. Any transaction involving the issue of shares, or securities convertible
into shares, could result in dilution, possibly substantial, to present and
prospective holders of shares.</P>
<P align=justify><B><I>Lack of Dividends <BR></I></B>The Company has never
declared or paid any dividends on the Common Shares. Endeavour intends, for the
foreseeable future, to retain its future earnings, if any, to finance its
exploration activities and further development and the expansion of the
business. The payment of future dividends, if any, will be reviewed periodically
by the Board of Directors of Endeavour and will depend upon, among other things,
conditions then existing including earnings, financial conditions, cash on hand,
financial requirements to fund our exploration activities, development and
growth, and other factors that the Board may consider appropriate in the
circumstances. </P>
<P align=justify><B><I>Future Sales of Common Shares by Existing Shareholders
<BR></I></B>Sales of a large number of the Company&#146;s common shares in the public
markets, or the potential for such sales, could decrease the trading price of
the common shares and could impair the Company&#146;s ability to raise capital
through future sales of common shares.</P>
<P align=justify><B><I>Claims Under U.S. Securities Laws <BR></I></B>The
enforcement by investors of civil liabilities under the federal securities laws
of the United States may be affected adversely by the fact that the Company is
incorporated under the laws of British Columbia, Canada, that the independent
registered chartered accountants who have audited the Company&#146;s financial
statements and some or all of the Company&#146;s directors and officers may be
residents of Canada or elsewhere, and that all or a substantial portion of the
Company&#146;s assets and said persons are located outside the United States. As a
result, it may be difficult for holders of the Company&#146;s common shares to effect
service of process within the United States upon people who are not residents of
the United States or to realize in the United States upon judgments of courts of
the United States predicated upon civil liabilities under the federal securities
laws of the United States</P>
<P align=justify><B><I>Financial Instruments <BR></I></B>From time to time, the
Company may use certain financial instruments to manage the risks associated
with changes in silver prices, interest rates and foreign currency exchange
rates. The use of financial instruments involves certain inherent risks
including, among other things: (i) credit risk, the risk of default on amounts
owing to the Company by the counterparties with which Company has entered into
such transaction; (ii) market liquidity risk, the risk that the Company has
entered into a position that cannot be closed out quickly, either by liquidating
such financial instrument or by establishing an offsetting position; (iii)
unrealized mark-to-market risk, the risk that, in respect of certain financial
instruments, an adverse change in market prices for commodities, currencies or
interest rates will result in the Company incurring an unrealized mark-to-market
loss in respect of such derivative products.</P>
<P align=center>20 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify><B><I>Financial Reporting Standards</I></B> <BR>The Company
prepares its financial reports in accordance with IFRS applicable to publicly
accountable enterprises effective January 1, 2011. In preparation of financial
reports, management may need to rely upon assumptions, make estimates or use
their best judgment in determining the financial condition of the Company.
Significant accounting policies are described in more detail in the Company&#146;s
audited financial statements. In order to have a reasonable level of assurance
that financial transactions are properly authorized, assets are safeguarded
against unauthorized or improper use, transactions are properly recorded and
reported and the Company has implemented and continues to analyze its internal
control systems for financial reporting. Although the Company believes its
financial reporting and financial statements are prepared with reasonable
safeguards to ensure reliability, the Company cannot provide absolute assurance.
</P>
<P
align=justify><B>4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Asset-Backed Securities Outstanding </B></P>
<P align=justify>The Company has not issued any asset-backed securities. </P>
<P
align=justify><B>4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mineral Projects </B></P>
<P align=justify>To satisfy the reporting requirements of National Instrument
51-102F2 with respect to the Company&#146;s mineral projects, the Company has opted,
as permitted by the Instrument, to reproduce the summaries from the technical
reports on the respective material properties.</P>
<P align=justify><B><I><U>Guanacevi Mines Project, Durango State,
Mexico</U></I></B></P>
<P align=justify>The following summary of the Guanacevi Mines Project is
extracted from a technical report titled &#147;<I>NI 43-101 Technical Report Updated
Mineral Resource and Reserve Estimates for the Guanacevi Project, Durango State,
Mexico</I>&#148; prepared by Hard Rock Consulting LLC, with an effective date of
December 31, 2015 and dated March 3, 2016<B>]</B>. The complete report can be
viewed on SEDAR at www.sedar.com. The technical report is incorporated by
reference in its entirety into this AIF.</P>
<P align=justify><B>SUMMARY </B></P>
<P align=justify><B>Introduction </B></P>
<P align=justify>Hard Rock Consulting, LLC (&#147;HRC&#148;) was retained by Endeavour
Silver Corp. (&#147;EDR&#148;) to complete an independent technical audit and to update
the mineral resource and reserve estimates for the Guanacev&#237; Project (the
&#147;Project&#148;) located in Durango State, Mexico. This report presents the results of
HRC&#146;s efforts, and is intended to fulfill the Standards of Disclosure for
Mineral Projects according to Canadian National Instrument 43-101 (&#147;NI 43-101&#148;).
This report was prepared in accordance with the requirements and guidelines set
forth in Companion Policy 43-101CP and Form 43-101F1 (June 2011), and the
mineral resources and reserves presented herein are classified according to
Canadian Institute of Mining, Metallurgy and Petroleum (&#147;CIM&#148;) Definition
Standards - For Mineral Resources and Mineral Reserves, prepared by the CIM
Standing Committee on Reserve Definitions and adopted by CIM Council on May 10,
2014. The mineral resource and mineral reserve estimates reported here are based
on all available technical data and information as of December 31, 2015.</P>
<P align=center>21 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify><B>Property Description and Ownership </B></P>
<P align=justify>The Guanacev&#237; Project is located in the northwest portion of
the Mexican state of Durango, approximately 3.6 km west of the town of Guanacev&#237;
and 260 km northwest of the capital city of Durango. The approximate geographic
center of the Project is 105&#176;58'20"W longitude and 25&#176;54'47"N latitude. At
present, the Project is comprised of 51 mineral concessions for a total property
area of 4,171.5546 ha.</P>
<P align=justify>EDR controls the Guanacev&#237; Project through its 100% owned
Mexican subsidiary, Endeavour Gold Corporation S.A. de C.V. (Endeavour Gold).
Endeavour Gold holds the project through its two 100% owned subsidiaries, Minera
Plata Adelante S.A. de C.V. (Minera Plata Adelante) and Refinadora Plata
Guanacev&#237; S.A. de C.V. (Refinadora Plata Guanacev&#237;).</P>
<P align=justify><B>Geology and Mineralization </B></P>
<P align=justify>The Guanacev&#237; silver-gold district hosts classic, high-grade
silver-gold, epithermal vein deposits characterized by low sulphidation
mineralization and adularia-sericite alteration. The Guanacev&#237; veins are typical
of most other epithermal silver-gold vein deposits in Mexico in that they are
primarily hosted in the Tertiary Lower Volcanic series of andesite flows,
pyroclastics and epiclastics, overlain by the Upper Volcanic series of rhyolite
pyroclastics and ignimbrites. Evidence is accumulating in the Guanacev&#237; mining
district that the mineralization is closely associated with a pulse of silicic
eruptions that either signaled the end of Lower Volcanic Sequence magmatism or
the onset of Upper Volcanic Sequence activity. </P>
<P align=justify>Mineralization at Guanacev&#237; occurs in association with an
epithermal low sulphidation, quartz-carbonate, fracture-filling vein hosted by a
structure trending approximately N45&#176;W, dipping 55&#176; southwest. The Santa Cruz
vein is the principal host of silver and gold mineralization at Guanacev&#237;, and
is located on the west side of the horst of the Guanacev&#237; Formation. The
mineralized vein is part of a major fault system that trends northwest and
principally places the Guanacev&#237; Formation in the footwall against andesite
and/or rhyolite in the hanging wall. The fault and vein comprise a structural
system referred to locally as the Santa Cruz vein structure or Santa Cruz vein
fault. The Santa Cruz vein itself has been traced for 5 km along trend, and
averages approximately 3.0 m in width. High-grade mineralization in the system
is not continuous, but occurs in steeply northwest-raking shoots up to 200 m in
strike length. A secondary mineralized vein is located sub-parallel and
subjacent to the Santa Cruz vein, in the footwall, and while less continuous is
economically significant in the Porvenir Dos and North Porvenir portions of the
Project. </P>
<P align=justify><B>Status of Exploration </B></P>
<P align=justify>In 2015, EDR spent US $1,548,683 (including property holding
costs) on exploration activities, including drilling, at the Guanacev&#237; Project.
Local field exploration activities in 2015 included geological mapping,
sampling, and interpretation in the La Guirnalda, Santa Cruz West, and Garibaldi
claim areas. Regional field exploration was conducted over several concessions
peripheral to the Guanacev&#237; Project, and included collection and analysis of a
total of 1, 011 rock samples. </P>
<P align=justify>In 2015, EDR conducted a surface drilling program mainly
focused on exploring the Santa Cruz vein in the shallow portion of the Porvenir
Comedor area and the eastern portion of the Santa Cruz mine (Santa Cruz East). A
total of 5,002.60 m were drilled in 17 holes. In 2015, underground drilling
conducted at Guanacev&#237; was focused on exploring the Santa Cruz Vein at depth in
the North Porvenir and Santa Cruz mines. Underground drilling was also completed
at the Porvenir 4 mine in order to test the Santa Cruz vein at depth and to test
the secondary Veta Nueva vein, located in the footwall of the Santa Cruz vein.
The underground drilling program included a total of 4,547 m drilled in 22
holes. </P>
<P align=center>22 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify>Since acquisition of the Guanacev&#237; Project in 2004, through
December 31, 2015, EDR has completed 690 diamond drill holes totaling 191,116 m
and 22 reverse circulation drill holes totaling 2,977 m on the entire Guanacev&#237;
Mines Project. Of this total, approximately 147,718 m of diamond drilling in 504
holes have been completed on the Santa Cruz vein structure. Holes were drilled
from both surface and underground drill stations, and 54,799 samples have been
collected and submitted for assay. </P>
<P align=justify><B>Development and Operations </B></P>
<P align=justify>Conventional cut and fill mining or by long hole stope methods
are employed at Guanacev&#237;. Cut and fill stopes are generally 15m long and 5m
high, and long hole stopes are 15m long and 20m high. Access to the stoping
areas is provided by a series of primary and secondary ramps located in the
footwall. The ramps have grades from minus 15% to plus 12%, with plus or minus
12% as standard. The cross-cuts are 4 m by 4 m for the primary ramps and 3.5 m
by 3.5 m for the secondary ramps. </P>
<P align=justify>In the upper parts of the mine, stope access is by short (10m
to 40m) cross-cuts from the ramp to the vein/stope. These cross-cuts are
generally 3.5m by 3.5m in cross-section and are usually driven down at minus 18%
to intersect with the stope. As the stope advances up-dip on the vein, the back
is taken down the cross-cuts to maintain access until the cross-cut reaches a
maximum inclination of 15%. In the lower parts of the mine (below the water
table) stope access is by 90m long cross-cuts to the vein/stope. The cross-cuts
are generally 3.0m by 3.5m in cross-section and are driven at plus 1% to
intersect the stope (for water drainage). As the stope advances up-dip on the
vein, the back is taken down in these cross-cuts to maintain access until the
cross-cut reaches a maximum inclination of plus 15%. </P>
<P align=justify>Mining in the stopes is done with jackleg drills. Back cuts are
taken 2m to 2.5m high via vertical up-hole drilling or by breasting. The broken
material is mucked out using scooptrams (2 yard or 3.5 yard depending on vein
width). Waste fill from mine development is placed in the stope by the same
scooptrams to within 2 m to 2.5 m of the back. When the vein is less than
minimum mining width, the footwall is slashed to provide adequate width. This
slashing is done during the fill cycle and the slashed material remains in the
stope as fill. </P>
<P align=justify>In 2015, stope production in the deep Porvenir North mine
concentrated on the 3134 levels. The 4122 ramp was also continued over to the
3123 level stopes (Upper North Porvenir). In the Central Porvenir mine
development of the 4114 (+) ramp generated three new levels: 3145-2, 3146-2 and
3147-2. Stope production came from the 3147-2 and 3146-2 utilizing long hole
stoping. In the Santa Cruz mine, the development of the main ramp to access the
deepest levels is currently in progress. The ramp has reached the 3359 level&#146;s
north and south principal veins and 3160 level. Lateral ramps to the 3159-2
north and south extension are in progress and the 3160-2 ramp is advancing.
During 2015 the 4118 (+) ramp was also advanced opening up the XC-7-2, XC-9-2,
3151 and upper levels. Other important developments in ore or on structure were
completed on the far south 3356, 3357, 3358 and 3359 levels. Stope production
came from the 3351, 3353, 3354, 3355, 3357, 3358 and 3359 by either long hole or
cut and fill mining. </P>
<P align=justify>Development of the main ramp at Porvenir 4 continued to reach
the 3358 main production zone. Development in ore was completed on the 3507,
3508 B (Bajo) levels. Stope production came from the 3504, 3506, 3507 and 3508 B
(Bajo). Total mine reported production for 2015 was 431,431 tonnes at 295 g/t Ag
and 0.62 g/t Au. </P>
<P align=justify>As of December 31, 2015, the Guanacev&#237; mines project had a
roster of 542 employees and an additional 128 contractors. The mine operates on
two 10-hour shifts, 7 days a week, whereas the mill operates on a 24/7 schedule.
</P>
<P align=center>23 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify><B>Mineral Resource Estimate </B></P>
<P align=justify>Resource geologist Zachary J. Black, SME-RM, of HRC is
responsible for the mineral resource estimate presented in this report. Mr.
Black is a Qualified Person as defined by NI 43-101, and is independent of EDR.
The mineral resources reported herein are classified as Measured, Indicated and
Inferred according to CIM Definition Standards. </P>
<P align=justify>HRC estimated the mineral resource for the Guanacev&#237; Project
based on drillhole data constrained by geologic vein boundaries with an Inverse
Distance Weighted (&#147;ID&#148;) algorithm. Datamine Studio RM&#174; V1.0.73.0 (&#147;Datamine&#148;)
software was used to complete the resource estimate in conjunction with Leapfrog
Geo&#174; V.3.0.0 (&#147;Leapfrog&#148;), which was used to produce the geologic model. The
metals of interest at Guanacev&#237; are gold and silver. </P>
<P align=justify>The Guanacev&#237; mineral resource is comprised of 22 individual
veins. The veins are further subdivided by area and modeling method. The mineral
resources have been estimated using either a Vertical Longitudinal Projection
(VLP) polygonal method (4 veins) or as 3-dimensional (&#147;3D&#148;) block model (18
veins).</P>
<P align=justify>The resources based on the 2D polygonal methods are estimated
by using a fixed distance VLP from sample points. The VLPs are created by
projecting vein geology and underground workings onto a vertical 2D long
section. The 2D estimates were classified based on the distance to the nearest
sample. Measured mineral resources are the area of the defined resource blocks
within 10 meters of a sample. Indicated mineral resources are the area of the
defined resource blocks within 20 meters of a sample. Inferred mineral resources
are those blocks greater than 20 meters from a sample and have a value for
estimated silver. </P>
<P align=justify>HRC constructed the 3D vein models using Leapfrog. Eighteen
veins were modeled using a linear interpolation methodology and sample
intervals. Cross-sections orthogonal to the strike of the vein were used to
select intervals from drillholes representing the vein material. Level sections
were used to select vein material from channel samples. Points representing the
hanging wall and footwall contacts were extracted by the software to interpolate
hanging wall and footwall surfaces. These surfaces were used to delineate each
vein solid. The surfaces were evaluated in 3-dimensions to ensure that both the
down dip and along strike continuity was maintained throughout the model. Veins
were clipped against younger veins, topography, and the concession boundaries.
</P>
<P align=justify>The mineral resource estimate includes all analytical data
obtained as of December 31, 2015. Mineral resources are not mineral reserves and
may be materially affected by environmental, permitting, legal, socio-economic,
political, or other factors. Mineral resources are reported above a silver
equivalent grade of 182 gpt, assuming a silver price of $17.60 per ounce. HRC
used a cutoff grade to test for reasonable prospects for economic
extraction.</P>
<P align=center>24 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify>The mineral resources for the Guanacev&#237; mine as of December 31,
2015, are summarized in Table 1-1. The resources are exclusive of the mineral
reserves. </P>
<P align=center><B>Table 1-1 Mineral Resource Estimate, Effective Date December
31, 2015 </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=middle align=center rowSpan=2 bgcolor="#EEEEEE"><B>Classification</B> </TD>
    <TD vAlign=middle align=center width="12%" rowSpan=2 bgcolor="#EEEEEE"
      ><B>Tonnes</B> </TD>
    <TD vAlign=middle align=center width="12%" bgcolor="#EEEEEE"><B>Silver Equivalent</B> </TD>
    <TD colspan="2" align=center vAlign=middle bgcolor="#EEEEEE" > <B>Silver</B> </TD>
    <TD colspan="2" align=center vAlign=middle bgcolor="#EEEEEE" > <B>Gold</B></TD>
    </TR>
  <TR vAlign=top>
    <TD vAlign=middle align=center width="12%" bgcolor="#EEEEEE"><B>g/t</B> </TD>
    <TD vAlign=middle align=center width="12%" bgcolor="#EEEEEE" ><B>g/t</B> </TD>
    <TD vAlign=middle align=center width="12%" bgcolor="#EEEEEE"><B>oz.</B> </TD>
    <TD vAlign=middle align=center width="12%" bgcolor="#EEEEEE" ><B>g/t</B> </TD>
    <TD vAlign=middle align=center width="12%" bgcolor="#EEEEEE" ><B>oz.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Measured</B> </TD>
    <TD align=right width="12%" >181,500 </TD>
    <TD align=center width="12%">342 </TD>
    <TD align=center width="12%" >304 </TD>
    <TD align=right width="12%">1,777,309 </TD>
    <TD align=center width="12%" >0.53 </TD>
    <TD align=right width="12%" >3,097 </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Indicated</B> </TD>
    <TD align=right width="12%" >2,313,100 </TD>
    <TD align=center width="12%">331 </TD>
    <TD align=center width="12%" >277 </TD>
    <TD align=right width="12%">20,564,771 </TD>
    <TD align=center width="12%" >0.78 </TD>
    <TD align=right width="12%" >58,127 </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Measured +</B> <B>Indicated</B> </TD>
    <TD align=right width="12%" >2,494,600 </TD>
    <TD align=center width="12%">332 </TD>
    <TD align=center width="12%" >279 </TD>
    <TD align=right width="12%">22,342,080 </TD>
    <TD align=center width="12%" >0.76 </TD>
    <TD align=right width="12%" >61,224 </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Inferred</B> </TD>
    <TD align=right width="12%" >1,150,600 </TD>
    <TD align=center width="12%">358 </TD>
    <TD align=center width="12%" >308 </TD>
    <TD align=right width="12%">11,390,368 </TD>
    <TD align=center width="12%" >0.72 </TD>
    <TD align=right width="12%" >26,551 </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Total</B> </TD>
    <TD align=right width="12%" >3,645,300 </TD>
    <TD align=center width="12%">340 </TD>
    <TD align=center width="12%" >288 </TD>
    <TD align=right width="12%">33,732,449 </TD>
    <TD align=center width="12%" >0.75 </TD>
  <TD align=right width="12%" >87,775</TD></TR></TABLE>
</DIV><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%">1. </TD>
    <TD>
      <P align=justify>Measured, Indicated and Inferred resource cut-off grades
      were 182 g/t silver equivalent at Guanacev&#237;.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Mineral resources are not mineral reserves and do not
      have demonstrated economic viability. There is no certainty that all or
      any part of the mineral resources estimated will be converted into mineral
      reserves.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Metallurgical recoveries were 83.5% silver and 86.2%
      gold.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>Silver equivalents are based on a 70:1 silver: gold
      ratio</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Price assumptions are $17.60 per ounce for silver and
      $1,260 per ounce for gold for resource cutoff calculations.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>Mineral resources are estimated exclusive of and in
      addition to mineral reserves.</P></TD></TR></TABLE>
<P align=justify><B>Mineral Reserve Estimate </B></P>
<P align=justify>Mr. Jeff Choquette, P.E., MMSA-QP, of HRC is responsible for
the mineral reserve estimate presented in this report. Mr. Choquette is
Qualified Person as defined by NI 43-101 and is independent of EDR. The mineral
reserve estimate for EDR&#146;s Guanacev&#237; Project has an effective date of December
31st, 2015. The mineral reserve estimate includes the Santa Cruz and Porvenir
Norte areas of the mine and the ore stockpiles at the mill site. Stope designs
for reporting the mineral reserves were created utilizing the updated resources
and cutoff&#146;s established for 2016. All of the stopes are within readily
accessible areas of the active mining areas. Ore is processed in the on-site
mill, leaching circuit and Merrill Crowe process capable of processing 1,300
tpd. </P>
<P align=justify>HRC utilized Datamine&#146;s Mineable Shape Optimizer (&#147;MSO&#148;)
program to generate the stopes for the reserve mine plan. The stopes were
created based solely on Measured and Indicated resources above the calculated
cutoff, which have demonstrated to be economically viable; therefore, Measured
and Indicated mineral resources within the stopes have been converted to Proven
and Probable mineral reserves as defined by CIM. Inferred mineral resources are
classified as waste. Dilution is applied to Measured and Indicated resource
blocks depending on the mining method chosen. </P>
<P align=justify>The mining breakeven cut-off grade, which includes internal
stope dilution, was utilized in Datamine&#146;s MSO to generate the stope designs for
defining the reserves. The cut-off is stated as silver equivalent since the
ratio between gold and silver is variable and both commodities are sold. The
average cut-off grade used for the Guanacev&#237; property is 200 g/t Ag equivalent.
Silver equivalent grade is calculated as the silver grade + (gold grade * 70),
taking into account gold and silver prices and expected mill recoveries. </P>
<P align=center>25 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify>Mineral reserves are derived from Measured and Indicated
resources after applying the economic parameters as stated above, and utilizing
Datamine&#146;s MSO program to generate stope designs for the reserve mine plan. The
Guanacev&#237; Project mineral reserves are derived and classified according to the
following criteria: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Proven mineral reserves are the economically mineable part of the Measured
  resource for which mining and processing / metallurgy information and other
  relevant factors demonstrate that economic extraction is feasible. For
  Guanacev&#237; Project, this applies to blocks located within approximately 10m of
  existing development and for which EDR has a mine plan in place. </P>
  <LI>
  <P>Probable mineral reserves are those Measured or Indicated mineral resource
  blocks which are considered economic and for which EDR has a mine plan in
  place. For the Guanacev&#237; mine project, this is applicable to blocks located a
  maximum of 35m either vertically or horizontally from development with one
  exception in the main lower Santa Cruz vein the maximum distance to
  development was extended to 110m as this area is currently being developed.
  </P></LI></UL>
<P align=justify>The Proven and Probable mineral reserves for the Guanacev&#237; mine
as of December 31, 2015 are summarized in Table 1-2. The reserves are exclusive
of the mineral resources reported in Section 14 of this report. </P>
<P align=center><B>Table 1-2 Mineral Reserve Estimate </B></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 3px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left bgcolor="#EEEEEE"><BR><B>Classification</B> </TD>
    <TD width="11%"
    align=center nowrap bgcolor="#EEEEEE" style="BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><B>Tonnes</B> <BR>
      <B>(t x 1,000)</B> </TD>
    <TD width="11%"
    align=center nowrap bgcolor="#EEEEEE" style="BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><B>AgEq</B> <BR>
      <B>g/t</B> </TD>
    <TD width="11%"
    align=center nowrap bgcolor="#EEEEEE" style="BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><BR>
      <B>Ag g/t</B> </TD>
    <TD width="11%"
    align=center nowrap bgcolor="#EEEEEE" style="BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><B>Ag (oz)</B> <BR>
      <B>* 1,000</B> </TD>
    <TD width="11%"
    align=center nowrap bgcolor="#EEEEEE" style="BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><BR>
      <B>Au g/t</B> </TD>
    <TD width="11%"
    align=center nowrap bgcolor="#EEEEEE" style="BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><B>Au (oz)</B> <BR>
      <B>* 1,000</B> </TD>
    <TD width="11%"
    align=center nowrap bgcolor="#EEEEEE"
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><B>%</B> <BR>
    <B>Dilution</B> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 0px solid"
    align=left>Proven </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="11%">107.4 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="11%">290.1 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="11%">254.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="11%">877.2 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="11%">0.52 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="11%">1.78 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="11%">29.9% </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left>Probable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="11%">797.9 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="11%">236.1 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="11%">205.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="11%">5,260.1 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="11%">0.45 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="11%">11.65 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=center width="11%">25.7% </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=left><B>Total Proven and Probable Reserves</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=center
    width="11%">905.3 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=center
    width="11%">242.5 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=center
    width="11%">210.8 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=center
    width="11%">6,137.3 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=center
    width="11%">0.46 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=center
    width="11%">13.43 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    vAlign=bottom align=center width="11%">26.2%
</TD></TR></TABLE></DIV><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%">1. </TD>
    <TD>
      <P align=justify>Reserve cut-off grades are based on a 200 g/t silver
      equivalent.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Metallurgical Recoveries were 83.5% silver and 86.2%
      gold.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Mining Recoveries of 95% were applied.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>Minimum mining widths were 1.4 meters.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Dilution factors averaged 26.2%. Dilution factors are
      calculated based on internal stope dilution calculations and external
      dilution factors of 15% for cut and fill and 30% for long hole.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>Silver equivalents are based on a 70:1 silver:gold
      ratio.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>Price assumptions are $16 per ounce for silver and $1,150
      per ounce for gold.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>Mineral resources are estimated exclusive of and in
      addition to mineral reserves.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify>Figures in table are rounded to reflect estimate
      precision; small differences generated by rounding are not material to
      estimates.</P></TD></TR></TABLE>
<P align=justify><B>Conclusions and Recommendations </B></P>
<P align=justify>The QP considers the Guanacev&#237; resource and reserve estimates
presented here to conform with the requirements and guidelines set forth in
Companion Policy 43-101CP and Form 43-101F1 (June 2011), and the mineral
resources and reserves presented herein are classified according to Canadian
Institute of Mining, Metallurgy and Petroleum (&#147;CIM&#148;) Definition Standards - For
Mineral Resources and Mineral Reserves, prepared by the CIM Standing Committee
on Reserve Definitions and adopted by CIM Council on May 10, 2014. These
resources and reserves form the basis for EDR&#146;s ongoing mining operations at the
Guanacev&#237; Mines Project. </P>
<P align=center>26 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify>The QP is unaware of any significant technical, legal,
environmental or political considerations which would have an adverse effect on
the extraction and processing of the resources and reserves located at the
Guanacev&#237; Mines Project. Mineral resources which have not been converted to
mineral reserves, and do not demonstrate economic viability shall remain mineral
resources. There is no certainty that all or any part of the mineral resources
estimated will be converted into mineral reserves. </P>
<P align=justify>The QP considers that the mineral concessions in the Guanacev&#237;
mining district controlled by EDR continue to be highly prospective both along
strike and down dip of the existing mineralization. </P>
<P align=justify>EDR&#146;s Guanacev&#237; Mines Project has an extensive mining history
with well-known silver and gold bearing vein systems. Ongoing exploration has
continued to demonstrate the potential for the discovery of additional resources
at the project and within the district surrounding the mine. Since EDR took
control of the Guanacev&#237; mines Property, new mining areas have enabled EDR to
increase production by providing additional sources of mill feed. EDR&#146;s
operation management teams continue to search for improvements in efficiency,
lowering costs and researching and applying low-cost mining techniques. </P>
<P align=justify>For 2016, EDR plans to develop a surface drilling program
focused on the North part of the Pelayo vein, and also the South part of the
Santa Cruz ore body. Also, underground drilling will be conducted with the
objective to determine the extension to depth of the ore bodies at the
Central-North Porvenir and Santa Cruz Mine areas; around 500 m of cross-cuts
will be developed for these programs. Regional Exploration will continue to try
to find possible targets with mineralized zones within 50 km, mainly towards the
Northwest and South parts of the District, to potentially acquire properties for
future growth. The 2016 surface exploration program is planned to include 3,600
m of core in approximately 15 diamond drill holes to test the Pelayo &amp; Santa
Cruz veins. Budgeted cost of the program is US $783,500. The budget cost for the
underground program is US $897,000, the program includes 2,000 m of core to test
the Santa Cruz vein at the deep Porvenir &amp; Santa Cruz mines. </P>
<P align=justify>HRC recommends that the continuation of the conversion of all
resources into reserves from 2D polygons to 3D block models be continued. During
2015 considerable progress has been completed on this process. Additional
modeling efforts should be made to define the mineralized brecciated areas as
they have been an import source of economic material encountered in the current
operation, and could provide additional tonnage to support the mine plan.</P>
<P align=justify>Currently EDR utilizes the exploration drilling and chip and
muck samples in their resource and reserve calculations. HRC recommends that
future efforts focus on constructing block models for resource and reserve
reporting utilizing only the exploration and underground drilling results. The
chip and muck samples should be used to develop the production model. This will
help in keeping data densities consistent in each modeling effort and allow
another level into the reconciliation process to compare modeling results. </P>
<P align=justify>Although the reconciliations conducted by EDR show good
comparisons on planned values versus actual values the reconciliation process
should be improved to include the estimated tonnes and grade from the resource
models. By comparing the LOM plan on a monthly basis to the plant production the
actual physical location of the material mined may be different in the plan
versus the actual area that was mined. Due to the many faces that are mined
during a day this can only be completed on an average monthly basis to account
for the blending of this material at the mill. The monthly surveyed as mined
areas should be created and saved on a monthly basis for reporting the modeled
tonnes for each month. The combination of the 3D block models and 2D and
polygonal reserves makes this process difficult but considerable progress has
been made during the last year to get all resources and reserves into 3D block
models. The model predicted results versus actuals can then be used to determine
if dilution factors need to be adjusted or perhaps the resource modeling
parameters may require adjustment if there are large variances. On a yearly
basis the mill production should be reconciled to the final concentrate
shipments and resulting adjustment factors should be explained and reported.
</P>
<P align=center>27 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify><B><I><U>Bola&#241;itos Mines Project (formerly the Guanajuato Mines
Project), Guanajuato State, Mexico</U></I></B><B><I> </I></B></P>
<P align=justify>The following summary of the Bola&#241;itos Mines Project is
extracted from the technical report titled &#147;NI 43-101 Technical Report: Updated
Minerals Resource and Reserve Estimates for the Bola&#241;itos Project (formerly the
Guanajuato Mines Project) Guanajuato State Mexico&#148; prepared by Hard Rock
Consulting LLC, with an effective date of December 31, 2015 and dated March 3,
2016. The complete report can be viewed on SEDAR at www.sedar.com. The technical
report is incorporated by reference in its entirety into this AIF.</P>
<P align=justify><B>SUMMARY </B></P>
<P align=justify><B>Introduction </B></P>
<P align=justify>Hard Rock Consulting, LLC (&#147;HRC&#148;) was retained by Endeavour
Silver Corp. (&#147;EDR&#148;) to complete an independent technical audit and to update
the mineral resource and reserve estimates for the Bola&#241;itos Project (the
&#147;Project&#148;) located in Guanajuato State, Mexico. This report presents the results
of HRC&#146;s efforts, and is intended to fulfill the Standards of Disclosure for
Mineral Projects according to Canadian National Instrument 43-101 (&#147;NI 43-101&#148;).
This report was prepared in accordance with the requirements and guidelines set
forth in Companion Policy 43-101CP and Form 43-101F1 (June 2011), and the
mineral resources and reserves presented herein are classified according to
Canadian Institute of Mining, Metallurgy and Petroleum (&#147;CIM&#148;) Definition
Standards - For Mineral Resources and Mineral Reserves, prepared by the CIM
Standing Committee on Reserve Definitions and adopted by CIM Council on May 10,
2014. The mineral resource and mineral reserve estimates reported here are based
on all available technical data and information as of December 31, 2015.</P>
<P align=justify><B>Property Description and Ownership </B></P>
<P align=justify>In 2007, EDR acquired the Bola&#241;itos mine from Industrias
Pe&#241;oles S.A. de C.V. (Pe&#241;oles), the owner at the time, and Minas de la Luz, S.A.
de C.V. (Minas de la Luz), the operator at the time. The acquisition included
the Mina Cebada, Mina Bola&#241;itos, Mina Golondrinas and Mina Asunci&#243;n (as well as
a few other currently closed mines). Minas de la Luz continued as the operator
of the mines until June, 2007, when EDR assumed control. The Mina Asunci&#243;n is
very close to the Mina Bola&#241;itos and the two are currently connected
underground. </P>
<P align=justify>The Bola&#241;itos Project is located in the state of Guanajuato,
Mexico. The mine consists of three operating mines: the Bola&#241;itos, Lucero, and
Asuncion mines, which are located near the town of La Luz, about 12 km to the
northeast of Guanajuato. All of the mines are readily accessed by paved and
gravel roads. EDR also owns the inactive Cebada mine, located about 5 km north
of the city of Guanajuato, and the inactive Golondrinas mine, which is 3.5 km to
the southwest of Cebada. </P>
<P align=justify><B>Geology and Mineralization </B></P>
<P align=justify>The Bola&#241;itos mine is located in eastern part of the Guanajuato
mining district, in the southeastern portion of the Sierra de Guanajuato, which
is an anticlinal structure about 100 km long and 20 km wide. Bola&#241;itos is
located on the northeast side of this structure where typical primary bedding
textures dip 10&#176; to 20&#176; to the north-northeast. Economic mineralization at
Bola&#241;itos is known to extend as much as 250 m vertically from 2300 m to 2050 m
elevation with the exception of the La Luz vein that extends 400 m vertically
from 2300 m to 1900 m.</P>
<P align=center>28 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify>The Guanajuato mining district is characterized by classic,
high grade silver-gold, epithermal vein deposits with low sulfidation
mineralization and adularia-sericite alteration. Veins in the Guanajuato
district are typical of most epithermal silver-gold vein deposits in Mexico with
respect to the volcanic or sedimentary host rocks and the paragenesis and tenor
of mineralization. The Guanajuato mining district hosts three major mineralized
fault systems, the La Luz, Veta Madre and Sierra systems.</P>
<P align=justify>Of the geological formations associated with the Guanajuato
district, only the Esperanza and La Luz Formations occur in the Bola&#241;itos mine
area with mineralization residing primarily within the La Luz Formation.
Mineralization is known to dissipate at the contact with the Esperanza
Formation. </P>
<P align=justify>The Veta Madre historically was the most productive vein in the
Guanajuato district, and is by far the most continuous, having been traced on
the surface for nearly 25 km. The vein dips from 35&#176; to 55&#186; to the southwest
with measured displacement of around 1,200m near the Las Torres mine and 1,700 m
near La Valenciana mine. The most productive veins at Bola&#241;itos strike parallel
to the Veta Madre system. </P>
<P align=justify>Bola&#241;itos mineralization is directly related to faulting.
Mineralization occurs as open-space fillings in fracture zones or impregnations
in locally porous wall rock. Veins which formed in relatively open spaces are
the main targets for mining. </P>
<P align=justify>Mineralized veins at Bola&#241;itos consist of the classic banded
and brecciated epithermal variety. Silver occurs primarily in dark sulfide-rich
bands within the veins, with little mineralization within the wall rocks. The
major metallic minerals reported include pyrite, argentite, electrum and ruby
silver, as well as some galena and sphalerite, generally deeper in the veins.
Mineralization is generally associated with phyllic (sericite) and
silicification alteration which forms haloes around the mineralizing structures.
The vein textures are attributed to the brittle fracturing-healing cycle of the
fault-hosted veins during and/or after faulting. </P>
<P align=justify>Economic concentrations of precious metals are present in
&#147;shoots&#148; distributed vertically and laterally between non-mineralized segments
of the veins. Overall, the style of mineralization is pinch-and-swell with some
flexures resulting in closures and others generating wide sigmoidal breccia
zones. </P>
<P align=justify><B>Status of Exploration </B></P>
<P align=justify>In 2015, EDR spent US $1,453,473 (including property holding
costs) on exploration activities, including drilling, at the Bola&#241;itos Project.
Geological mapping, sampling, and interpretation of the target areas at
Bola&#241;itos included: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Bola&#241;itos North (Bola&#241;itos, San Ignacio, San Miguel &amp; Realejo Veins);
  </P>
  <LI>
  <P>Bola&#241;itos South (San Antonio); </P>
  <LI>
  <P>Ana Rosa and Belen (Erika, Ana, Edith and Perla). </P></LI></UL>
<P align=justify>These activities were mainly conducted to complete the
delineation of the Bola&#241;itos North structures, and to investigate possible
targets of interest in the South West part of Belen and in the Ana Rosa claim
(located at SW of la Luz town). </P>
<P align=justify>Exploration activities were designed to generate drill targets
and to further refine areas of interest by discriminating between mineralized
and barren ground. Geochemical sampling has been successful identifying vein
systems anomalous in gold and silver, as well as identifying other modes of
mineralization (Rio Dike). Detailed geologic mapping is problematic in the
Bola&#241;itos Project area due to rugged terrain, dense vegetation, and the
homogeneity of the country rock, making it difficult to distinguish between
units.</P>
<P align=center>29 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify><B>Mineral Resource Estimate </B></P>
<P align=justify>Resource geologist Zachary J. Black, SME-RM, of HRC is
responsible for the mineral resource estimate presented here. Mr. Black is a
Qualified Person as defined by NI 43-101, and is independent of EDR. EDR
estimated the mineral resource for the Bola&#241;itos mine Project based on drillhole
data constrained by geologic vein boundaries under the direct supervision of
HRC. Datamine Studio RM&#174; V1.0.73.0 (&#147;Datamine&#148;) software was used to audit the
resource estimate in conjunction with Leapfrog Geo&#174; V.3.0.0 (&#147;Leapfrog&#148;), which
was used to produce a geologic model. The metals of interest at Bola&#241;itos are
gold and silver. </P>
<P align=justify>The Bola&#241;itos mineral resource is comprised of 21 individual
veins. The veins are further subdivided into areas and modeling method. The
mineral resources have been estimated using either a Vertical Longitudinal
Projection (VLP) polygonal method (9 veins) or as 3-dimensional (&#147;3D&#148;) block
model (12 veins). The 3D models have been split into 2 areas based on the vein
location within the deposit.</P>
<P align=justify>The resources based on the 2D polygonal methods are estimated
by using a fixed distance Vertical Longitudinal Projection (VLP) from sample
points. The VLPs are created by projecting vein geology and underground workings
onto a vertical 2D long section. Resource blocks are constructed on the VLP
based on the sample locations in the plane of the projection. EDR geologists
review the data for sample trends and delineate areas with similar
characteristics along the sample lines. The areas are then grouped based on
mining requirements and the average grades and thicknesses of the samples are
tabulated for each block. Resource volumes are calculated from the delineated
area and the horizontal thickness of the vein, as recorded in the sample
database. The volume and density are used to determine the overall resource
tonnage for each area, and the grades are reported as a length weighted average
of the samples inside each resource block. </P>
<P align=justify>HRC validated the vein models provided by EDR using Leapfrog.
Ten veins were modeled by EDR using a series of cross-sectional interpretations.
The sectional interpretations are based primarily on composite intercepts and
are used to construct 3D vein solids in Vulcan. Cross-sections orthogonal to the
strike of the vein and level plan sections were used to insure sample selections
for compositing were contained within the modeled veins. HRC confirmed the areas
reported in EDR resource sheets loading AutoCAD&#174; long VLP&#146;s provided by EDR into
ArcGIS&#174; software, and tracing the perimeter of the resource blocks and measuring
the area with the built in measuring tool. The dip of the vein and true
thickness are known variables. </P>
<P align=justify>The mineral resource estimate for the Bola&#241;itos Project as of
December 31<SUP>st</SUP>, 2015, is summarized in Table 1-1. The mineral
resources are exclusive of the mineral reserves. </P>
<P align=center><B>Table 1-1 Mineral Resource Estimate, Effective Date December
31st, 2015 </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=middle align=center rowSpan=2 bgcolor="#EEEEEE"><B>Classification</B> </TD>
    <TD vAlign=middle align=center width="12%" rowSpan=2 bgcolor="#EEEEEE"><B>Tonnes</B> </TD>
    <TD vAlign=middle align=center width="12%" bgcolor="#EEEEEE"><B>Silver</B>
      <BR><B>Equivalent</B> </TD>
    <TD colspan="2" align=center vAlign=middle bgcolor="#EEEEEE" ><B>Silver</B> </TD>
    <TD colspan="2" align=center vAlign=middle bgcolor="#EEEEEE" ><B>Gold</B> </TD>
    </TR>
  <TR vAlign=top>
    <TD vAlign=middle align=center width="12%" bgcolor="#EEEEEE"><B>g/t</B> </TD>
    <TD vAlign=middle align=center width="12%" bgcolor="#EEEEEE" ><B>g/t</B> </TD>
    <TD vAlign=middle align=center width="12%" bgcolor="#EEEEEE"><B>oz.</B> </TD>
    <TD vAlign=middle align=center width="12%" bgcolor="#EEEEEE" ><B>g/t</B> </TD>
    <TD vAlign=middle align=center width="12%" bgcolor="#EEEEEE"><B>oz.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Measured</B> </TD>
    <TD align=center width="12%">101,200 </TD>
    <TD align=center width="12%">289 </TD>
    <TD align=center width="12%" >140 </TD>
    <TD align=center width="12%">457,317 </TD>
    <TD align=center width="12%" >2.13 </TD>
    <TD align=center width="12%">6,920 </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Indicated</B> </TD>
    <TD align=center width="12%">940,700 </TD>
    <TD align=center width="12%">290 </TD>
    <TD align=center width="12%" >154 </TD>
    <TD align=center width="12%">4,648,332 </TD>
    <TD align=center width="12%" >1.94 </TD>
    <TD align=center width="12%">58,742 </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Measured + Indicated</B> </TD>
    <TD align=center width="12%">1,042,00 </TD>
    <TD align=center width="12%">289 </TD>
    <TD align=center width="12%" >152 </TD>
    <TD align=center width="12%">5,105,649 </TD>
    <TD align=center width="12%" >1.96 </TD>
    <TD align=center width="12%">65,662 </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Inferred</B> </TD>
    <TD align=center width="12%">1,291,800 </TD>
    <TD align=center width="12%">342 </TD>
    <TD align=center width="12%" >171 </TD>
    <TD align=center width="12%">7,105,584 </TD>
    <TD align=center width="12%" >2.45 </TD>
    <TD align=center width="12%">101,807 </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Total</B> </TD>
    <TD align=center width="12%">2,333,800 </TD>
    <TD align=center width="12%">319 </TD>
    <TD align=center width="12%" >163 </TD>
    <TD align=center width="12%">12,211,233 </TD>
    <TD align=center width="12%" >2.23 </TD>
    <TD align=center width="12%">167,469 </TD></TR></TABLE>
</DIV>
<P align=center>30 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<TABLE
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  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>Measured, Indicated and Inferred resource cut-off grades
      were 175 g/t silver equivalent at Bola&#241;itos.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Mineral resources are not mineral reserves and do not
      have demonstrated economic viability. There is no certainty that all or
      any part of the mineral resources estimated will be converted into mineral
      reserves.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Metallurgical recoveries were 75.9% silver and 84.7%
      gold.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>Silver equivalents are based on a 70:1 silver:gold
      ratio</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Price assumptions are $17.60 per ounce for silver and
      $1,260 per ounce for gold for resource cutoff calculations.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>Mineral resources are estimated exclusive of and in
      addition to mineral reserves.</P></TD></TR></TABLE>
<P align=justify><B>Mineral Reserve Estimate </B></P>
<P align=justify>Mr. Jeff Choquette, P.E., MMSA QP Member, of HRC is responsible
for the mineral reserve estimate presented in this report. Mr. Choquette is
Qualified Person as defined by NI 43-101 and is independent of EDR. The reserve
calculation for the Bola&#241;itos Project was completed in accordance with NI 43-101
and has an effective date of December 31st, 2015. Stope designs for reporting
the reserves were created utilizing the updated resources and cutoff&#146;s
established for 2016. All of the stopes are within readily accessible areas of
the active mining areas. Ore is processed in the on-site mill and floatation
process capable of processing 1,600 tpd. </P>
<P align=justify>HRC utilized Datamine&#146;s MSO (Mineable shape optimizer) program
to generate the stopes for the reserve mine plan. The stopes were created based
solely on Measured and Indicated resources above the calculated cutoff, which
have demonstrated to be economically viable; therefore, Measured and Indicated
mineral resources within the stopes have been converted to Proven and Probable
mineral reserves as defined by CIM. Inferred mineral resources are classified as
waste. Dilution is applied to Measured and Indicated resource blocks depending
on the mining method chosen. </P>
<P align=justify>The mining breakeven cut-off grade, which includes internal
stope dilution, was utilized in Datamine&#146;s MSO to generate the stope designs for
defining the reserves. The cut-off is stated as silver equivalent since the
ratio between gold and silver is variable and both commodities are sold. The
average cut-off grade used for the Bola&#241;itos property is 192 g/t Ag equivalent.
Silver equivalent grade is calculated as the silver grade + (gold grade * 70),
taking into account gold and silver prices and expected mill recoveries. </P>
<P align=justify>Mineral reserves are derived from Measured and Indicated
resources after applying the economic parameters as previously stated, and
utilizing Datamine&#146;s MSO program to generate stope designs for the reserve mine
plan. The Bola&#241;itos Project mineral reserves are derived and classified
according to the following criteria: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Proven mineral reserves are the economically mineable part of the Measured
  resource for which mining and processing / metallurgy information and other
  relevant factors demonstrate that economic extraction is feasible. For
  Bola&#241;itos Project, this applies to blocks located within approximately 10m of
  existing development and for which EDR has a mine plan in place. </P>
  <LI>
  <P>Probable mineral reserves are those Measured or Indicated mineral resource
  blocks which are considered economic and for which EDR has a mine plan in
  place. For the Bola&#241;itos mine project, this is applicable to blocks located a
  maximum of 35m either vertically or horizontally from development.
</P></LI></UL>
<P align=justify>The Proven and Probable mineral reserves for the Bola&#241;itos
Project as of December 31, 2015 are summarized in Table 1-2. The reserves are
exclusive of the mineral resources reported in Section 14 of this report. </P>
<P align=center>31 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=center><B>Table 1-2 Mineral Reserve Estimate </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    vAlign=middle align=center bgcolor="#EEEEEE" ><B>Classification</B> </TD>
    <TD width="10%" align=center
    vAlign=middle nowrap bgcolor="#EEEEEE" style="BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><B>Tonnes</B> <BR>
      <B>(t
      x</B> <BR><B>1,000)</B> </TD>
    <TD width="10%" align=center
    vAlign=middle nowrap bgcolor="#EEEEEE" style="BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><B>AgEq</B> <BR>
      <B>g/t</B> </TD>
    <TD width="10%" align=center
    vAlign=middle nowrap bgcolor="#EEEEEE" style="BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><B>Ag g/t</B> </TD>
    <TD width="10%" align=center
    vAlign=middle nowrap bgcolor="#EEEEEE" style="BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><B>Ag (oz)</B> <BR>
      <B>* 1,000</B>
    </TD>
    <TD width="10%" align=center
    vAlign=middle nowrap bgcolor="#EEEEEE" style="BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><B>Au</B> <B>g/t</B> </TD>
    <TD width="10%" align=center
    vAlign=middle nowrap bgcolor="#EEEEEE" style="BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><B>Au (oz)</B> <BR>
      <B>* 1,000</B>
    </TD>
    <TD width="10%" align=center
    vAlign=middle nowrap bgcolor="#EEEEEE"
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><B>%</B> <BR>
    <B>Dilution</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >Proven </TD>
    <TD align=center width="10%">205.6 </TD>
    <TD align=center width="10%">304.1 </TD>
    <TD align=center width="10%">125.2 </TD>
    <TD align=center width="10%">827.3 </TD>
    <TD align=center width="10%">2.60 </TD>
    <TD align=center width="10%">17.18 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=center
      width="10%">16.1% </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center >Probable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">172.6 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">279.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">101.3 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">562.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">2.73
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">15.15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center width="10%">33.4% </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=left ><B>Total Proven and Probable Reserves</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="10%">378.1 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="10%">292.6 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="10%">114.3 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="10%">1,389.3 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="10%">2.66 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="10%">32.34 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=center width="10%">24.0% </TD></TR></TABLE></DIV><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%">1. </TD>
    <TD>
      <P align=justify>Reserve cut-off grades are based on a 192 g/t silver
      equivalent.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Metallurgical Recoveries were 75.9% silver and 84.7%
      gold.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Mining Recoveries of 95% were applied.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>Minimum mining widths were 0.8 meters.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Dilution factors averaged 24.0%. Dilution factors are
      calculated based on internal stope dilution calculations and external
      dilution factors of 15% for cut and fill and 30% for long hole.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>Silver equivalents are based on a 70:1 silver:gold
      ratio.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>Price assumptions are $16 per ounce for silver and $1,150
      per ounce for gold.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>Mineral resources are estimated exclusive of and in
      addition to mineral reserves.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify>Figures in table are rounded to reflect estimate
      precision; small differences generated by rounding are not material to
      estimates.</P></TD></TR></TABLE>
<P align=justify><B>Conclusions and Recommendations </B></P>
<P align=justify>The QP considers the Bola&#241;itos mineral resource and reserve
estimates presented herein to conform with the requirements and guidelines set
forth in Companion Policy 43-101CP and Form 43-101F1 (June 2011), and the
mineral resources and reserves presented herein are classified according to
Canadian Institute of Mining, Metallurgy and Petroleum (&#147;CIM&#148;) Definition
Standards - For Mineral Resources and Mineral Reserves, prepared by the CIM
Standing Committee on Reserve Definitions and adopted by CIM Council on May 10,
2014. These mineral resources and reserves form the basis for EDR&#146;s ongoing
mining operations at the Bola&#241;itos Mines Project. </P>
<P align=justify>The QP is unaware of any significant technical, legal,
environmental or political considerations which would have an adverse effect on
the extraction and processing of the resources and reserves located at the
Bola&#241;itos Mines Project. Mineral resources which have not been converted to
mineral reserves, and do not demonstrate economic viability shall remain mineral
resources. There is no certainty that all or any part of the mineral resources
estimated will be converted into mineral reserves. </P>
<P align=justify>The QP considers that the mineral concessions in the Bola&#241;itos
mining district controlled by EDR continue to be highly prospective both along
strike and down dip of the existing mineralization. </P>
<P align=justify>EDR&#146;s Bola&#241;itos Mines Project has an extensive mining history
with well-known silver and gold bearing vein systems. Ongoing exploration has
continued to demonstrate the potential for the discovery of additional resources
at the project and within the district surrounding the mine. Outside of the
currently known reserve/resource areas, the mineral exploration potential for
the Bola&#241;itos Project is considered to be very good. Parts of the known vein
splays beyond the historically mined areas also represent good exploration
targets for additional resource tonnage.</P>
<P align=justify>Since EDR took control of the Bola&#241;itos
Mines Project, new mining areas have enabled EDR to increase production by
providing additional sources of mill feed. EDR&#146;s operation management teams
continue to search for improvements in efficiency, lowering costs and
researching and applying low-cost mining techniques. </P>
<P align=center>32 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify>In 2016, EDR will conduct a surface drilling program at the
Bola&#241;itos South area in order to identify potential mineralization in the Gina,
Maru and La Cuesta veins. Regional exploration in 2016 will be focused on the
Tlachiquera claim (recently staked), located in the northwestern portion of the
district. The 2016 surface exploration program is planned to include 1,000 m of
core, focused on the veins located at the Bola&#241;itos South area. Budgeted cost of
the program is US $ 215,000. </P>
<P align=justify>HRC recommends that the process of converting mineral resources
into reserves from 2D polygons to 3D block models be continued. During the last
couple of years, considerable progress has been made on this process with only
nine veins remaining to be converted to 3D. Additional modeling efforts should
be made to define the mineralized brecciated areas as they have been an
important source of economic material encountered in the current operation, and
could provide additional tonnage to support the mine plan.</P>
<P align=justify>EDR currently utilizes the exploration drilling and chip and
muck samples in their resource and reserve calculations. HRC recommends that
future efforts focus on constructing block models for resource and reserve
reporting utilizing only the exploration and underground drilling results. The
chip and muck samples should be used to develop the production model. This will
help keep data densities consistent in each modeling effort and will provide
another level in the reconciliation process to compare modeling results. </P>
<P align=justify>Although the reconciliations conducted by EDR show good
comparison between planned versus actual values, the reconciliation process
should be improved to include the estimated tonnes and grade from the resource
models. Because the LOM plan is compared to the plant production on a monthly
basis, the actual physical location of the material mined may be different than
the planned location. Due to the many stopes that are mined during a day this
can only be completed on an average monthly basis due to blending of stope
material into the mill. The monthly surveyed as mined areas should be created
into triangulation solids and saved on a monthly basis for reporting the modeled
tonnes for each month. The combination of the 3D block models and 2D and
polygonal reserves makes this process difficult but considerable progress has
been made during the last year to get all resources and reserves into 3D block
models. The model-predicted results versus actual can then be used to determine
if dilution factors need to be adjusted, or perhaps the resource modeling
parameters may require adjustment if there are large variances. The mill
production should be reconciled to the final concentrate shipments on a yearly
basis, and resulting adjustment factors should be explained and reported. </P>
<P align=justify><B><I><U>El Cubo Mines Project, Guanajuato State,
Mexico</U></I></B><B><I> </I></B></P>
<P align=justify>The following summary of the El Cubo Mines Project is extracted
from the technical report titled &#147;NI 43-101 Technical Report: Updated Mineral
Resource and Reserve Estimates for the El Cubo Project, Guanajuato State Mexico&#148;
prepared by Hard Rock Consulting LLC, with an effective date of December 31,
2015 and dated March 3, 2016. The complete report can be viewed on SEDAR at
www.sedar.com. The technical report is incorporated by reference in its entirety
into this AIF.</P>
<P align=center>33 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify><B>SUMMARY </B></P>
<P align=justify><B>Introduction </B></P>
<P align=justify>Hard Rock Consulting, LLC (&#147;HRC&#148;) was retained by Endeavour
Silver Corp. (&#147;EDR&#148;) to complete an independent technical audit and to update
the mineral resource and reserve estimates for the El Cubo Project (the
&#147;Project&#148;) located in Guanajuato State, Mexico. This report presents the results
of HRC&#146;s efforts, and is intended to fulfill the Standards of Disclosure for
Mineral Projects according to Canadian National Instrument 43-101 (&#147;NI 43-101&#148;).
This report was prepared in accordance with the requirements and guidelines set
forth in Companion Policy 43-101CP and Form 43-101F1 (June 2011), and the
mineral resources and reserves presented herein are classified according to
Canadian Institute of Mining, Metallurgy and Petroleum (&#147;CIM&#148;) Definition
Standards - For Mineral Resources and Mineral Reserves, prepared by the CIM
Standing Committee on Reserve Definitions and adopted by CIM Council on May 10,
2014. The mineral resource and mineral reserve estimates reported here are based
on all available technical data and information as of December 31, 2015.</P>
<P align=justify><B>Property Description and Ownership </B></P>
<P align=justify>EDR acquired a 100% interest in the El Cubo Project in July
2012, through purchase of issued and outstanding shares of Mexgold and ensuing
acquisition of Mexgold subsidiaries Compa&#241;&#237;a Minera Del Cubo, S.A. de C.V.,
AuRico Gold GYC, S.A. de C.V. and Metales Interamericanos, S.A. de C.V. </P>
<P align=justify>The El Cubo property is located in central Mexico, in
Guanajuato State near the village of El Cubo, approximately 10 km east of the
City of Guanajuato and about 280 km northwest of Mexico City. The geographic
center of the property is located at roughly 21&#176;00&#146;17&#148; N Latitude and 101&#176;12&#146;
25&#148; W Longitude, at an elevation of 2265 m above mean sea level. The El Cubo
property consists of 57 mining concessions covering an area of approximately
8,141 ha, including several mine adits, ramps, shafts, and the 2000 tpd El Tajo
flotation plant. </P>
<P align=justify><B>Geology and Mineralization </B></P>
<P align=justify>The El Cubo mine is located on the southeast flank of the
Sierra Madre Occidental geological province in the southeastern portion of the
Sierra de Guanajuato, an anticlinal structure about 100 km long and 20 km wide.
The property is underlain by a volcano-sedimentary sequence of Mesozoic to
Cenozoic age volcanic, sedimentary, and intrusive rocks, some members of which
host the veins exploited by the mine. The Cenozoic rocks may have been emplaced
in a caldera setting with hydrothermal alteration occurring at approximately 27
Ma (Buchanan, 1980).</P>
<P align=justify>The Guanajuato mining district is characterized by classic,
high grade silver-gold, epithermal vein deposits with low sulfidation
mineralization and adularia-sericite alteration. Veins in the Guanajuato
district are typical of most epithermal silver-gold vein deposits in Mexico with
respect to the volcanic or sedimentary host rocks and the paragenesis and tenor
of mineralization. The Guanajuato mining district hosts three major mineralized
fault systems, the La Luz, Veta Madre and Sierra systems. The El Cubo mine
exploits veins of the Sierra fault system. </P>
<P align=justify>The northwest striking and southwest dipping faults are the
main structures containing the very important Villalpando, La Loca, Dolores and
Pastora-Fortuna veins. These veins are generally steeply dipping with some
northeast dipping sections. The Capulin fault offsets the northwest-striking
vein systems at the south end of the El Cubo mine, displacing the Dolores vein
downward to the south. </P>
<P align=center>34 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify>Veins are the main targets for mining. Some weak stockworks
that grade into disseminations are viable targets, especially if they are close
enough to surface and can be mined from an open pit. An historic open cut exists
on the Dolores vein in the vicinity of the El Tajo mill. The Villalpando and the
Dolores veins have been actively mined since the early stages of mining at El
Cubo. </P>
<P align=justify>Mineralized veins at El Cubo consist of the classic banded and
brecciated epithermal variety. Silver occurs primarily in dark sulfide-rich
bands within the veins, generally with little mineralization within the
wall-rocks. The major metallic minerals reported include pyrite, argentite,
electrum and ruby silver, as well as some galena and sphalerite, generally
deeper in the veins. Mineralization is generally associated with phyllic
(sericite) alteration and silicification which form haloes around the
mineralizing structures. The vein textures are attributed to the brittle
fracturing-healing cycle of the fault-hosted veins during and/or after faulting.
</P>
<P align=justify>Economic concentrations of precious metals are present in
&#147;shoots&#148; distributed vertically and laterally between non-mineralized segments
of the veins, and at important vein intersections. The silver-rich veins, such
as Villalpando, contain quartz, adularia, pyrite, acanthite, naumannite and
native gold. Native silver is widespread in small amounts. Much of the native
silver is supergene. Silver sulfosalts (pyrargyrite and polybasite) are commonly
found at depth. Gold-rich veins, such as San Nicolas, contain quartz, pyrite,
minor chalcopyrite and sphalerite, electrum, and aguilarite. </P>
<P align=justify><B>Status of Exploration </B></P>
<P align=justify>Historical exploration at El Cubo was largely conducted by
drifting along known veins, with very little drilling. Drilling exploration
prior to 2000 was sporadic, and the associated information poorly organized.
Drilling activity at the El Cubo Project increased significantly between 2000
and 2009, in conjunction with the acquisition of El Cubo by Mexgold, and later
by Aurico, producing credible data for 844 drillholes (approximately 180,019 m).
The drillhole data applies to both surface and underground drilling, at a
variety of drilhole diameters, which occurred mainly over the Villalpando,
Dolores, La Loca, San Nicolas, San Eusebio, Pastora, Puertecito and La Cruz
structures. </P>
<P align=justify>In 2009, AuRico began the year with a dedicated six-month
program of data compilation followed by extensive field mapping over the Sierra
Vein system. At year end, AuRico had completed 16 core holes for 3,361 m in the
Dolores SE target. Exploration carried out in 2010 consisted of drilling in the
Dolores, Capulin, Villalpando Sur, Villalpando Gap, Puertecito, and La Cruz
target areas. Exploration activities carried out in 2011 focused on drilling the
step-out and in-fill on the 2009 Dolores Vein discovery.</P>
<P align=justify>In early 2012, AuRico drilled 16 drillholes on the Dolores SE
target, but all surface exploration drilling was put on hold subject to AuRico
completing the purchase and sale agreement for the El Cubo mine. At that time,
El Cubo exploration geologists were in the process of geologically mapping and
surface sampling the Cebolletas, Villalpando Sur, Cabrestantes and San Nicol&#225;s
areas. </P>
<P align=justify>Between 2012 and 2015, EDR&#146;s drilling and field exploration
efforts were focused on locating mineralized bodies over primary and secondary
structures, mainly near the current production areas. Surface drilling was
conducted over the Villapando (Villalpando Gap, Asunci&#243;n &amp; Villalpando
South), Dolores (Dolores North), La Loca &amp; La Paz veins. The mine
exploration drilling program was undertaken to determine the extent of
additional mineralization near areas currently being mined. The principal
targets were the Villalpando (Area II and IV) and Dolores (II) vein systems,
though a number of other structures also explored. As of December 2014, a total
of 72,969 m of drilling had been completed in 277 holes, with an associated
16,522 samples. </P>
<P align=center>35 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify>In 2015, EDR spent US $1,686,569 (including property holding
costs) on exploration activities, including drilling, at the El Cubo Project.
Field exploration activities at El Cubo were mainly focused on the Cubo North
area, with the intent of continuing to define targets of interest for possible
future drilling programs. Geological mapping, trenching and sampling were also
conducted in the Cubo Central and Cubo South areas, as well the surrounding
Nayal-Cabrestantes, Los Pinguicos, Olga Margarita-Janet, La Providencia and El
Eden areas. </P>
<P align=justify>During 2015, Endeavour Silver completed a total of 7,178.55 m
in 25 surface diamond drillholes at the El Cubo Mines Project. A total of 2,603
samples were collected and submitted for assays. Surface drilling exploration
carried out in 2015 is summarized in Table 1-1. </P>
<P align=center><B>Table 1-1 Exploration Drilling Activities in 2015 </B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="70%" border=1>

  <TR vAlign=top>
    <TD vAlign=middle align=center bgcolor="#EEEEEE"><B>Project Area</B> </TD>
    <TD width="20%" align=center vAlign=middle nowrap bgcolor="#EEEEEE" ><B>Number of</B>
      <BR>
      <B>Holes</B> </TD>
    <TD width="20%" align=center vAlign=middle nowrap bgcolor="#EEEEEE" ><B>Total
      Meters</B> </TD>
    <TD width="30%" align=center vAlign=middle nowrap bgcolor="#EEEEEE"><B>Number of Samples</B>
      <BR>
    <B>Taken</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center>Violeta </TD>
    <TD align=center width="20%" >4 </TD>
    <TD align=center width="20%" >1,655.90 </TD>
    <TD align=center width="30%">446 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Asunci&#243;n </TD>
    <TD align=center width="20%" >2 </TD>
    <TD align=center width="20%" >305.80 </TD>
    <TD align=center width="30%">156 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Cubo Central </TD>
    <TD align=center width="20%" >8 </TD>
    <TD align=center width="20%" >2,116.50 </TD>
    <TD align=center width="30%">642 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Villalpando North </TD>
    <TD align=center width="20%" >4 </TD>
    <TD align=center width="20%" >1,349.10 </TD>
    <TD align=center width="30%">596 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Nayal-Cabrestantes </TD>
    <TD align=center width="20%" >7 </TD>
    <TD align=center width="20%" >1,751.25 </TD>
    <TD align=center width="30%">763 </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>Total</B> </TD>
    <TD align=center width="20%" ><B>25</B> </TD>
    <TD align=center width="20%" ><B>7,178.55</B> </TD>
    <TD align=center width="30%"><B>2,603</B> </TD></TR></TABLE></DIV>
<P align=justify><B>Development and Operations </B></P>
<P align=justify>The El Cubo Mine is now organized into two discrete physical
areas, previously the mine was organized into four areas. Area 1 covers the
north end of the Villalpando system with access through the Sta. cecillia ramp,
the previous level 3 of the upper La Loca vein and the previous area 4 of the
lower El Cubo concessions with access from the Sta. Lucia shaft. Area 2 includes
the southern end of the Villalpando and Dolores vein systems, and is principally
accessed from the Dolores ramp at El Tajo and from a crosscut on Level 4. Each
area has separate crews and infrastructure for access, stoping, ventilation, and
ore haulage. The area separations are geographic, and by level. </P>
<P align=justify>Conventional drill and blast methods are used to extract the
ore at El Cubo, and access to the mining areas is provided by ramps, adits and
shafts. Mine development headings are drilled by jumbo and by jackleg. The
choice of equipment is generally guided by the anticipated vein widths, stoping
method, and equipment availability. The stoping methods used at El Cubo are 80%
mechanized cut-and-fill and 20% longhole open- stoping. </P>
<P align=justify>It is standard procedure throughout the mine to install
systematic ground control. Ground control is carried out using a combination of
split sets, mesh, w-straps, and cable bolts. The type of support varies
according to the conditions encountered, but split sets are most common and are
complemented as needed with mesh and/or w-straps. Cable bolting is required
during the preparation of stopes for longhole blasting. The cable bolts are
installed by drilling holes in the hanging wall and fixing the bolts in place
with cement pumped into the hole. </P>
<P align=justify>The upper levels of the mine are dry. Water inflows are a
factor in the lowest development levels where it is collected, pumped, and
distributed as additional water for the needs of mine production. </P>
<P align=center>36 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify>The lowest historic development level of the mine, Level 9 of
the Villalpando vein, was flooded until the latter part of 2013. The mine has
been gradually dewatered and new development is pursuing mineral in the lower
levels. The water level at the end of 2015 was about 96m below Level 9 at the 13
Level. </P>
<P align=justify>After the strike ended in 2011, Blake (2011) provided a
preliminary geotechnical study to AuRico to determine if ground deterioration
had occurred and if so, what rehabilitation effort might be needed in order for
mining to resume. The geotechnical study concluded that in most cases, scaling
and spot bolting would sufficiently mitigate deterioration, and rehabilitation
work was carried out in three stopes according to recommendations. </P>
<P align=justify>The ventilation system at El Cubo is a combination of natural
and mechanical, but relies mostly on natural ventilation. Air flow enters
through the various access ramps, shafts, raise bore holes, and old mine
openings, and moves down to the lower part of the mine, exhausting through a
series of partially open old areas of the mine, raise bore holes, and
conventional driven raises. </P>
<P align=justify>As of December 31, 2015, the company had a total of 713 direct
employees distributed in different departments. There are 642 contract persons
for personal transport, security, underground development, underground mining
and ore transport from underground to surface and to the plant. </P>
<P align=justify><B>Mineral Resource Estimate </B></P>
<P align=justify>Resource geologist Zachary J. Black, SME-RM, of HRC is
responsible for the mineral resource estimate presented here. Mr. Black is a
Qualified Person as defined by NI 43-101, and is independent of EDR. HRC
estimated the mineral resource for the El Cubo Mine Project based on drillhole
data constrained by geologic vein boundaries with an Inverse Distance Weighted
(&#147;ID&#148;) algorithm. Datamine Studio RM&#174; V1.0.73.0 (&#147;Datamine&#148;) software was used
to complete the resource estimate in conjunction with Leapfrog Geo&#174; V.3.0.0
(&#147;Leapfrog&#148;), which was used to produce the geologic model. The metals of
interest at El Cubo are gold and silver. </P>
<P align=justify>HRC constructed the vein models using Leapfrog. Twenty-two
veins were modeled using a linear interpolation methodology and sample
intervals. Cross-sections orthogonal to the strike of the vein were used to
select intervals from drillholes representing the vein material. Level sections
were used to select vein material from channel samples. Points representing the
hanging wall and footwall contacts were extracted by the software to interpolate
hanging wall and footwall surfaces. These surfaces were used to delineate each
vein solid. The surfaces were evaluated in 3-dimensions to ensure that both the
down dip and along strike continuity was maintained throughout the model. Vein
volumes were clipped using a distance buffer of 100 meters, except the
Villalpando vein, which used a distance buffer of 125 meters, from the selected
vein intercepts. Veins were clipped against younger veins, topography, and the
concession boundaries. </P>
<P align=justify>The 3D geologic solids were converted to block models using
Datamine. Block model prototypes were created for each of the 3D veins. The
model prototypes are rotated along strike and down dip and encompass the entire
vein. A block size of 10m x 10m in the strike and dip directions was
established. The blocks in the z direction were sub-blocked to the vein
thickness. The El Cubo 3D models were validated by comparison of the global
descriptive statistics from the Inverse Distance Weighting (&#147;ID&#148;), Ordinary
Krige (&#147;OK&#148;), Nearest Neighbor (&#147;NN&#148;), and composite data, and inspection of the
ID block model on long section in comparison to the composite grades.</P>
<P align=center>37 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify>HRC used the kriging efficiency, distance from samples, and the
number of samples to classify the mineral resources into measured, indicated,
inferred. Measured mineral resources are those blocks with at least 15
composites, a kriging efficiency of at least 75%, and a distance no greater than
10 meters. Indicated mineral resources are those blocks at least 20 meters from
a sample. Inferred mineral resources are those blocks greater than 20 meters
from a sample and have a value for estimated silver. </P>
<P align=justify>The mineral resource estimate includes all analytical data
obtained as of December 31, 2015. Mineral resources are not mineral reserves and
may be materially affected by environmental, permitting, legal, socio-economic,
political, or other factors. Mineral resources are reported above a silver
equivalent grade of 167 gpt, assuming a silver price of $17.60 per ounce. HRC
used a cutoff grade to test for reasonable prospects for economic
extraction.</P>
<P align=justify>The mineral resources for the El Cubo mine as of December 31,
2015, are summarized in Table 1-2. The resources are exclusive of the mineral
reserves. </P>
<P align=center><B>Table 1-2 Mineral Resource Estimate, Effective Date December
31, 2015 </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=middle align=center rowSpan=2 bgcolor="#EEEEEE"><B>Classification</B> </TD>
    <TD vAlign=middle align=center width="12%" rowSpan=2 bgcolor="#EEEEEE"><B>Tonnes</B> </TD>
    <TD vAlign=middle align=center width="12%" bgcolor="#EEEEEE"><B>Silver</B>
      <BR>
      <B>Equivalent</B> </TD>
    <TD vAlign=middle align=center bgcolor="#EEEEEE" colspan="2"><B>Silver</B> </TD>
    <TD vAlign=middle align=center bgcolor="#EEEEEE" colspan="2"><B>Gold</B> </TD>
    </TR>
  <TR vAlign=top>
    <TD vAlign=middle align=center width="12%" bgcolor="#EEEEEE"><B>g/t</B> </TD>
    <TD vAlign=middle align=center width="12%" bgcolor="#EEEEEE"><B>g/t</B> </TD>
    <TD vAlign=middle align=center width="12%" bgcolor="#EEEEEE"><B>oz.</B> </TD>
    <TD vAlign=middle align=center width="12%" bgcolor="#EEEEEE"><B>g/t</B> </TD>
    <TD vAlign=middle align=center width="12%" bgcolor="#EEEEEE"><B>oz.</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B>Measured</B> </TD>
    <TD align=center width="12%">74,000 </TD>
    <TD align=center width="12%">477 </TD>
    <TD align=center width="12%">280 </TD>
    <TD align=center width="12%">669,052 </TD>
    <TD align=center width="12%">2.83 </TD>
    <TD align=center width="12%">6,765 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B>Indicated</B> </TD>
    <TD align=center width="12%">630,000 </TD>
    <TD align=center width="12%">368 </TD>
    <TD align=center width="12%">215 </TD>
    <TD align=center width="12%">4,352,549 </TD>
    <TD align=center width="12%">2.19 </TD>
    <TD align=center width="12%">44,449 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B>Measured + Indicated</B> </TD>
    <TD align=center width="12%">704,000 </TD>
    <TD align=center width="12%">380 </TD>
    <TD align=center width="12%">222 </TD>
    <TD align=center width="12%">5,021,601 </TD>
    <TD align=center width="12%">2.26 </TD>
    <TD align=center width="12%">51,213 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B>Inferred</B> </TD>
    <TD align=center width="12%">1,172,000 </TD>
    <TD align=center width="12%">380 </TD>
    <TD align=center width="12%">192 </TD>
    <TD align=center width="12%">7,244,992 </TD>
    <TD align=center width="12%">2.68 </TD>
    <TD align=center width="12%">100,873 </TD>
  </TR></TABLE></DIV><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%">1. </TD>
    <TD>
      <P align=justify>Measured, Indicated and Inferred resource cut-off grades
      were 167 g/t silver equivalent at El Cubo.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Mineral resources are not mineral reserves and do not
      have demonstrated economic viability. There is no certainty that all or
      any part of the mineral resources estimated will be converted into mineral
      reserves.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Metallurgical recoveries were 87.4% silver and 89.6%
      gold.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>Silver equivalents are based on a 70:1 silver:gold
      ratio</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Price assumptions are $17.65 per ounce for silver and
      $1,265 per ounce for gold for resource cutoff calculations.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>Mineral resources are estimated exclusive of and in
      addition to mineral reserves.</P></TD></TR></TABLE>
<P align=justify><B>Mineral Reserve Estimate </B></P>
<P align=justify>Mr. Jeff Choquette, P.E., MMSA QP, of HRC is responsible for
the mineral reserve estimate presented here. Mr. Choquette is Qualified Person
as defined by NI 43-101 and is independent of EDR. The mineral reserve
calculation for EDR&#146;s El Cubo Mine in Guanajuato, Mexico was completed in
accordance with NI 43-101, and based on all data and information available as of
December 31<SUP>st</SUP>, 2015. Stope designs for reporting the reserves were
created utilizing the updated resources and cutoffs established for 2016. All of
the stopes are within readily accessible areas of the active mining areas. Ore
is processed in the on-site mill and floatation facility capable of processing
1,600 tpd, and excess mined tonnage (approximately 200-400 tpd) is trucked to
EDR&#146;s Bola&#241;itos mill for processing. </P>
<P align=center>38 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify>HRC utilized Datamine&#146;s Mineable Shape Optimizer (&#147;MSO&#148;)
program to generate the stopes for the reserve mine plan. The stopes were
created based solely on Measured and Indicated resources above the calculated
cutoff, which have demonstrated to be economically viable; therefore, Measured
and Indicated mineral resources within the stopes have been converted to Proven
and Probable mineral reserves as defined by NI 43-101. Measured and Indicated
mineral resources generated from the 2D polygon resource model were also
converted to mineral reserves, provided that associated grades fell above the
calculated cutoff and economic viability could be demonstrated. Inferred mineral
resources are classified as waste. Dilution is applied to Measured and Indicated
resource blocks depending on the mining method chosen. </P>
<P align=justify>The mining breakeven cut-off grade was utilized in Datamine&#146;s
MSO to generate the stope designs for defining the reserves. The cut-off is
stated as silver equivalent since the ratio between gold and silver is variable
and both commodities are sold. The average cut-off grade used for the El Cubo
property is 184 g/t Ag equivalent. Silver equivalent grade is calculated as the
silver grade + (gold grade * 70), taking into account gold and silver prices and
expected mill recoveries. </P>
<P align=justify>Mineral reserves are derived from Measured and Indicated
resources after applying the economic parameters as stated Section 15.1.2,
utilizing Datamine&#146;s MSO program to generate stope designs for the reserve mine
plan. Mineral reserves for the El Cubo Project have been derived and classified
according to the following criteria: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Proven mineral reserves are the economically mineable part of the Measured
  resource for which mining and processing / metallurgy information and other
  relevant factors demonstrate that economic extraction is feasible. For El
  Cubo, this applies to blocks located within approximately 10 m of existing
  development, and for which EDR has a mine plan in place. </P>
  <LI>
  <P>Probable mineral reserves are those Measured or Indicated mineral resource
  blocks which are considered economically viable and for which EDR has a mine
  plan in place. For the El Cubo Project, this applies to all blocks for which
  EDR has a mine plan in place. </P></LI></UL>
<P align=justify>The Proven and Probable mineral reserves for the El Cubo
Project as of December 31, 2015 are summarized in Table 1-3. The reserves are
exclusive of the mineral resources reported in Section 14 of this report. </P>
<P align=center><B>Table 1-3 Mineral Reserve Estimate </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
    style="BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center bgcolor="#EEEEEE"><BR><BR><B>Classification</B> </TD>
    <TD width="10%"
    align=center nowrap bgcolor="#EEEEEE" style="BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><BR>
    <B>Tonnes</B> <BR><B>(t x 1,000)</B> </TD>
    <TD width="10%"
    align=center nowrap bgcolor="#EEEEEE" style="BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><BR>
    <B>AgEq</B> <BR><B>g/t</B> </TD>
    <TD width="10%"
    align=center nowrap bgcolor="#EEEEEE" style="BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><BR>
    <BR><B>Ag g/t</B> </TD>
    <TD width="10%"
    align=center nowrap bgcolor="#EEEEEE" style="BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><BR>
    <B>Ag (oz)</B> <BR><B>* 1,000</B> </TD>
    <TD width="10%"
    align=center nowrap bgcolor="#EEEEEE" style="BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><BR>
    <BR><B>Au g/t</B> </TD>
    <TD width="10%"
    align=center nowrap bgcolor="#EEEEEE" style="BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><B>Au</B> <BR>
    <B>(oz) *</B> <BR><B>1,000</B> </TD>
  <TD width="10%"
    align=center nowrap bgcolor="#EEEEEE"
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><BR>
  <B>%</B> <BR><B>Dilution</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center>Proven </TD>
    <TD align=center width="10%">195.0 </TD>
    <TD align=center width="10%">367.4 </TD>
    <TD align=center width="10%">149.8 </TD>
    <TD align=center width="10%">939.3 </TD>
    <TD align=center width="10%">3.11 </TD>
    <TD align=center width="10%">19.48 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=center
      width="10%">11.6% </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Probable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">632.3 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">317.1 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">173.3 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">3,522.5 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">2.23
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">45.42 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center width="10%">27.7% </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=center><B>Total Proven and Probable Reserves</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="10%"><B>827.3</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="10%"><B>328.9</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="10%"><B>167.7</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="10%"><B>4,461.8</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="10%"><B>2.44</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="10%"><B>64.91</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=center width="10%"><B>23.9%</B> </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%">1. </TD>
    <TD>
      <P align=justify>Reserve cut-off grades are based on a 184 g/t silver
      equivalent.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Metallurgical Recoveries were 89.6% silver and 87.4%
      gold.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Mining Recoveries of 95% were applied.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>Minimum mining widths were 0.8 meters.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Dilution factors averaged 23.9%. Dilution factors are
      calculated based on internal stope dilution calculations and external
      dilution factors of 15% for cut and fill and 30% for long hole.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>Silver equivalents are based on a 70:1 silver:gold
      ratio.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>Price assumptions are $16 per ounce for silver and $1,150
      per ounce for gold.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>Mineral resources are estimated exclusive of and in
      addition to mineral reserves.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify>Figures in table are rounded to reflect estimate
      precision; small differences generated by rounding are not material to
      estimates.</P></TD></TR></TABLE>
<P align=center>39 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify><B>Conclusions and Recommendations </B></P>
<P align=justify>The QP considers the El Cubo resource and reserve estimates
presented here to conform with the requirements and guidelines set forth in
Companion Policy 43-101CP and Form 43-101F1 (June 2011), and the mineral
resources and reserves presented herein are classified according to Canadian
Institute of Mining, Metallurgy and Petroleum (&#147;CIM&#148;) Definition Standards - For
Mineral Resources and Mineral Reserves, prepared by the CIM Standing Committee
on Reserve Definitions and adopted by CIM Council on May 10, 2014. These
resources and reserves form the basis for Endeavour Silver&#146;s ongoing mining
operations at the El Cubo Mines Project. </P>
<P align=justify>The QP is unaware of any significant technical, legal,
environmental or political considerations which would have an adverse effect on
the extraction and processing of the resources and reserves located at the El
Cubo Mines Project. Mineral resources which have not been converted to mineral
reserves, and do not demonstrate economic viability shall remain mineral
resources. There is no certainty that all or any part of the mineral resources
estimated will be converted into mineral reserves. </P>
<P align=justify>The QP considers that the mineral concessions in the El Cubo
mining district controlled by Endeavour Silver continue to be highly prospective
both along strike and down dip of the existing mineralization. </P>
<P align=justify>The El Cubo mine has been in nearly continuous production for
decades. A substantial effort combining direct underground exploration,
underground drilling, and surface drilling will be necessary to sustain the mine
and continually expand mineral resources and reserves. The El Cubo concessions
cover at least 5 km of the trace of the vein system across the district. The
Villalpando-Asunci&#243;n area continues to provide the bulk of production from the
mine, and is currently the focus of future mineral resource and reserve
development. The Dolores vein is an important parallel structure along which new
mineral resources and reserves have been added through a combination of
underground development and diamond drilling. </P>
<P align=justify>The mine has considerable potential to develop both exploration
targets close to existing operations outlined by underground drilling and those
identified by surface exploration. The 2016 surface exploration program includes
1,000 m of core drilling to test the Nayal vein area. Budgeted cost of the
program is US $345 thousand. The 2016 underground exploration program includes
1,200 m of core drilling that will be used to test areas proximal to current
operations. Budgeted cost for the program is US $134,000. </P>
<P align=justify>HRC recommends that the process of converting mineral resources
into reserves from 2D polygons to 3D block models be continued. Considerable
progress has been completed via this process with 22 of the 37 veins now
converted into 3D block models. Additional modeling efforts should be made to
define the mineralized brecciated areas as they have been an important source of
economic material encountered in the current operation, and could provide
additional tonnage to support the mine plan.</P>
<P align=justify>EDR currently utilizes the exploration drilling and chip and
muck samples in their resource and reserve calculations. HRC recommends that
future efforts focus on constructing block models for resource and reserve
reporting utilizing only the exploration and underground drilling results. The
chip and muck samples should be used to develop the production model. This will
help keep data densities consistent in each modeling effort and will provide
another level in the reconciliation process to compare modeling results. </P>
<P align=justify>Although the reconciliations conducted by EDR show good
comparison between planned versus actual values, the reconciliation process
should be improved to include the estimated tonnes and grade from the resource
models. Because the LOM plan is compared to the plant production on a monthly
basis, the actual physical location of the material mined may be different than
the planned location. Due to the many stopes that are mined during a day this
can only be completed on an average monthly basis due to</P>
<P align=center>40 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify>blending of stope material into the mill. The monthly surveyed
as mined areas should be created into triangulation solids and saved on a
monthly basis for reporting the modeled tonnes for each month. The combination
of the 3D block models and 2D and polygonal reserves makes this process
difficult but considerable progress has been made during the last year to get
all resources and reserves into 3D block models. The model-predicted results
versus actual can then be used to determine if dilution factors need to be
adjusted, or perhaps the resource modeling parameters may require adjustment if
there are large variances. The mill production should be reconciled to the final
concentrate shipments on a yearly basis, and resulting adjustment factors should
be explained and reported. </P>
<P align=justify><B><I><U>Terronera Project, Jalisco State,
Mexico</U></I></B></P>
<P align=justify>On May 13, 2015, the Company filed the NI 43-101 Technical
Report Preliminary Economic Assessment for the Terronera Project, Jalisco State,
Mexico (&#147;Terronera PEA&#148;) prepared by Smith Foster and Associates with an
effective date of March 25, 2015 and dated April 30, 2015. With the exception of
some minor changes to terms for consistency with terms used in this AIF, the
below summary is a direct extract and reproduction of the summary contained in
the Terronera PEA, without material modification or revision. The complete
report can be viewed on SEDAR at www.sedar.com. The Terronera PEA is
incorporated by reference in its entirety into this AIF.</P>
<P align=justify><B>Summary </B></P>
<P align=justify><B>Introduction </B></P>
<P align=justify>Endeavour commissioned Smith Foster &amp; Associates Inc. to
prepare a Preliminary Economic Assessment for the Terronera Project compliant
with NI 43-101. The project was formerly known as the San Sebasti&#225;n Project but,
in March 2015, Endeavour formally changed the name to the Terronera Project.
</P>
<P align=justify>The Terronera PEA has an effective date of March 25, 2015. The
mineral resource estimates reported in the Terronera PEA comply with the CIM
Definition Standards for Mineral Resources and Mineral Reserves, as required under NI 43-101. </P>
<P align=justify>The term San Sebasti&#225;n Property, in the Terronera PEA, refers
to the entire area covered by the mineral concessions, while the term Terronera
Project refers to the area within the mineral concession on which the current
exploration programs and proposed mining and processing will be conducted. </P>
<P align=justify>The Terronera PEA includes technical information which requires
subsequent calculations or estimates to derive sub-totals, totals, and weighted
averages. Such calculations or estimations inherently involve a degree of
rounding and consequently introduce a margin of error. The QPs for the Terronera
PEA do not consider such errors to be material to the calculations presented
herein. </P>
<P align=justify>The conclusions and recommendations in the Terronera PEA
reflect the QPs&#146; best independent judgment in light of the information available
at the time of writing the Terronera PEA. </P>
<P align=justify>Summarized briefly below is key information in the Terronera
PEA, including property description and ownership, history, geology and
mineralization, the status of exploration and development, mineral resource
estimates, mineral processing and metallurgical testing, environmental studies
and permitting, capital and operating costs, economic analysis, conclusions, and
recommendations. </P>
<P align=center>41 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify><B>Location and Property Description </B></P>
<P align=justify>San Sebasti&#225;n del Oeste (San Sebasti&#225;n) is an historic silver
and gold mining district located in southwestern Jalisco State, approximately
155 km west of Guadalajara and 50 km northeast of Puerto Vallarta, accessible by
paved and gravel roads. One small, high grade, underground silver-gold mine, La
Quiteria (130 tonnes per day), continues to operate in the district. The San
Sebasti&#225;n properties acquired by Endeavour surround the La Quiteria mine and
represent a new silver-gold exploration opportunity for Endeavour. </P>
<P align=justify><B>Ownership </B></P>
<P align=justify>In February 2010, Endeavour acquired an option to purchase the
San Sebasti&#225;n silver-gold properties in Jalisco State from IMMSA, also known as
Grupo Mexico, one of the largest mining companies in Mexico. </P>
<P align=justify>Endeavour holds the Terronera Project through its 100% owned
Mexican subsidiary, Endeavour Gold Corporation S.A. de C.V. (&#147;<B>Endeavour
Gold</B>&#148;). Endeavour Gold holds the Terronera Project through its 100% owned
subsidiary Minera Plata Adelante S.A. de C.V. (&#147;<B>Minera Plata</B>&#148;). </P>
<P align=justify>At present, the Terronera Project is comprised of 13 mineral
concessions. The core group of 10 concessions totalling 3,388 hectares (ha) were
owned by IMMSA. These concessions cover the main area of the known mining
district. In 2013, Endeavour completed the acquisition of a 100% interest in the
San Sebasti&#225;n properties from IMMSA. IMMSA retained a 2% NSR (net smelter
return) royalty on mineral production from the San Sebasti&#225;n properties. </P>
<P align=justify>In 2012, Endeavour also filed and received title for 2
concessions (San Sebasti&#225;n FR. 1 and FR. 2) totalling 2,078 ha. Additionally, in
2013, Endeavour filed a total of 7 concessions (San Sebastian 12, San Sebastian
13, San Sebastian 14, San Sebastian 15, San Sebastian 16, San Sebastian 17 and
San Sebastian 18) totalling 4,163 ha. Titling of these concessions is still
pending, with the exception of San Sebastian 17 which is already titled (693
ha). </P>
<P align=justify>The annual 2014 concession tax for the San Sebasti&#225;n Properties
was 693,658 Mexican pesos (pesos), which is equal to US$47,838 at an exchange
rate of 14.50 pesos to US$1.00. </P>
<P align=justify><B>History </B></P>
<P align=justify>The San Sebasti&#225;n silver and gold mines were first discovered
in 1542 and San Sebasti&#225;n del Oeste, a silver and gold mining town, was founded
in 1605 during the Spanish colonial period. By 1785, more than 25 mines and a
number of foundries had been established in the district and, during the peak
mining period, the area was considered one of the principal sources of gold,
silver and copper for New Spain. The main mines in the district included Real de
Oxtotipan, Los Reyes, Santa Gertrudis, Terronera and La Quiteria. As is the case
with many mines in Mexico which were owned by individuals or corporations, the
historical production records have not survived the revolutions, passing of the
individual owners, closing of the mines, corporate failure, or government
seizure of assets. Therefore, the exact silver production of these mines is
unknown. </P>
<P align=justify>The only significant modern exploration in the district was
carried out by IMMSA in the late 1980s and early 1990s. </P>
<P align=justify>As of 2013, the La Quiteria mine was still active and mined by
Minera Cimarr&#243;n S.A. de C.V., a private mining company. </P>
<P align=center>42 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify><B>Geology and Mineralization </B></P>
<P align=justify>The San Sebasti&#225;n properties (5,466 ha) cover a classic, low
sulphidation, epithermal vein system in four mineralized vein sub-districts
named Los Reyes, Santiago de los Pinos, San Sebasti&#225;n and Real de Oxtotipan.
Each sub-district consists of a cluster of quartz (calcite, barite) veins
mineralized with sulphide minerals (pyrite, argentite, galena and sphalerite).
Each vein cluster spans about 3 km by 3 km in area. In total, more than 50 small
mines were developed historically on at least 20 separate veins. </P>
<P align=justify>The San Sebasti&#225;n veins tend to be large and can carry high
grade silver-gold mineralized deposits. For example, the La Quiteria vein ranges
up to 15m thick, and the Santa Quiteria mine averages about 280 g/t silver and
0.5 g/t gold over a 3m to 4m width. This high grade mineralized zone appears to
extend into the San Sebasti&#225;n Properties both along strike and immediately down
dip. </P>
<P align=justify><B>Exploration Program </B></P>
<P align=justify><B>2010 Exploration Program </B></P>
<P align=justify>In 2010, Endeavour commenced exploration activities on the
Terronera Project. Initial work included mainly data compilation, field mapping
and sampling. A total of $325,586 (including acquisition and property holding
costs) was spent on exploration activities on the Terronera Project in 2010.
</P>
<P align=justify><B>2011 Exploration Program </B></P>
<P align=justify>In 2011, exploration activities continued on the Terronera
Project including geological mapping, rock chip sampling, topographic surveying
and diamond drilling. A total of $2,249,443 (including acquisition and property
holding costs) was spent on exploration activities on the Terronera Project in
2011. </P>
<P align=justify><B>2012 Exploration Program </B></P>
<P align=justify>In 2012, exploration activities continued on the Terronera
Project, primarily involving surface diamond drilling. A total of $3,455,816
(including acquisition and property holding costs) was spent on exploration
activities on the Terronera Project in 2012. </P>
<P align=justify><B>2013 Exploration Program </B></P>
<P align=justify>In 2013, exploration activities continued on the Terronera
Project. Follow-up surface diamond drilling continued in the Terronera vein
area. Also, geological mapping, trenching and sampling was conducted in the
Terronera South and Quiteria West areas. A total of $3,944,570 (including
acquisition and property holding costs) was spent on exploration activities on
the Terronera Project in 2013. </P>
<P align=justify><B>2014 Exploration Program </B></P>
<P align=justify>The 2014 exploration program included 6,250m of core in
approximately 20 surface diamond drill holes to delineate resources on the
Terronera vein. The field activities included detailed mapping and trenching,
mainly focused to the south and northern part of Terronera, and also the west
part of Quiteria West vein. Endeavour spent $2,807,644, mainly on diamond
drilling, in 2014. </P>
<P align=justify><B>2013 Previous Mineral Resource Estimate </B></P>
<P align=justify>The mineral resource discussed in the previous technical report
for the Terronera Project was estimated using the CIM Definition Standards on Mineral
Resources and Reserves, prepared by the CIM Standing
Committee on Reserve Definitions and adopted by CIM Council on May 10,
2014. The effective date of the previous Terronera Project technical report is
December 31, 2013. </P>
<P align=center>43 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify><B>Animas-Los Negros, El Tajo and Real Veins </B></P>
<P align=justify>The estimate was conducted using a polygonal/sectional method.
Grade capping (based on log-probability plots) was at 524 g/t and 2.38 g/t for
silver and gold, respectively. </P>
<P align=justify><B>Terronera Vein </B></P>
<P align=justify>The block model used for the previous Terronera Project
technical report was developed for the Terronera vein which was tested by more
than 55 drill holes. The block size used to match the drilling density on a 50m
grid was 25m along strike x 25m down dip x the width of the vein. Grade
interpolation was achieved by using the inverse distance cubed (ID3) technique.
Grade capping (based on log-probability plots) was at 2,070 g/t and 7.96 g/t for
silver and gold, respectively. </P>
<P align=justify><B>Cut-off Grade </B></P>
<P align=justify>The cut-off grade selected by Endeavour for the current
resource estimate is 100 g/t silver equivalent (AgEq), using a 70:1 ratio based
on prices of $18/oz silver and $1,250/oz gold, with no base metal credits
applied. A summary of the mineral resources at a cut-off grade of 100 g/t AgEq
is given in the table below. </P>
<P align=center><B>Summary of the Current Terronera Mineral Resources at a
Cut-off Grade of 100 g/t AgEq </B><BR><B>Effective Date March 15, 2015
</B><BR></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=left><B>Resource</B> <BR><B>Classification</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="14%"><B>Tonnes</B> <BR><B>(millions)</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="14%"><B>Ag</B> <BR><B>g/t</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="14%"><B>Au</B> <BR><B>g/t</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="14%"><B>AgEq</B> <BR><B>g/t</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="14%"><B>Ag Oz</B> <BR><B>(millions)</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=center width="14%"><B>Au Oz</B> <BR><B>(thousands)</B> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left>Indicated </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="14%">2.9 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="14%">211 </TD>
    <TD
    style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; border-bottom-color:#000000"
    align=center width="14%">1.65 </TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-bottom-style:solid; border-bottom-width:1"
    align=center width="14%">310 </TD>
    <TD
    style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; border-bottom-color:#000000"
    align=center width="14%">19.9 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center width="14%">156 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=left>Inferred </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="14%">1.2 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="14%">218 </TD>
    <TD
    style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; BORDER-BOTTOM: 3px double #000000; ; border-top-style:solid; border-top-width:1"
    align=center width="14%">1.39 </TD>
    <TD
    style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; BORDER-BOTTOM: 3px double #000000; ; border-top-style:solid; border-top-width:1"
    align=center width="14%">302 </TD>
    <TD
    style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; BORDER-BOTTOM: 3px double #000000; ; border-top-style:solid; border-top-width:1"
    align=center width="14%">8.5 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=center width="14%">54 </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Notes: </I></B></P>
<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%">1) </TD>
    <TD>
      <P align=justify>Mineral resources which are not mineral reserves do not
      demonstrate economic viability. The estimate of mineral resources may be
      materially affected by environmental, permitting, legal, title, taxation,
      sociopolitical, marketing, or other relevant issues</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%">2) </TD>
    <TD>
      <P align=justify>There has been insufficient exploration to define the
      inferred resources as an indicated or measured mineral resource. It is
      uncertain if further exploration will result in upgrading them to an
      indicated or measured mineral resource category</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%">3) </TD>
    <TD>
      <P align=justify>74 drill holes were utilized in the current resource
      calculation</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%">4) </TD>
    <TD>
      <P align=justify>Grade capping was 1,750 g/t for silver and 7.84 g/t for
      gold.</P></TD></TR></TABLE>
<P align=justify><B>Mineral Processing and Metallurgical Testing </B></P>
<P align=justify>A simulation model was made of the beneficiation process based
on a medium grade composite sample. In addition, a steady state mass balance was
calculated for the entire process including the flotation circuit. The model
showed that a fine grind will result in increased metal recovery. Given that the
mine plan is based on mining the high grade ores first, the metal recoveries
recommended for the economic model are 90% silver and 84% gold as indicated by
the test results of the high grade composite sample. </P>
<P align=justify>Further test work is recommended to support the future
development of the Terronera Project. The tests include flotation locked cycle
tests, mineralogical examinations, and ICP (inductively coupled plasma) 32
element analyses on final concentrates and tailing products. </P>
<P align=center>44 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<P align=justify><B>Mining Methods </B></P>
<P align=justify>The mining method selected for the extraction of the
mineralized rock is mechanized non-captive cut and fill mining. A nominal cut
and fill lift will be 5m high and excavated the width of the mineralized zone.
Multiple working faces can be created in the same area by mining a number of
lifts at the same time accessed by up-and-down ramps constructed in the
backfill. </P>
<P align=justify>Primary access to the mineral deposit will be via a 1,748m long
track haulage drift (adit) at the 1,440m level. This track haulage drift will
also serve as a main drainage and ventilation level. The mine and stope
development and production schedules are generally based on mining higher grade
&#145;Blocks&#146; first, followed by mining lower grade &#145;Blocks&#146;. Mining will generally
be completed from the bottom up. The life-of-mine and stope development is
estimated to be 46,300m. </P>
<P align=justify><B>Recovery Methods </B></P>
<P align=justify>The Terronera Project will produce a marketable flotation
concentrate from precious metal bearing materials originating from the Terronera
vein. A beneficiation plant using a flotation process was selected for recovery
of precious metals present in the deposit. A fine grind will be required to
achieve acceptable levels of gold and silver recovery. Precious metal values
will be recovered into a flotation concentrate that may be shipped to a smelter
for further processing. </P>
<P align=justify><B>Environmental Studies, Permitting, and Social Impact
</B></P>
<P align=justify>Endeavour submitted in December, 2013 a Manifest of
Environmental Impact to the Mexico environmental permitting authority known as
SEMARNAT (Secretaria de Medio Ambiente y Recursos Naturales). A SEMARNAT permit
for the Terronera Project was issued in October, 2014 for a 500 tpd project.
</P>
<P align=justify>A Terronera Project closure and reclamation plan will be
included in an amended 1,000 tpd MIA permit application now being prepared by
Endeavour. The Terronera Project will be required to be designed to comply with
the environmental regulations and standards in place in M&#233;xico. The mining
infrastructure and supporting facilities will need to be designed so as to
minimize the impact to the natural environment. Mexican law requires that an
environmental monitoring program of surface and underground water, creek
sediments, soil, air, vegetation and wildlife conditions be implemented. This
program will be required before and during mining operations and after mine
closure. </P>
<P align=justify>The Terronera Project tailings storage facility (&#147;TSF&#148;) will be
designed to store filtered tailings, or &#147;drystack&#148; tailings, to minimize
downstream contamination risk and to maximize geotechnical stability in the
seismically active coastal area of western Mexico. The conceptual Terronera
Project TSF design will accommodate approximately 2.0 million m&#179; of compacted
tailings which provides a storage capacity, at a process rate of 1,000 tpd, for
the first ten years of mine life. </P>
<P align=justify><B>Capital and Operating Costs </B></P>
<P align=justify>The Terronera Project has an estimated total capital cost of
$65,363,000. All estimates were prepared by engineers and construction personnel
with direct experience on recent Endeavour mine projects and other construction
projects in Mexico. </P>
<P align=justify>Operating costs of $45 per tonne for mining, $27 per tonne for
processing, and $10 per tonne for General and Administration were all taken from
the current mine and plant operations of Endeavour that best match the Terronera
Project throughput and conditions. </P>
<P align=center>45 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_49></A>
<P align=justify><B>Economic Analysis </B></P>
<P align=justify>An economic analysis utilizing a pre-tax and after-tax cash
flow financial model was prepared for the base case mine plan. The metal prices
assumed in the base case are $18.00/oz silver and $1,260/oz gold. </P>
<P align=justify>The economic analysis is preliminary in nature and is based on
production schedules that include Inferred Mineral Resources, which are
considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as Mineral Reserves.
There is no certainty that the Terronera PEA will be realized or that Inferred
Mineral Resources will ever be upgraded to Reserves. Mineral Resources that are
not Mineral Reserves do not have demonstrated economic viability. </P>
<P align=justify>The Mexico tax policies for mining changed effective January 1,
2014. An overriding royalty on gross revenues, after smelter deductions, of 0.5%
applies to precious metal mines (gold, silver and platinum). A new Special
Mining Duty of 7.5% is levied on earnings before income tax and depreciation
allowance. Corporate income taxes of 30% are applied to earnings after the usual
allowable deductions for depreciation, loss carry-forwards, etc. The Special
Mining Duty and the over-riding royalty are also deductible for the purpose of
calculating corporate income tax. </P>
<P align=justify>The financial model incorporates these taxes in computing the
after-tax cash flow amounts, net present value, and internal rate of return. The
financial model is constructed on a 100% equity basis, however, in the tax
treatment it is assumed that debt procured at the corporate level is charged as
a tax credit at the Terronera operating subsidiary level. A total of $40 million
is applied in this manner commencing in year 1 through year 8 at $5 million per
year.The Terronera Project key financial indicators for the base case are as
follows: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>After-tax internal rate of return 20.0% </P>
  <LI>
  <P>Project payback period 3.7 years </P>
  <LI>
  <P>After-Tax Net Present Value (5% discount) of $48,607,000 </P></LI></UL>
<P align=justify>These key indicators describe a project whose base case is
financially profitable and, as the sensitivity analysis in the table below
demonstrates, has considerable upside potential should the size of the deposit
increase or metal prices improve. </P>
<P align=justify><B>Base Case After-Tax NPV and IRR Sensitivities</B> </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=bottom align=center rowSpan=2 bgcolor="#EEEEEE"><BR><B>Variance</B> </TD>
    <TD vAlign=bottom align=center bgcolor="#EEEEEE" colspan="2"><B>Operating Cost Sensitivity</B> </TD>
    <TD vAlign=bottom align=center bgcolor="#EEEEEE" colspan="2"><B>Initial Capital Sensitivity</B> </TD>
    <TD vAlign=bottom align=center bgcolor="#EEEEEE" colspan="2"><B>Metal Price Sensitivity</B> </TD>
    </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center width="12%" bgcolor="#EEEEEE"><B>NPV(5%)</B></TD>
    <TD vAlign=bottom align=center width="12%" bgcolor="#EEEEEE"><B>IRR</B> </TD>
    <TD vAlign=bottom align=center
      width="12%" bgcolor="#EEEEEE">&nbsp;<B>NPV(5%)</B> </TD>
    <TD vAlign=bottom align=center width="12%" bgcolor="#EEEEEE"><B>IRR</B> </TD>
    <TD vAlign=bottom align=center width="12%" bgcolor="#EEEEEE"><B>NPV(5%)</B></TD>
    <TD vAlign=bottom align=center width="12%" bgcolor="#EEEEEE"><B>IRR</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>-20% </TD>
    <TD align=right width="12%">$82.54 </TD>
    <TD align=right width="12%">28.5% </TD>
    <TD align=right width="12%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;$54.68 </TD>
    <TD align=right width="12%">23.6% </TD>
    <TD align=right width="12%">-$16.10 </TD>
    <TD align=right width="12%">-0.8% </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>-10% </TD>
    <TD align=right width="12%">$66.59 </TD>
    <TD align=right width="12%">24.6% </TD>
    <TD align=right width="12%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;$51.68 </TD>
    <TD align=right width="12%">21.7% </TD>
    <TD align=right width="12%">$17.89 </TD>
    <TD align=right width="12%">10.9% </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right bgcolor="#EEEEEE">Base Case </TD>
    <TD align=right width="12%" bgcolor="#EEEEEE">$48.61 </TD>
    <TD align=right width="12%" bgcolor="#EEEEEE">20.0% </TD>
    <TD align=right width="12%" bgcolor="#EEEEEE">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;$48.61 </TD>
    <TD align=right width="12%" bgcolor="#EEEEEE">20.0% </TD>
    <TD align=right width="12%" bgcolor="#EEEEEE">$48.61 </TD>
    <TD align=right width="12%" bgcolor="#EEEEEE">20.0% </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>+10% </TD>
    <TD align=right width="12%">$27.56 </TD>
    <TD align=right width="12%">14.1% </TD>
    <TD align=right width="12%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;$45.43 </TD>
    <TD align=right width="12%">18.4% </TD>
    <TD align=right width="12%">$75.10 </TD>
    <TD align=right width="12%">27.1% </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>+20% </TD>
    <TD align=right width="12%">$3.47 </TD>
    <TD align=right width="12%">6.3% </TD>
    <TD align=right width="12%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;$42.08 </TD>
    <TD align=right width="12%">16.9% </TD>
    <TD align=right width="12%">$100.43 </TD>
    <TD align=right width="12%">33.7% </TD>
  </TR></TABLE></DIV>
<P align=justify><B>Conclusions and Recommendations </B></P>
<P align=justify>The Terronera Project resource estimates presented here conform
to the current CIM Definition Standards for Mineral Resources and Mineral Reserves,
as required under NI 43-101. We believe that estimation approach and methodology
used is reasonable and appropriate based on the data available. There are no
known significant technical, legal, environmental or political considerations
which would have an adverse effect on the resource estimate or the continued
exploration and development of the Terronera Project.</P>
<P align=center>46 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_50></A>
<P align=justify>Based on a review of the Terronera Project and the encouraging
results thus far, it is recommended that Endeavour proceed to the next stage of
development by preparing a pre-feasibility study that includes the following:
</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Further environmental studies and permit applications </P>
  <LI>
  <P>A site geotechnical program </P>
  <LI>
  <P>A site hydrology study </P>
  <LI>
  <P>An in-fill drilling program </P>
  <LI>
  <P>Condemnation drilling at all sites </P>
  <LI>
  <P>Further studies to optimize the mine plan </P>
  <LI>
  <P>A re-estimation of the mineral resources and estimation of mineral reserves
  </P>
  <LI>
  <P>Further metallurgical tests </P>
  <LI>
  <P>Further studies to optimize the grinding and processing circuits </P>
  <LI>
  <P>Preliminary engineering of the TSF </P>
  <LI>
  <P>Tailings transport trade-off study from Dry Tailings Plant to TSF </P>
  <LI>
  <P>More detailed cost estimates </P></LI></UL>
<P align=justify>The total estimated cost of the above programs, studies, and
tests and preparing a pre-feasibility study is $3.4 million. The QP further
recommends that Endeavour considers more drilling to expand the mineral resource
which could improve the economics of the Terronera Project. </P>
<P align=justify><B>ITEM 5:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;DIVIDENDS
</B></P>
<P align=justify><B>5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends
</B></P>
<P align=justify>The Company has not declared any dividends during the past
three fiscal years ended December 31, 2015. Although there are no restrictions
preventing the Company from paying dividends, the Company has no present
intention of paying dividends on its common shares as it anticipates that all
available funds will be invested to finance further acquisition, exploration and
development of its mineral properties. </P>
<P align=justify><B>ITEM
6:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DESCRIPTION OF CAPITAL
STRUCTURE </B></P>
<P align=justify><B>6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
Description of Capital Structure </B></P>
<P align=justify>The Company&#146;s authorized share capital is comprised of an
unlimited number of common shares without par value. </P>
<P align=justify>The following table provides a summary concerning the Company&#146;s
share capital as of December 31, 2015: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid #000000; BORDER-TOP: 3px double #000000; BORDER-BOTTOM: 1px solid #000000; ; border-left-style:double; border-left-width:3"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: 3px double #000000; BORDER-BOTTOM: 1px solid #000000; ; border-right-style:double; border-right-width:3"
    align=center width="65%" ><B>December 31, 2015</B> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; ; border-left-style:double; border-left-width:3"
    align=left><B>Authorized share capital</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:double; border-right-width:3" align=left width="65%"
    >Unlimited number of common shares without par value </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid #000000; BORDER-BOTTOM: 3px double #000000; ; border-left-style:double; border-left-width:3"
    align=left><B>Number of shares issued and</B> <B>outstanding</B> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; ; border-right-style:double; border-right-width:3" align=left width="65%"
    >102,776,470 common shares without par value
</TD></TR></TABLE></DIV>
<P align=center>47 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_51></A>
<P align=justify>As at March 8, 2016, the Company has 106,392,513 common shares
issued and outstanding. </P>
<P align=justify>All common shares of the Company rank equally as to dividends,
voting rights and participation in assets and in all other respects. Each share
carries one vote per share at meetings of the shareholders of the Company. There
are no indentures or agreements limiting the payment of dividends and there are
no conversion rights, special liquidation rights, pre-emptive rights or
subscription rights attached to the common shares. The shares presently issued
are not subject to any calls or assessments. </P>
<P
align=justify><B>6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constraints
</B></P>
<P align=justify>To the best of its knowledge, the Company is not aware of any
constraints imposed on the ownership of its securities to ensure that the
Company has a required level of Canadian ownership. </P>
<P align=justify><B>6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratings
</B></P>
<P align=justify>To the best of its knowledge, the Company is not aware of any
ratings, including provisional ratings, from rating organizations for the
Company&#146;s securities that are outstanding and continue in effect. </P>
<P align=justify><B>ITEM
7:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MARKET FOR SECURITIES </B></P>
<P align=justify><B>7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading
Price and Volume </B></P>
<P align=justify>The Company&#146;s common shares are listed for trading on the
Toronto Stock Exchange (the &#147;TSX&#148;) under the symbol &#147;EDR&#148; and since March 14,
2011 on the New York Stock Exchange (&#147;NYSE&#148;) under the symbol &#147;EXK&#148;. Prior to
March 14, 2011, the Company&#146;s common shares were listed on the NYSE MKT. </P>
<P align=justify>The
price ranges for the Company&#146;s common shares in Canadian dollars and volume
traded on the TSX for the most recently completed fiscal year ended December 31,
2015 and the months of January and February 2016 are set out below: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="80%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    vAlign=center align=center><BR>Date </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    vAlign=center align=center width="16%"><BR>Open </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    vAlign=center align=center width="16%"><BR>High </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    vAlign=center align=center width="16%"><BR>Low </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    vAlign=center align=center width="16%"><BR>Close </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    vAlign=center align=center width="16%">Volume <BR>Traded </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Feb-16 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.75 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.53 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.66 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.27 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">3,117,314 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Jan-16 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.00 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.10 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.46 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.74 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">1,551,340 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Dec-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.98 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.09 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.87 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.98 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">1,561,994 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Nov-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.10 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.10 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.79 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.90 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">1,530,820 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Oct-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.11 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.49 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.07 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.16 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">1,786,537 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Sep-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.20 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.32 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.83 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.06 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">1,539,321 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Aug-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.81 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.54 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.64 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.22 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">2,386,867 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Jul-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.49 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.59 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.64 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.81 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">2,399,668 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Jun-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.58 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.74 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.45 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.51 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">1,333,083 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>May-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.43 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.81 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.31 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.51 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">3,775,515 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Apr-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.45 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.70 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.25 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.45 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">3,206,221 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Mar-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.97 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.98 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.98 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.39 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">5,795,452 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Feb-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.41 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.55 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.76 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.97 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">3,509,061 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=right>Jan-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="16%">2.50 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="16%">3.83 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="16%">2.43 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="16%">3.49 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=right width="16%">5,682,301 </TD></TR></TABLE></DIV>
<P align=center>48 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_52></A>
<P align=justify>The price ranges for the Company&#146;s common shares in United
States dollars and volume traded on the NYSE for the most recently completed
fiscal year ended December 31, 2015 and the months of January and February 2016
are set out below: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="80%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    vAlign=bottom align=center><BR>Date </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    vAlign=bottom align=center width="16%"><BR>Open </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    vAlign=bottom align=center width="16%"><BR>High </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    vAlign=bottom align=center width="16%"><BR>Low </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    vAlign=bottom align=center width="16%"><BR>Close </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    vAlign=bottom align=center width="16%">Volume <BR>Traded </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Feb-16 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.25 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.83 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.18 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.68 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">20,864,332 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Jan-16 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.43 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.48 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.01 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.24 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">10,875,274 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Dec-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.44 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.57 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.36 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.42 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">10,190,879 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Nov-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.61 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.61 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.33 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.42 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">11,197,742 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Oct-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.53 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.94 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.53 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.65 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">14,507,039 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Sep-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.69 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.77 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.37 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.55 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">12,008,515 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Aug-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.34 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.94 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.25 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.69 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">20,649,096 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Jul-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.99 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.04 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.26 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.37 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">8,539,149 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Jun-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.02 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.22 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.95 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.99 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">14,417,144 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>May-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.00 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.41 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.90 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.97 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">17,355,674 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Apr-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.93 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.24 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.84 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.02 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">19,245,835 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Mar-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.35 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.38 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.55 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.90 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">29,451,745 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right>Feb-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.70 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.82 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.18 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.36 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=right width="16%">19,953,035 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=right>Jan-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="16%">2.11 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="16%">3.17 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="16%">2.07 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="16%">2.74 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=right width="16%">36,929,146 </TD></TR></TABLE></DIV>
<P align=justify><B>ITEM
8:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCROWED SECURITIES </B></P>
<P align=justify><B>8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrowed
Securities </B></P>
<P align=justify>To the Company&#146;s knowledge, as at December 31, 2015, there were
no escrowed securities or securities subject to contractual restriction on
transfer. </P>
<P align=justify><B>ITEM
9:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIRECTORS AND OFFICERS
</B></P>
<P align=justify><B>9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name,
Occupation and Security Holding </B></P>
<P align=justify>The following is a list of the current directors and executive
officers of the Company, their province/state and country of residence, their
current positions with the Company and their principal occupations during the
past five years: </P>
<P align=center>49 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center nowrap><BR>
      <B>Name and</B> <BR><B>Province/State and</B>
      <BR><B>Country</B> <BR><B>of Residence</B> <BR></TD>
    <TD width="25%" align=center nowrap><BR>
      <BR><B>Principal Occupation</B>
      <BR><B>for the</B> <BR><B>Last Five Years</B> <BR></TD>
    <TD width="25%" align=center nowrap><BR>
      <B>Current Position with</B> <BR><B>the
      Company</B> <BR><B>and</B> <BR><B>Period of Service</B> <BR></TD>
    <TD width="25%" align=center nowrap><B>Approximate number and</B>
      <BR>
      <B>percentage of voting</B> <BR><B>securities owned, directly</B>
      <BR><B>or indirectly or over which</B> <BR><B>direction or control is</B>
      <BR><B>exercised </B><SUP>(2) (3) (4) </SUP> </TD></TR>
  <TR>
    <TD><BR><B>Bradford J. Cooke</B> <BR>British Columbia, Canada <BR></TD>
    <TD width="25%"><BR>CEO and Director of <BR>Endeavour <BR></TD>
    <TD width="25%"><BR>Director and Chief <BR>Executive Officer <BR>(since
      July 25, 2002) </TD>
    <TD align=center width="25%"><BR>1,062,831 <BR><BR>1.01% </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Godfrey J. Walton</B> <BR>British Columbia, Canada
      <BR><BR><BR></TD>
    <TD align=left width="25%">Director, President <BR>and COO of
      <BR>Endeavour and <BR>President, G.J. Walton <BR>&amp; Associates Ltd. </TD>
    <TD align=left width="25%">Director, President and <BR>Chief Operating
      Officer <BR>(since July 25, 2002) <BR><BR></TD>
    <TD align=center width="25%">75,847 <BR><BR>0.07% <BR><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Ken Pickering</B><SUP>(1)</SUP> <BR>British Columbia,
      Canada <BR><BR><BR><BR><BR><BR><BR><BR></TD>
    <TD align=left width="25%">Vice President, Major <BR>Projects BHP Billiton
      <BR>to Oct 2010: <BR>Independent Director <BR>of Pan Aust (ASX);
      <BR>TheMac Resources <BR>(TSXV); Northern <BR>Dynasty Minerals
      <BR>Ltd.(TSX) and Enaex <BR>(Chile). </TD>
    <TD align=left width="25%">Director <BR>(since August 20, 2012)
      <BR><BR><BR><BR><BR><BR><BR><BR></TD>
    <TD align=center width="25%">5,000 <BR>0.005%
      <BR><BR><BR><BR><BR><BR><BR><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Mario D. Szotlender </B><SUP>(1),(2),(3)</SUP>
      <BR>Caracas, Venezuela <BR><BR><BR><BR></TD>
    <TD align=left width="25%">Independent <BR>Consultant and <BR>Director of
      several <BR>public mineral <BR>exploration and <BR>mining companies </TD>
    <TD align=left width="25%">Director <BR>(since July 25, 2002)
      <BR><BR><BR><BR></TD>
    <TD align=center width="25%">225,100 <BR><BR>0.21% <BR><BR><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Geoffrey Handley </B><SUP>(1),(2),(3)</SUP> <BR>Sydney,
      Australia <BR><BR></TD>
    <TD align=left width="25%">Independent Director of <BR>several public
      mineral <BR>exploration and mining <BR>companies </TD>
    <TD align=left width="25%">Chairman <BR>(since May 23, 2012) <BR>Director
      <BR>(since June 14, 2006) </TD>
    <TD align=center width="25%">10,000 <BR><BR>0.01% <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Rex McLennan </B><SUP>(2),(3)</SUP> <BR>British
      Columbia, Canada <BR><BR><BR></TD>
    <TD align=left width="25%">Independent Director, <BR>Chief Financial
      Officer <BR>of Viterra Inc. until <BR>December 2012 <BR></TD>
    <TD align=left width="25%">Director <BR>(since June 14, 2007)
    <BR><BR><BR></TD>
    <TD align=center width="25%">10,000 <BR><BR>0.01% <BR><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Ricardo Campoy </B><SUP>(1),(3)</SUP> <BR>New York, USA
      <BR><BR><BR></TD>
    <TD align=left width="25%">Independent Director, <BR>Managing director of
      <BR>Headwaters MB, <BR>Director of General <BR>Moly </TD>
    <TD align=left width="25%">Director <BR>(since July 9, 2010)
    <BR><BR><BR></TD>
    <TD align=center width="25%">4,000 <BR><BR>0.004% <BR><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Daniel Dickson</B> <BR>British Columbia, Canada </TD>
    <TD align=left width="25%">CFO of Endeavour <BR></TD>
    <TD align=left width="25%">Chief Financial Officer <BR>(since April 1,
      2008) </TD>
    <TD align=center width="25%">Nil <BR></TD></TR></TABLE></DIV>
<P align=center>50 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center nowrap><BR>
      <B>Name and </B><BR><B>Province/State and
      </B><BR><B>Country </B><BR><B>of Residence </B><BR></TD>
    <TD width="25%" align=center nowrap><BR>
      <BR><B>Principal Occupation
      </B><BR><B>for the </B><BR><B>Last Five Years </B><BR></TD>
    <TD width="25%" align=center nowrap><BR>
      <B>Current Position with </B><BR><B>the
      Company </B><BR><B>and </B><BR><B>Period of Service </B><BR></TD>
    <TD width="25%" align=center nowrap><B>Approximate number and
      </B><BR>
      <B>percentage of voting </B><BR><B>securities owned, directly
      </B><BR><B>or indirectly or over which </B><BR><B>direction or control is
      </B><BR><B>exercised </B><SUP>(2) </SUP><SUP>(3) (4) </SUP></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Luis Castro </B><BR>Durango, Mexico <BR><BR></TD>
    <TD align=left width="25%">VP of Exploration of <BR>Endeavour, prior
      <BR>Manager of Exploration <BR>of Endeavour </TD>
    <TD align=left width="25%">Vice President, <BR>Exploration (since
      <BR>November 12, 2012) <BR></TD>
    <TD align=center width="25%">Nil <BR><BR><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>David Howe </B><BR>Leon, Mexico <BR></TD>
    <TD align=left width="25%">VP of Operations of <BR>Endeavour since
      <BR>November 2007 </TD>
    <TD align=left width="25%">Vice President <BR>Operations, Mexico (since
      <BR>November 1, 2007) </TD>
    <TD align=center width="25%">20,000 <BR><BR>0.02% </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Terence Chandler </B><BR>British Columbia, Canada
      <BR><BR><BR><BR><BR><BR></TD>
    <TD align=left width="25%">VP of Corporate <BR>Development of
      <BR>Endeavour Silver since <BR>January 2013. <BR>Consulting Geologist
      <BR>Terrenex Consulting, <BR>President Redcorp <BR>Ventures Limited </TD>
    <TD align=left width="25%">Vice President Corporate <BR>Development (since
      <BR>January 1, 2013) <BR><BR><BR><BR><BR></TD>
    <TD align=center width="25%">Nil <BR><BR><BR><BR><BR><BR><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Bernard Poznanski </B><BR>British Columbia, Canada
    <BR></TD>
    <TD align=left width="25%">Lawyer, Koffman <BR>Kalef Business <BR>Lawyers
    </TD>
    <TD align=left width="25%">Corporate Secretary <BR>(since March 9, 2009)
      <BR></TD>
    <TD align=center width="25%">Nil <BR><BR></TD></TR></TABLE></DIV><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>Member of Compensation Committee and Member</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><sup>(2) </sup> </TD>
    <TD>
      <P align=justify>Member of Corporate Governance and Nominating
      Committee</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><sup>(3) </sup> </TD>
    <TD>
      <P align=justify>Member of Audit Committee</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><sup>(4) </sup> </TD>
    <TD>
      <P align=justify>Refer to <U><FONT color=#0000ff>www.sedi.ca
      </FONT></U>for continuous disclosure of Directors &amp; Officers
      holdings.</P></TD></TR></TABLE>
<P align=justify><B><I>Directors' Terms of Office </I></B></P>
<P align=justify>Each director is elected to serve until the next annual general
meeting of shareholders or until his successor is elected or appointed, or
unless his office is earlier vacated under any of the relevant provisions of the
articles of the Company or the <I>Business Corporations Act </I>(British
Columbia). </P>
<P align=justify><B><I>Control of Securities</I></B></P>
<P align=justify>As at March 8, 2016 the directors and officers of the Company
as a group beneficially owned, directly or indirectly, or exercised control or
direction over an aggregate of 1,407,778 common shares of the Company,
representing approximately 1.34% of the issued and outstanding common shares of
the Company. </P>
<P align=center>51 <BR><B><I>Endeavour Silver Corp. </I></B><BR></P>
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<A name=page_55></A>
<P align=justify><B>9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cease
Trade Orders, Bankruptcies, Penalties or Sanctions </B></P>
<P align=justify>Other than as disclosed herein, no director or executive
officer of the Company is, as at the date of this AIF, or has been, within the
ten years preceding the date of this AIF, a director, chief executive officer or
chief financial officer of any company (including the Company) that </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%">(a) </TD>
    <TD align=left>
      <P align=justify>was subject to a cease trade or similar order or an order
      that denied the relevant company access to any exemption under securities
      legislation, that was in effect for a period of more than 30 consecutive
      days, when such order was issued while the person was acting in the
      capacity of a director, chief executive officer or chief financial officer
      of the relevant company, or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD align=left>
      <P align=justify>was subject to a cease trade or similar order or an order
      that denied the relevant company access to any exemption under securities
      legislation, that was in effect for a period of more than 30 consecutive
      days, that was issued after such person ceased to be a director, chief
      executive officer or chief financial officer of the relevant company, and
      which resulted from an event that occurred while the person was acting in
      the capacity of a director, chief executive officer or chief financial
      officer of the relevant company.</P></TD></TR></TABLE>
<P align=justify>Bernard Poznanski, the Corporate Secretary of the Company, was
a director and Corporate Secretary of Energem Resources Inc. (&#147;Energem&#148;) when
certain management cease trade orders were issued against the insiders of
Energem. Mr. Poznanski ceased to be a director and Corporate Secretary of
Energem on May 1, 2006. Particulars of the orders are as follows: </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%">(a) </TD>
    <TD>
      <P align=justify>On March 7, 2006, the Executive Director of the British
      Columbia Securities Commission (the &#147;BCSC&#148;) issued a management cease
      trade order in connection with the late filing of Energem&#146;s 2005
      comparative annual financial statements, 2005 annual MD&amp;A and a 2005
      Annual Information Form. The management cease trade order was revoked on
      May 31, 2006 after the relevant documents were filed; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>On April 20, 2005, the Executive Director of the BCSC
      issued a management cease trade order in connection with the late filing
      of Energem&#146;s 2004 comparative annual financial statements, 2005 first
      interim period financial statements and MD&amp;A for the 2005 first
      interim period. The management cease trade order was revoked on June 2,
      2005 after the relevant documents were filed.</P></TD></TR></TABLE>
<P align=justify>Ricardo Campoy was a director of Century Mining Corporation
(&#147;Century&#148;) when it was subject to cease trade orders or management cease trade
orders in issued March 2008, April 2009 and May 2010. </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%">(a) </TD>
    <TD>
      <P align=justify>On March 14, 2008, Century received notice from the
      British Columbia Securities Commission that the British Columbia
      Securities Commission had invoked a cease trade order with respect to
      Century&#146;s shares as a result of inadequacies in a NI 43-101 technical
      report filed by Century for the Lamaque Project and in Century&#146;s financial
      reports for the third quarter of 2007. On March 20, 2008 the British
      Columbia Securities Commission revoked the cease trade order and imposed a
      management cease trade order, giving Century time to comply with the
      issues cited in the cease trade order. All of those issues were resolved
      upon the filing of Century&#146;s revised Lamaque Project NI 43-101 technical
      report, the filing of a NI 43-101 technical report on the San Juan Project
      and the filing of Century&#146;s restated third quarter 2007 financial
      statements and related management&#146;s discussion &amp; analysis. The
      management cease trade order remained in place until June 24, 2008, when
      Century filed its audited financial statements and management&#146;s discussion
      &amp; analysis for the year ended December 31,
2007.</P></TD></TR></TABLE>
<P align=center>52 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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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 width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>On May 4, 2009, Century announced that the British
      Columbia Securities Commission had granted Century an extension for filing
      its annual financial statements and management&#146;s discussion and analysis
      for the year ended December 31, 2008 in response to Century&#146;s request for
      a management cease trade order filed with the British Columbia Securities
      Commission on April 28, 2009. On May 22, 2009, Century filed its financial
      statements and management&#146;s discussion and analysis for the year ended
      December 31, 2008. However, the management cease trade order remained in
      effect, with the consent of Century, until June 16, 2009.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>On May 12, 2010, Century announced that the British
      Columbia Securities Commission had invoked a cease trade order with
      respect to Century&#146;s shares as a result of Century&#146;s failure to file its
      annual financial statements and related management&#146;s discussion and
      analysis for the year ended December 31, 2009. Century subsequently filed
      its annual financial statements and related management&#146;s discussion and
      analysis for the year ended December 31, 2009, and the British Columbia
      Securities Commission revoked the cease trade order on May 17,
  2010.</P></TD></TR></TABLE>
<P align=justify>Geoffrey Handley was a director of Mirabela Nickel Limited
(&#147;Mirabela&#148;) until January 11, 2014. On February 25, 2014, within a year of Mr.
Handley ceasing to be a director, Mirabela announced that it had entered into a
legally binding plan support agreement (&#147;PSA&#148;) which establishes a framework for
a proposed recapitalization of Mirabela, subject to certain terms and
conditions, as well as the appointment of certain persons of KordaMentha, a
restructuring firm, as joint and several voluntary administrators under the
Australian Corporations Act 2001. Mirabela also announced that, under the PSA,
the proposed recapitalization will be effected through a recapitalization and
restructuring plan to be implemented through a deed of company arrangement in
Australia and an extrajudicial reorganization proceeding to be filed by Mirabela
Brazil before the competent Brazilian court. Trading in securities of Mirabela
on the Australian Securities Exchange was suspended from October 7, 2013 to June
30, 2014.</P>
<P align=justify>Terence Chandler, an officer of the Company, held the position
of President, CEO and Director of Redcorp Ventures Ltd. (&#147;Redcorp&#148;) while
Redcorp and its wholly-owned subsidiary Redfern Resources Ltd. (&#147;Redfern&#148;) were
involved in proceedings under the Companies&#146; Creditors Arrangement Act (Canada)
(&#147;CCAA&#148;). On March 4, 2009, Redcorp filed for protection under the CCAA with the
intention to re-finance its mining project and restructure its debt. After an
unsuccessful attempt to sell the mining property, the assets of Redcorp and
Redfern were placed into receivership. By June 3, 2009, Mr. Chandler resigned as
director and ceased to be an officer of Redcorp. </P>
<P align=justify>No director or executive officer of the Company or any
shareholder holding a sufficient number of common shares of the Company to
affect materially the control of the Company: </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%">(a) </TD>
    <TD>
      <P align=justify>is, as at the date of this AIF, or has been, within the
      ten years preceding the date of this AIF, a director or executive officer
      of any company (including the Company) that, while that person was acting
      in that capacity, or within a year of that person ceasing to act in that
      capacity, became bankrupt, made a proposal under any legislation relating
      to bankruptcy or insolvency or was subject to or instituted any
      proceedings, arrangement or compromise with creditors or had a receiver,
      receiver manager or trustee appointed to hold its assets,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>has, within the ten years preceding the date of this AIF,
      become bankrupt, made a proposal under any legislation relating to
      bankruptcy or insolvency, or become subject to or instituted any
      proceedings, arrangement or compromise with creditors, or had a receiver,
      receiver manager or trustee appointed to hold the assets of that
      person,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>has been subject to any penalties or sanctions imposed by
      a court relating to securities legislation or by a securities regulatory
      authority or has entered into a settlement agreement with a securities
      regulatory authority, or</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 align=center>53 </TD></TR>
  <TR vAlign=top>
    <TD align=center><B><I>Endeavour Silver Corp.</I></B>
</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_57></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
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  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>has been subject to any other penalties or sanctions
      imposed by a court or regulatory body that would likely be considered
      important to a reasonable investor in making an investment decision
      regarding the Company.</P></TD></TR></TABLE>
<P align=justify><B>9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conflicts of
Interest </B></P>
<P align=justify>The Company's directors and officers may serve as directors or
officers of other companies or have significant shareholdings in other resource
companies and, to the extent that such other companies may participate in
ventures in which the Company may participate, the directors of the Company may
have a conflict of interest in negotiating and concluding terms respecting the
extent of such participation. In the event that such a conflict of interest
arises at a meeting of the Company's directors, a director who has such a
conflict will abstain from voting for or against the approval of such
participation or such terms. From time to time several companies may participate
in the acquisition, exploration and development of natural resource properties
thereby allowing for their participation in larger programs, permitting
involvement in a greater number of programs and reducing financial exposure in
respect of any one program. It may also occur that a particular company will
assign all or a portion of its interest in a particular program to another of
these companies due to the financial position of the company making the
assignment. In accordance with the laws of British Columbia, the directors of
the Company are required to act honestly, in good faith and in the best
interests of the Company. In determining whether or not the company will
participate in a particular program and the interest therein to be acquired by
it, the directors will primarily consider the degree of risk to which the
Company may be exposed and its financial position at the time. </P>
<P align=justify>The directors and officers of the Company are aware of the
existence of laws governing the accountability of directors and officers for
corporate opportunity and requiring disclosure by the directors of conflicts of
interest and the Company will rely upon such laws in respect of any directors'
and officers' conflicts of interest in or in respect of any breaches of duty by
any of its directors and officers. All such conflicts will be disclosed by such
directors or officers in accordance with the <I>Business Corporations Act</I>
(British Columbia) and they will govern themselves in respect thereof to the
best of their ability in accordance with the obligations imposed upon them by
law. </P>
<P align=justify>To the best of its knowledge, the Company is not aware of any
such conflicts of interest. </P>
<P align=justify><B>ITEM 10:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROMOTERS </B></P>
<P align=justify>Since January 1, 2014 no person or company has acted as a
promoter of the Company. </P>
<P align=justify><B>ITEM 11:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LEGAL PROCEEDINGS
</B></P>
<P align=justify><B>11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Proceedings
</B></P>
<P align=justify>Other than discussed below, there are no material legal
proceedings in the Company&#146;s last fiscal year to which the Company is a party or
to which any of its property is subject, and there are no such proceedings known
to the Company to be contemplated. </P>
<P align=justify>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<B> </B>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<B> </B>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=center>54 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_58></A>
<P align=justify>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. An assessment by the Tax Court was made, however the Tax
Court did not follow the Superior Court directive as required by law. Therefore
the Company filed another Nullity action for the Tax Court to follow the
Superior Court directive during the year. The Company expects the Tax Court to
make a final assessment based on the Superior Court directive in 2017. The
Company estimates the impact of the Superior Court ruling will result in an
additional tax expense of MXN 31.7 million (~USD $1.8 million) to MSCG for
fiscal 2006 when the Tax Court rules on a final assessment. As of December 31,
2015, the Company estimates additional interest and penalties payable on overdue
taxes by MSCG to be MXN 65.7 million (~USD $3.8 million). 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 22.6 million (~USD $1.3 million) on the MXN 31.7 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. As of September 30, 2015, 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,
however the Tax Court assessment must be received before any negotiation can be
finalized or a decision is made.</P>
<P align=justify><B>11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regulatory Actions
</B></P>
<P align=justify>During the year ended December 31, 2015, there were no
penalties or sanctions imposed against the Company by a court relating to
securities legislation or by a securities regulatory authority. During the year
ended December 31, 2015, there were no settlement agreements that the Company
entered into before a court relating to securities legislation or with a
securities regulatory authority. Except as described in item 11.1, there are no
other penalties or sanctions imposed by a court or regulatory body against the
Company that would likely be considered important to a reasonable investor in
making an investment decision.</P>
<P align=center>55 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_59></A>
<P align=justify><B>ITEM 12:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INTEREST OF
MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS </B></P>
<P align=justify><B>12.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest of Management
and Others in Material Transactions </B></P>
<P align=justify>None of the following persons or companies has had any material
interest, direct or indirect in any transaction since January 1, 2013 that has
materially affected or is reasonably expected to materially affect the Company:
</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%">(a) </TD>
    <TD>
      <P align=justify>a director or executive officer of the Company;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>a person or company that beneficially owns, or controls
      or directs, directly or indirectly more than 10% of any class or series of
      the outstanding voting securities of the Company; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>an associate or affiliate of any of the persons or
      companies referred to in the above paragraphs (a) or
(b).</P></TD></TR></TABLE>
<P align=justify>The Company&#146;s directors and officers may serve as directors or
officers of other public resource companies or have significant shareholdings in
other public resource companies and, to the extent that such other companies may
participate in ventures in which the Company may participate, the directors of
the Company may have a conflict of interest in negotiating and concluding terms
respecting the extent of such participation. The interests of these companies
may differ from time to time. See &#147;Risk Factors &#150; Potential Conflicts of
Interest&#148; and &#147;Conflict of Interest&#148; </P>
<P align=justify><B>ITEM 13:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRANSFER AGENT AND
REGISTRAR </B></P>
<P align=justify><B>13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent and
Registrar </B></P>
<P align=justify>The transfer agent and registrar for the common shares of the
Company is Computershare Investor Services Inc. at its principal offices in
Vancouver, British Columbia and Toronto, Ontario.</P>
<P align=justify><B>ITEM 14:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MATERIAL CONTRACTS
</B></P>
<P align=justify><B>14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material Contracts
</B></P>
<P align=justify>Other than noted below there are no contracts that are material
to the Company that were entered into during the financial year ended December
31, 2015 or prior thereto but which are still in effect, other than contracts
entered into in the ordinary course of business of the Company. </P>
<P align=justify>On July 24, 2012, the Company entered into a $75 million
revolving credit facility (&#147;the Facility&#148;) with The Bank of Nova Scotia
(&#147;Scotiabank&#148;) that was originally scheduled to reduce to $50 million in July
2013 and reduce to $25 million in July 2015. The purpose of the Facility was for
general corporate purposes and is principally secured by a pledge of the
Company&#146;s equity interests in its material operating subsidiaries, including
Refinadora Plata Guanacev&#237; S.A de C.V., Minas Bola&#241;itos S.A. de C.V. and
Compania Minera del Cubo S.A. de C.V. The interest rate margin on the Facility
ranges from 2.75% to 4.25% over LIBOR based on the Company&#146;s net debt to EBITDA
ratio, where EBITDA is adjusted for gains or losses on derivative liabilities
and any extraordinary items. The Company agreed to pay a commitment fee of
between 0.69% and 1.05% on undrawn amounts under the facility based on the
Company&#146;s net a debt to EBITDA ratio. The Facility is subject to various
qualitative and quantitative covenants, including EBITDA leverage ratio, an
interest service coverage ratio and tangible net worth calculation. During the
year ended December 31, 2013, the Company extended the Facility until July 24,
2016, with a requirement to reduce the credit limit from $50 million to $25
million by July 24, 2015. At December 31, 2015, the Company had $22 million
outstanding on this Facility. </P>
<P align=center>56 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_60></A>
<P align=justify>In March 2015, the Facility was amended requiring the Tangible
Net Worth of the Company (as defined in the Facility) to be greater than 85% of
&#147;Equity&#148; (as defined by the Facility) as at December 31, 2014, plus 50% of
subsequent quarterly earnings.</P>
<P align=justify>Subsequent to year end, the Company has entered into an amended
restated credit agreement with Scotia Capital, including an amended Tangible Net
Worth covenant requiring the tangible net worth to be greater than $45.9
million, subject to final satisfaction of conditions precedent, to convert the
$22 million which remains outstanding under the existing line of credit into a
two year term loan amortized quarterly and expiring December 31, 2017. The
Company repaid $3 million on signing the amended and restated credit agreement
and will pay $2.5 million each quarter. </P>
<P align=justify><B>ITEM 15:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INTERESTS OF EXPERTS
</B></P>
<P align=justify><B>15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Names of Experts </B></P>
<P align=justify>KPMG LLP is the external auditor of the Company and reported on
the fiscal 2015 audited financial statements of the Company filed on SEDAR. </P>
<P align=justify>The Qualified Persons who completed the reserves and resources
estimate for the Guanacevi Project are Zachary J. Black, SME-RM, Jeffery W.
Choquette, P.E. and Jennifer J. Brown, SME-RM, of Hard Rock Consulting. They are
the authors of the report<I>&#147;NI 43-101 Technical Report Updated Resource and
Reserve Estimates for the Guanacevi Mines Project, Durango State, Mexico</I>&#148;
dated March 3, 2016 (effective date of December 31, 2015) filed on SEDAR. </P>
<P align=justify>The Qualified Persons who completed the reserves and resources
for the Bola&#241;itos Mines Project are Zachary J. Black, SME-RM, Jeffery W.
Choquette, P.E. and Jennifer J. Brown, SME-RM, of Hard Rock Consulting. They are
the authors of the report <I>&#147;NI 43-101 Technical Report: Updated Mineral
Resource and Reserve Estimates for the Bola&#241;itos Project, Guanajuato State,
Mexico</I>&#148; dated March 3, 2016 (effective date of December 31, 2015) filed on
SEDAR.</P>
<P align=justify>The Qualified Persons who completed the estimate of the
reserves and resources for the El Cubo Mine are Zachary J. Black, SME-RM,
Jeffery W. Choquette, P.E. and Jennifer J. Brown, SME-RM, of Hard Rock
Consulting. They are the author of the report <I>&#147;NI 43-101 Technical Report:
Updated Mineral Resource and Reserve Estimates for the El Cubo Project ,
Guanajuato State, Mexico</I>&#148; dated March 3, 2016 (effective date of December
31, 2015 filed on SEDAR.</P>
<P align=justify>The Qualified Persons who completed the Preliminary Economic
Assessment for the Terronera Project are Peter J. Smith, P. Eng. of Smith Foster
&amp; Associates, Scott Fleming, P.E. of Amec Foster Wheeler, Jarita Barry, P.
Geo., David Burga, P. Geo., Richard Routledge, P. Geo., Richard Sutcliffe,
Ph.D., P. Geo., James L. and Pearson, P. Eng. of P&amp;E Mining Consultants Inc,
and Eugenio Iasillo, P. E. of Processing Engineering L.L.C. They are the authors
of the report <I>&#147;NI 43-101 Technical Report Preliminary Economic Assessment for
the Terronera Project, Jalisco State, Mexico</I>&#148; dated April 30, 2015
(effective date of March 25, 2015) filed on SEDAR.</P>
<P align=justify><B>15.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interests of Experts
</B></P>
<P align=justify>KPMG LLP are the auditors of the Company and have confirmed with respect to the Company, that they
are independent within the meaning of the relevant rules and related interpretations prescribed by the
relevant professional bodies in Canada and any applicable legislation or regulations and also that they are
independent accountants with respect to the Company under all relevant United States professional and
regulatory standards.</P>
<P align=justify>To the best of the Company&#146;s knowledge, the other experts named
in Item 15.1 did not have any registered or beneficial interest, direct or
indirect, in any securities or other property of the Company when the experts
prepared their respective reports or afterwards, nor will they receive any such
interest. </P>
<P align=center>57 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_61></A>
<P align=justify><B>ITEM 16:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADDITIONAL
INFORMATION </B></P>
<P align=justify><B>16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional Information
</B></P>
<P align=justify>Additional information relating to the Company may be found on
SEDAR at <U>www.sedar.com</U>. Additional information, including directors&#146; and
officers&#146; remuneration and indebtedness, principal holders of the Company&#146;s
securities and securities authorized for issuance under equity compensation
plans, if applicable, is contained in the Company&#146;s Information Circular
pertaining to its most recent Annual General Meeting of security holders held on
May 6, 2015. Additional financial information is also provided in the Company&#146;s
financial statements and management&#146;s discussion and analysis for its most
recently completed financial year ended December 31, 2015.</P>
<P align=justify><B>16.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Committee </B></P>
<P
align=justify><EM>1.&nbsp;</EM><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG><EM><U>The Audit Committee&#146;s Charter</U> </EM></P>
<P align=justify>National Instrument 52-110 Audit Committees (&#147;NI 52-110)
requires every issuer to disclose certain information concerning the
constitution of its audit committee and its relationship with its independent
auditor, as set forth below.</P>
<P
align=justify><EM>2.&nbsp;</EM><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG><EM><U>Composition of the Audit Committee</U> </EM></P>
<P
align=justify><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Company&#146;s audit committee is comprised of four directors, as set
forth below: </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>Gezoff Handley </TD>
    <TD align=left width="25%">Ricardo Campoy </TD>
    <TD align=left width="25%">Mario D. Szotlender </TD>
    <TD align=left width="25%">Rex McLennan </TD></TR></TABLE>
<P align=justify>As defined in NI 52-110, Geoff Handley, Mario Szotlender,
Ricardo Campoy and Rex McLennan are &#147;independent&#148;. The Company therefore meets
the requirement of NI 52-110 that all audit committee members be independent.
</P>
<P align=justify><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>All of the members of the audit committee are financially
literate. </P>
<P
align=justify><EM>3.</EM><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG><EM>
<U>Relevant Education and Experience</U> </EM></P>
<P
align=justify><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG><EM>Geoff Handley</EM> &#150; Mr. Handley is a geologist with a Science
Degree and over 30 years of experience in the exploration and mining industry
which included analyzing the financial statements of mining companies as an
investment analyst and, later, as the manager/executive responsible for
corporate mergers and acquisition activities at Placer Dome Inc. </P>
<P
align=justify><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Ricardo
Campoy</I> &#150; Mr. Campoy has a Bachelor of Science in Mine Engineering from the
Colorado School of Mines and a Master of International Management (Finance) from
the American Graduate School of International Management. Mr. Campoy has over 30
years of experience as a mine engineer, investment banker and financial advisor
for the resource industry, financial institutions and investment funds.</P>
<P
align=justify><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG><EM>Mario Szotlender</EM> - Mr. Szotlender is a financier and
businessman with a Bachelors degree in International Relations from Universidad
Central de Venezuela, Caracas, Venezuela and 20 years of experience financing
and managing resource projects in Central and South America.</P>
<P align=center>58 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_62></A>
<P
align=justify><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG><EM>Rex McLennan</EM> - Mr. McLennan holds a Master of Business
Administration degree from McGill University and a Bachelor of Science degree
from the University of British Columbia. Mr. McLennan has an ICD.D designation
with the Institute of Corporate Directors. Mr. McLennan was most recently Chief
Financial Officers of Viterra Inc., a major global agricultural commodity
company, since February 2008, until Viterra was acquired by Glencore Plc in
December 2012. He has held increasingly responsible positions in the mining and
oil and gas sectors. From 1997 to 2005, he was the Executive Vice President and
Chief Financial Officer for Placer Dome Inc., and prior to this held the
position of Vice President and Treasurer with the same company. For more than
ten years, he held positions of increasing responsibility in business planning,
finance and treasury and was a Senior Advisor in the Treasurer&#146;s Department for
Imperial Oil, a publicly traded Canadian subsidiary of Exxon Corporation. </P>
<P
align=justify><EM>4.&nbsp;</EM><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG><EM><U>Reliance on Certain Exemptions</U> </EM></P>
<P
align=justify><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>At no time since the commencement of the Company&#146;s most recently
completed financial year has the Company relied on the following exemptions
under NI 52-110: </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%">(a) </TD>
    <TD>
      <P align=justify>the exemption in section 2.4. <I>De Minimis Non-audit
      Services;,</I></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the exemption in section 3.2 <I>Initial Public
      Offerings;</I></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the exemption in section 3.3(2) <I>Controlled
      Companies;</I></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the exemption in section 3.4 <I>Events Outside Control of
      Member;</I></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the exemption in section 3.5 <I>Death, Disability or
      Resignation of Audit Committee Member;</I></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>the exemption in section 3.6 <I>Temporary Exemption for
      Limited and Exceptional Circumstances;</I></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>the exemption in section 3.8 <I>Acquisition of Financial
      Literacy;</I></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>an exemption from NI 52-110, in whole or part, granted
      under Part 8, <I>Exemptions</I></P></TD></TR></TABLE>
<P
align=justify><EM>5.&nbsp;</EM><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG><EM><U>Audit Committee Oversight</U> </EM></P>
<P align=justify>At no time since the commencement of the Company&#146;s most
recently completed financial year, has a recommendation of the Committee to
nominate or compensate an external auditor not been adopted by the Board or
Directors. </P>
<P
align=justify><EM>6.</EM><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG><EM>
<U>Pre-Approval Policies and Procedures</U> </EM></P>
<P align=justify>The audit committee has not adopted specific policies and
procedures for the engagement of non-audit services. Subject to the requirements
of NI 52-110, the engagement of non-audit services is considered by the
Company&#146;s Board of Directors and, where applicable, by the audit committee, on a
case-by-case basis. </P>
<P
align=justify><EM>7.</EM><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG><EM>
<U>External Auditor Service Fees (By Category)</U> </EM></P>
<P align=justify>Set forth below are details of certain service fees paid to the
Company&#146;s external auditor in each of the last two fiscal years for audit
services: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=6 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left><B>Financial Year End</B> </TD>
    <TD align=center width="25%"><B>Audit Fees</B><SUP>(1)</SUP> </TD>
    <TD align=center width="25%"><B>Tax Fees</B><SUP>(2)</SUP> </TD>
    <TD align=center width="25%"><B>All Other Fees</B><SUP>(3)</SUP> </TD></TR>
  <TR vAlign=top>
    <TD align=left>December 31, 2015 </TD>
    <TD align=center width="25%">Cdn.$497,500</TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>December 31, 2014 </TD>
    <TD align=center width="25%">Cdn.$587,800 </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD></TR></TABLE></DIV><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>Relates to fees for assurance and related services by the
      Company&#146;s external auditor that are reasonably related to the performance
      of the audit or review of the Company&#146;s financial statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(2) </sup> </TD>
    <TD>
      <P align=justify>Relates to fees for professional services rendered by the
      Company&#146;s external auditor for tax compliance and tax advice.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>(3) </sup> </TD>
    <TD>
      <P align=justify>The aggregate fees billed in each of the last two fiscal
      years for products and services provided by the Company&#146;s external
      auditor, other than the services reported under clauses (1) and (2) above.
      The nature of the services in the fiscal period ending December 31, 2015
      pertains to filing of a supplemental prospectus.</P></TD></TR></TABLE>
<P align=center>59 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_63></A>
<P align=center><B><U>SCHEDULE &#147;A&#148;</U></B><B> </B></P>
<P align=center><B>ENDEAVOUR SILVER CORP. (the "Company") </B></P>
<P align=center><B>Audit Committee Charter </B><BR>(effective August 1, 2012)<B>
</B><BR></P>
<P align=justify>This Audit Committee Charter has been approved by the Board of
Directors (the &#147;Board&#148;) of Endeavour Silver Corp. (the &#147;Company&#148;) as of the date
set out above. </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 colSpan=2>
      <P align=justify><B>Purpose Of Audit Committee</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">1.1 </TD>
    <TD colSpan=2>
      <P align=justify>The purpose of the Audit Committee (the &#147;Committee&#148;) is
      to act as the representative of the Board in carrying out its oversight
      responsibilities relating to:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The audit process;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The financial accounting and reporting process to
      shareholders and regulatory bodies; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The system of internal financial controls.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">1.2 </TD>
    <TD colSpan=2>
      <P align=justify>All reasonably necessary costs to allow the Committee to
      carry out its duties shall be paid for by the Company. Also, in carrying
      out the foregoing duties, the Committee shall have the right and the
      ability to retain any outside legal, accounting or other expert advice or
      assistance to assist the Committee members in the proper completion of
      their duties, for and on behalf of the Company and at the Company&#146;s cost,
      without any requirement for further Board or management approval of such
      expenditure.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD colSpan=2>
      <P align=justify><B>Composition</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The Committee shall consist of a minimum of three
      Directors, all of whom are &#147;independent&#148; within the meaning of National
      Instrument 52-110 - Audit Committees in Canada, and as required by all
      applicable United States securities laws and regulations and the policies
      of the New York Stock Exchange. The Committee shall be appointed annually
      by the Board immediately following the Annual General Meeting of the
      Company. Each member of the Committee shall be financially literate,
      meaning that each member must be able to read and understand financial
      statements that present a breadth and level of complexity of accounting
      issues that are generally comparable to the breadth and complexity of the
      issues that can reasonably be expected to be raised by the Company&#146;s
      financial statements. One member of the Committee must have accounting and
      financial expertise, meaning that the member possesses financial or
      accounting credentials or has experience in finance or
  accounting.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD colSpan=2>
      <P align=justify><B>Duties</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3.1 </TD>
    <TD colSpan=2>
      <P align=justify>The Committee&#146;s duty is to monitor and oversee the
      operations of management and the external auditor. Management is
      responsible for establishing and following the Company&#146;s internal controls
      and financial reporting processes and for compliance with applicable laws
      and policies. The external auditor is responsible for performing an
      independent audit of the Company&#146;s financial statements in accordance with
      generally accepted auditing standards, and for issuing its report on the
      statements. The Committee should review and evaluate this Charter on an
      annual basis.</P></TD></TR></TABLE>
<P align=center>60 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3.2 </TD>
    <TD colSpan=3>
      <P align=justify>The specific duties of the Committee are as
    follows:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>Management Oversight:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Review and evaluate the adequacy of the Company&#146;s
      processes for identifying, analyzing and managing financial risks,
      including foreign exchange and liquidity that may prevent the Company from
      achieving its objectives;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Review and evaluate the adequacy of the Company&#146;s
      processes over internal controls,;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>Review and evaluate the adequacy of the Company&#146;s
      processes over the status and adequacy of internal information systems and
      security;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>Meet with the external auditor at least once a year in
      the absence of management;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>Request the external auditor&#146;s assessment of the
      Company&#146;s financial and accounting personnel;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>Review and approve the Company&#146;s hiring policies
      regarding partners, employees and former partners and employees of the
      present and former external auditor of the Company.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>External Auditor Oversight</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Recommend to the Board the selection and, where
      applicable, the replacement of the external auditor to be appointed or
      nominated annually for shareholder approval;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Recommend to the Board the compensation to be paid to the
      external auditor;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>Review and evaluate the external auditor&#146;s process for
      identifying and responding to key audit and internal control
  risks;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>Review the scope and approach of the annual
  audit;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>Inform the external auditor of the Committee&#146;s
      expectations;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>Review the independence of the external auditor on an
      annual basis;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(vii) </TD>
    <TD>
      <P align=justify>Review with the external auditor both the acceptability
      and the quality of the Company&#146;s financial reporting standards;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(viii) </TD>
    <TD>
      <P align=justify>Resolve any disagreements between management and the
      external auditor regarding financial reporting;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ix) </TD>
    <TD>
      <P align=justify>Review and pre-approve all audit and audit-related
      services and the fees and other compensation related thereto, and any
      non-audit services, provided by the Company&#146;s external auditor. The
      authority to pre-approve non-audit services may be delegated by the
      Committee to one or more independent members of the Committee, provided
      that such pre-approval must be presented to the Committee&#146;s first
      scheduled meeting following such pre-approval. Pre-approval of non-audit
      services is satisfied if:</P></TD></TR></TABLE>
<P align=center>61 <BR><B><I>Endeavour Silver Corp.</I></B> <BR></P>
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  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">A. </TD>
    <TD>
      <P align=justify>the aggregate amount of all the non-audit services that
      were not pre-approved is reasonably expected to constitute no more than 5%
      of the total amount of fees paid by the Company and subsidiaries to the
      Company&#146;s external auditor during the fiscal year in which the services
      are provided;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">B. </TD>
    <TD>
      <P align=justify>the Company or a subsidiary did not recognize the
      services as non-audit services at the time of the engagement;
and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">C. </TD>
    <TD>
      <P align=justify>the services are promptly brought to the attention of the
      Committee and approved, prior to completion of the audit, by the Committee
      or by one or more of its members to whom authority to grant such approvals
      has been delegated by the Committee; 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="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(x) </TD>
    <TD>
      <P align=justify>Confirm with the external auditor that the external
      auditor is ultimately accountable to the Board and the Committee, as
      representatives of the shareholders.</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%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>Financial Reporting Oversight</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Review with management and the external auditor the
      Company&#146;s annual and interim financial statements, management&#146;s discussion
      and analysis, any annual and interim earnings press releases and any
      reports or other financial information to be submitted to any governmental
      and/or regulatory body, or the public, including any certification,
      report, opinion, or review rendered by the external auditor, for the
      purpose of recommending their approval to the Board prior to their filing,
      issue or publication;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Ensure that adequate procedures are in place for the
      review of the Company&#146;s public disclosure of financial information
      extracted or derived from the Company&#146;s financial statements (other than
      the public disclosure referred to in (i) above), as well as review any
      financial information and earnings guidance provided to analysts and
      rating agencies, and periodically assess the adequacy of those procedures;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>Discuss with the external auditor the quality and the
      acceptability of the International Financial Reporting Standards applied
      by management.</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%">(d) </TD>
    <TD colSpan=2>
      <P align=justify>&#147;Whistleblower&#148; Procedures</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Establish procedures for the receipt, retention and
      treatment of complaints received by the Company regarding accounting,
      internal accounting controls, or auditing matters; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Establish procedures for the confidential, anonymous
      submission by employees of the Company of concerns regarding questionable
      accounting or auditing matters.</P></TD></TR></TABLE>
<P align=center>62 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
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<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>
</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="endl.gif"
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<P>&nbsp;</P>
<P><BR>&nbsp;</P>
<P align=center><B>Consolidated Financial Statements </B></P>
<P align=center>Prepared by Management </P>
<P align=center>&nbsp;</P>
<P align=center><B>Years Ended December 31, 2015 and 2014 </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify><B><U>MANAGEMENT&#146;S RESPONSIBILITY FOR FINANCIAL
REPORTING</U></B><B> </B></P>
<P align=justify>The accompanying consolidated financial statements of Endeavour
Silver Corp. (&#147;the Company&#148;) have been prepared by management in accordance with
International Financial Reporting Standards (IFRS), and within the framework of
the significant accounting policies disclosed in the notes to these consolidated
financial statements. </P>
<P align=justify>Management, under the supervision and participation of the
Chief Executive Officer and the Chief Financial Officer, have a process in place
to evaluate disclosure controls and procedures and internal control over
financial reporting as required by Canadian and United States securities
regulations. We, as CEO and CFO, will certify our annual filings with Canadian
Securities Administrators and the U.S. Securities and Exchange Commission, as
required in Canada by Multilateral Instrument 52-109 and in the United States as
required by the Securities Exchange Act of 1934, respectively. </P>
<P align=justify>The Board of Directors is responsible for ensuring that
management fulfills its responsibilities for financial reporting and is
ultimately responsible for reviewing and approving the consolidated financial
statements. The Board carries out its responsibility principally through its
Audit Committee, which is independent from management.</P>
<P align=justify>The Audit Committee of the Board of Directors meets with
management to review the consolidated financial statements and related financial
reporting matters prior to submitting the consolidated financial statements to
the Board of Directors for approval. The Audit Committee reviews the
consolidated financial statements and management discussion and analysis;
considers the report of the external auditor; assesses the adequacy of internal
controls, including management&#146;s assessment; examines the fees and expenses for
audit services; and recommends to the Board the independent auditors for
appointment by the shareholders. The independent auditors have full and free
access to the Audit Committee and meet with it to discuss the audit work,
financial reporting matters and our internal control over financial reporting.
The Audit Committee is appointed by the Board of Directors and all of its
members are independent directors.</P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<TABLE
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  <TR vAlign=top>
    <TD align=left>March 2, 2016 </TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>/s/ Bradford
      Cooke</I> </TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"><I>/s/
      Dan Dickson</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Chief Executive Officer </TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%">Chief Financial Officer
</TD></TR></TABLE><BR>
<TABLE
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  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
2 - </TD></TR></TABLE><BR>
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border=0> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap><B>KPMG LLP </B></TD>
    <TD width="11%" align=left nowrap >Telephone </TD>
  <TD width="11%" align=left nowrap >(604) 691-3000 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap><B>Chartered Accountants </B></TD>
    <TD width="11%" align=left nowrap >Fax </TD>
  <TD width="11%" align=left nowrap >(604) 691-3031 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap>PO Box 10426 777 Dunsmuir Street </TD>
    <TD width="11%" align=left nowrap >Internet </TD>
  <TD width="11%" align=left nowrap >www.kpmg.ca </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap>Vancouver BC V7Y 1K3 </TD>
    <TD width="11%" align=left nowrap >&nbsp; </TD>
  <TD width="11%" align=left nowrap >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap>Canada </TD>
    <TD width="11%" align=left nowrap >&nbsp; </TD>
  <TD width="11%" align=left nowrap >&nbsp; </TD>
  </TR></TABLE>
<P align=center><B><FONT size=4>INDEPENDENT AUDITORS&#146; REPORT OF REGISTERED
</FONT></B><BR><B><FONT size=4>PUBLIC ACCOUNTING FIRM </FONT></B></P>
<P align=justify>To the Shareholders and Directors of Endeavour Silver Corp.
</P>
<P align=justify>We have audited the accompanying consolidated financial
statements of Endeavour Silver Corp., which comprise the consolidated statements
of financial position as at December 31, 2015 and December 31, 2014, the
consolidated statements of comprehensive income (loss), changes in shareholders&#146;
equity and cash flows for the years then ended, and notes, comprising a summary
of significant accounting policies and other explanatory information. </P>
<P align=justify><I>Management&#146;s Responsibility for the Consolidated Financial
Statements </I></P>
<P align=justify>Management is responsible for the preparation and fair
presentation of these consolidated financial statements in accordance with
International Financial Reporting Standards as issued by the International
Accounting Standards Board, and for such internal control as management
determines is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or
error. </P>
<P align=justify><I>Auditors&#146; Responsibility </I></P>
<P align=justify>Our responsibility is to express an opinion on these
consolidated financial statements based on our audits. We conducted our audits
in accordance with Canadian generally accepted auditing standards and the
standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free from material misstatement. </P>
<P align=justify>An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on our judgment, including the
assessment of the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error. In making those risk assessments, we
consider internal control relevant to the entity&#146;s preparation and fair
presentation of the consolidated financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating
the overall presentation of the consolidated financial statements. </P>
<P align=justify>We believe that the audit evidence we have obtained in our
audits is sufficient and appropriate to provide a basis for our audit opinion.
</P>
<P style="MARGIN-LEFT: 30%" align=justify><FONT size=1>KPMG LLP is a Canadian
limited liability partnership and a member firm of the KPMG </FONT><BR><FONT
size=1>network of independent member firms affiliated with KPMG International
Cooperative </FONT><BR><FONT size=1>(&#147;KPMG International&#148;), a Swiss entity.
</FONT><BR><FONT size=1>KPMG Canada provides services to KPMG LLP. </FONT><BR>
</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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
      3 - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A><br>
<IMG src="kpmgmini.jpg" border=0>
<BR>
<P align=right><I>Endeavour Silver Corp. </I><BR><I>Page 2 </I><BR></P>
<P align=justify><I>Opinion</I> </P>
<P align=justify>In our opinion, the consolidated financial statements present
fairly, in all material respects, the consolidated financial position of
Endeavour Silver Corp. as at December 31, 2015 and December 31, 2014, and its
consolidated financial performance and its consolidated cash flows for the years
then ended in accordance with International Financial Reporting Standards as
issued by the International Accounting Standards Board.</P>
<P align=justify><i>Other Matter</i></P>
<P align=justify>We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Endeavour Silver Corp.&rsquo;s internal control over financial reporting as of December 31, 2015, based on the criteria established in Internal Control &ndash; Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated March 9, 2016 expressed an unqualified opinion on the effectiveness of Endeavour Silver Corp.&rsquo;s internal control over financial reporting.</P>
<P align=justify><B>KPMG LLP (Signed) </B></P>
<P align=justify>Chartered Professional Accountants </P>
<P align=justify>March 9, 2016 <BR>Vancouver, Canada <BR>
</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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
      4 - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<br>
<IMG
src="kpmglogo.jpg"
border=0> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap><B>KPMG LLP </B></TD>
    <TD width="11%" align=left nowrap >Telephone </TD>
  <TD width="11%" align=left nowrap >(604) 691-3000 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap><B>Chartered Accountants </B></TD>
    <TD width="11%" align=left nowrap >Fax </TD>
  <TD width="11%" align=left nowrap >(604) 691-3031 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap>PO Box 10426 777 Dunsmuir Street </TD>
    <TD width="11%" align=left nowrap >Internet </TD>
  <TD width="11%" align=left nowrap >www.kpmg.ca </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap>Vancouver BC V7Y 1K3 </TD>
    <TD width="11%" align=left nowrap >&nbsp; </TD>
  <TD width="11%" align=left nowrap >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap>Canada </TD>
    <TD width="11%" align=left nowrap >&nbsp; </TD>
  <TD width="11%" align=left nowrap >&nbsp; </TD>
  </TR></TABLE>
<P align=center><B><FONT size=4>REPORT OF INDEPENDENT REGISTERED
      <br>
  PUBLIC ACCOUNTING FIRM
</FONT></B></P>
<p align="justify">To the  Shareholders and Directors of Endeavour Silver Corp.</p>
<p align="justify">We have audited Endeavour Silver Corp.&rsquo;s internal control  over financial reporting as of December 31, 2015, based on criteria established  in Internal Control &ndash; Integrated Framework (2013) issued by the Committee of  Sponsoring Organizations of the Treadway Commission (COSO). Endeavour Silver  Corp.&rsquo;s management is responsible for maintaining effective internal control  over financial reporting and for its assessment of the effectiveness of  internal control over financial reporting, included in the accompanying report  titled &ldquo;Management&rsquo;s Report on Internal Controls over Financial Reporting&rdquo;. Our  responsibility is to express an opinion on the Company&rsquo;s internal control over  financial reporting based on our audit.</p>
<p align="justify">We conducted our  audit in accordance with the standards of the Public Company Accounting  Oversight Board (United States). Those standards require that we plan and  perform the audit to obtain reasonable assurance about whether effective  internal control over financial reporting was maintained in all material  respects. Our audit included obtaining an understanding of internal control  over financial reporting, assessing the risk that a material weakness exists,  and testing and evaluating the design and operating effectiveness of internal  control based on the assessed risk. Our audit also included performing such  other procedures as we considered necessary in the circumstances. We believe  that our audit provides a reasonable basis for our opinion.</p>
<p align="justify">A company&rsquo;s internal  control over financial reporting is a process designed to provide reasonable  assurance regarding the reliability of financial reporting and the preparation  of financial statements for external purposes in accordance with generally  accepted accounting principles. A company&rsquo;s internal control over financial  reporting includes those policies and procedures that (1) pertain to the  maintenance of records that, in reasonable detail, accurately and fairly  reflect the transactions and dispositions of the assets of the company; (2)  provide reasonable assurance that transactions are recorded as necessary to  permit preparation of financial statements in accordance with generally  accepted accounting principles, and that receipts and expenditures of the  company are being made only in accordance with authorizations of management and  directors of the company; and (3) provide reasonable assurance regarding  prevention or timely detection of unauthorized acquisition, use, or disposition  of the company&rsquo;s assets that could have a material effect on the financial  statements.</p>
<p align="justify">Because of its inherent limitations, internal control over financial  reporting may not prevent or detect misstatements. Also, projections of any  evaluation of effectiveness to future periods are subject to the risk that  controls may become inadequate because of changes in conditions, or that the  degree of compliance with the policies or procedures may deteriorate.
</p>
<P style="MARGIN-LEFT: 30%" align=justify><FONT size=1>KPMG LLP is a Canadian
limited liability partnership and a member firm of the KPMG </FONT><BR><FONT
size=1>network of independent member firms affiliated with KPMG International
Cooperative </FONT><BR><FONT size=1>(&#147;KPMG International&#148;), a Swiss entity.
</FONT><BR><FONT size=1>KPMG Canada provides services to KPMG LLP. </FONT><BR>
</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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
      5 - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<br>
<IMG src="kpmgmini.jpg" border=0>
<BR>
<P align=right><I>Endeavour Silver Corp. </I><BR><I>Page 2 </I></P>
<p align="justify">In our opinion, Endeavour  Silver Corp. maintained, in all material respects, effective internal control  over financial reporting as of December 31, 2015, based on criteria established  in Internal Control &ndash; Integrated Framework (2013) issued by the Committee of  Sponsoring Organizations of the Treadway Commission (COSO).</p>
<p align="justify">We also have audited,  in accordance with Canadian generally accepted auditing standards and the  standards of the Public Company Accounting Oversight Board (United States), the  consolidated statements of financial position of Endeavour Silver Corp. as of  December 31, 2015 and 2014, and the related consolidated statements of  comprehensive income (loss), shareholders&rsquo; equity, and cash flows for the years  then ended and our report dated March 9, 2016 expressed an unqualified opinion  on those consolidated financial statements.</p>
<p align="justify"><b>//s//&nbsp; KPMG LLP</b></p>
<p align="justify">Chartered Professional Accountants</p>
<p align="justify">March 9, 2016<br>
  Vancouver,  Canada</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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
      6 - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P align=justify><B><FONT size=3>ENDEAVOUR SILVER CORP.
</FONT></B><BR><B>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
</B><BR>(expressed in thousands of US dollars) </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 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="13%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>December 31, </B></TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="13%" align=center nowrap style="BORDER-TOP: #000000 2px solid">December 31, </TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Notes    </TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="13%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2015 </B></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="13%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2014    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF"><B>ASSETS </B></TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="13%" align=center bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=center bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="13%" align=center bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=center bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Current assets </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="9%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Cash and cash equivalents </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="9%">4 </TD>
    <TD align=left width="1%" ><B>$</B></TD>
    <TD align=right width="13%"><B>&nbsp;20,413 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="13%">&nbsp;31,045 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Investments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="9%" bgColor=#e6efff>5 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>614 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>786 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Accounts receivable </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="9%">6 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>24,343 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">19,715 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Inventories </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="9%" bgColor=#e6efff>7 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>17,350 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>21,604 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Prepaid expenses </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><B>2,510 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">2,656    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Total current assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="9%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>65,230 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>75,806 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Non-current deposits </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="13%" align=right bgcolor="#E6EFFF"><B>855 </B></TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="13%" align=right bgcolor="#E6EFFF">1,048 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Deferred income tax asset </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="9%">21 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>223 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">6,253 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">Mineral
      properties, plant and equipment </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">9,10    </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="13%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"><B>47,925 </B></TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="13%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">182,730 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Total assets </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"><B>&nbsp;114,233 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%">&nbsp;265,837 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="13%" bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="13%" bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>LIABILITIES AND SHAREHOLDERS' EQUITY
    </B></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="9%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Current liabilities </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="9%">&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="9%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="13%" bgColor=#e6efff><B>&nbsp;18,949 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="13%" bgColor=#e6efff>&nbsp;17,408 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Finance lease obligation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="9%">12 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>1,180 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Income taxes payable</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="9%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>5,844 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>8,181 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Revolving credit facility </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">11</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><B>22,000 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">29,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Total current liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="9%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>47,973 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>54,589 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="9%">&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Provision for reclamation and
      rehabilitation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="9%" bgColor=#e6efff>13 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>7,762 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>6,496 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred income
      tax liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">21</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><B>7,623 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">12,479 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>Total liabilities </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff><B>63,358 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>73,564 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="9%">&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Shareholders' equity </B></TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Common shares, unlimited shares authorized, no par value,
      issued and<BR>outstanding 102,776,470 shares (Dec 31, 2014 - 101,976,901
      shares) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="9%" align=center valign="bottom">Page 9 </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="13%" align=right valign="bottom"><B>368,898 </B></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="13%" align=right valign="bottom">367,853 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Contributed surplus </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" align=center valign="bottom" bgColor=#e6efff>Page 9</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" align=right valign="bottom" bgColor=#e6efff><B>9,465 </B></TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" align=right valign="bottom" bgColor=#e6efff>8,430 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Accumulated comprehensive income (loss) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="9%">5, Page 9 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>(145</B></TD>
    <TD align=left width="2%" ><B>) </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(4,758</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Retained earnings (deficit) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff><B>(327,343</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff><B>) </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>(179,252</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Total
      shareholders' equity </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><B>50,875 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">192,273 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Total liabilities and shareholders' equity </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff><B>&nbsp;114,233 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff>&nbsp;265,837 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="9%">&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Commitments and contingencies (Notes 9 and
      12) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="9%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
  <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="9%">&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Subsequent events (Notes 11 and 14(b) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="9%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
  <TD align=left width="2%">&nbsp;</TD>
  </TR></TABLE>
<P align=justify>The accompanying notes are an integral part of these
consolidated financial statements. <BR>
</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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
      7 - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=justify><B><FONT size=3>ENDEAVOUR SILVER CORP.
</FONT></B><BR><B>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
</B><BR>(expressed in thousands of US dollars, except for shares and per share
amounts) </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 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD
width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Years Ended </B></TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD width="9%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="13%" align=center nowrap ><STRONG>December
      31,&nbsp;</STRONG>&nbsp;</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="13%">December 31, </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Notes    </TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="13%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2015 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="13%">2014    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="9%">&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Revenue </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="9%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="13%" bgColor=#e6efff><B>183,556 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="13%" bgColor=#e6efff>&nbsp;196,928 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="9%">&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cost of sales: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="9%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Direct production
      costs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="9%">&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>124,840 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">125,309 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Royalties </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="9%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>1,032 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>1,146 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Share-based
      compensation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="9%">14 (c) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>432 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">537 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Depreciation and depletion </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="9%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>40,278 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>54,312 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;Write down of inventory to net realizable value    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">7 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><B>234 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">1,255    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="9%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>166,816 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>182,559 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Mine operating earnings </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="9%">&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>16,740 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">14,369 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center bgColor=#e6efff>&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Expenses: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="9%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">&nbsp; &nbsp; &nbsp; &nbsp;Exploration </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=center bgcolor="#E6EFFF">16 </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="13%" align=right bgcolor="#E6EFFF"><B>6,327 </B></TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="13%" align=right bgcolor="#E6EFFF">12,548 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;General and
      administrative </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="9%">17 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>7,721 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">9,692 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">&nbsp; &nbsp; &nbsp; &nbsp;Impairment of non-current assets    </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=center bgcolor="#E6EFFF">10 </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="13%" align=right bgcolor="#E6EFFF"><B>134,000 </B></TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="13%" align=right bgcolor="#E6EFFF">83,000 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp; &nbsp;Write off of exploration
      properties </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">9 (f)(g) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"><B>- </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">631 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="13%" align=right bgcolor="#E6EFFF"><B>148,048 </B></TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="13%" align=right bgcolor="#E6EFFF">105,871 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Operating earnings (loss) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="9%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>(131,308</B></TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">(91,502</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=center bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=right bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD align=right bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Mark-to-market loss/(gain) on derivative liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="9%">15 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>- </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">1,434 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Mark-to-market loss/(gain) on contingent
      liability </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="9%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>- </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(99</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Finance costs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="9%">18 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>1,368 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">1,382 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center bgColor=#e6efff>&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Other income (expense): </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="9%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">&nbsp; &nbsp; &nbsp; &nbsp;Write down of available-for-sale
      financial assets </TD>
    <TD width="1%" align=left bgcolor="#e6efff" >&nbsp;</TD>
    <TD width="9%" align=center bgcolor="#e6efff">5 </TD>
    <TD width="1%" align=left bgcolor="#e6efff" >&nbsp;</TD>
    <TD width="13%" align=right bgcolor="#e6efff"><B>(4,785</B></TD>
    <TD width="2%" align=left bgcolor="#e6efff" >) </TD>
    <TD width="1%" align=left bgcolor="#e6efff" >&nbsp;</TD>
    <TD width="13%" align=right bgcolor="#e6efff">- </TD>
    <TD width="2%" align=left bgcolor="#e6efff" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Foreign exchange    </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="9%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>(5,006</B></TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">(1,709</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; &nbsp;
      &nbsp; &nbsp;Investment and other </TD>
    <TD width="1%" align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="9%" align=center bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="13%" align=right bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"><B>553 </B></TD>
    <TD width="2%" align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="13%" align=right bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">(546</TD>
    <TD width="2%" align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="9%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>(9,238</B></TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">(2,255</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR>
    <TD bgcolor="#e6efff">&nbsp; </TD>
    <TD width="1%" bgcolor="#e6efff" >&nbsp;</TD>
    <TD width="9%" align=center bgcolor="#e6efff">&nbsp;</TD>
    <TD width="1%" bgcolor="#e6efff" >&nbsp;</TD>
    <TD width="13%" bgcolor="#e6efff">&nbsp; </TD>
    <TD width="2%" bgcolor="#e6efff" >&nbsp;</TD>
    <TD width="1%" bgcolor="#e6efff" >&nbsp;</TD>
    <TD width="13%" bgcolor="#e6efff">&nbsp; </TD>
    <TD width="2%" bgcolor="#e6efff" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Earnings (loss) before income taxes </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="9%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>(141,914</B></TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">(96,474</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD align=left bgcolor="#e6efff" >&nbsp;</TD>
    <TD align=center bgcolor="#e6efff">&nbsp;</TD>
    <TD align=left bgcolor="#e6efff" >&nbsp;</TD>
    <TD align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD align=left bgcolor="#e6efff" >&nbsp;</TD>
    <TD align=left bgcolor="#e6efff" >&nbsp;</TD>
    <TD align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD align=left bgcolor="#e6efff" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Income tax expense (recovery): </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="9%">&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Current income
      tax expense </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="9%" bgColor=#e6efff>21 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>6,853 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>20,886 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp;Deferred income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">21</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><B>1,174 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">(42,827</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff><B>8,027 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>(21,941</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Net earnings
      (loss) for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><B>(149,941</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">(74,533</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="9%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Other comprehensive income (loss), net of tax: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="9%">&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Unrealized gain
      (loss) on available-for-sale financial assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="9%" bgColor=#e6efff>5 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>(145</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(677</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp;Available-for-sale financial assets reclassified to net loss    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">5 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><B>4,785 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Total other comprehensive income (loss) for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff><B>4,640 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>(677</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="1%" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="9%" align=center style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="13%" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="13%" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Comprehensive income (loss) for the year </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff><B>(145,301</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff>&nbsp;(75,210</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="9%">&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Basic and diluted earnings (loss) per share based on net
      earnings </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff><B>(1.47</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>&nbsp;(0.74</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left
    >&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left
    >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left
    >&nbsp;</TD>
    <TD align=left
    >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">Basic and diluted
      weighted average number of shares outstanding </TD>
    <TD width="1%" align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="9%" align=center bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="13%" align=right bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"><B>101,996,503 </B></TD>
    <TD width="2%" align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="13%" align=right bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid">101,314,393 </TD>
    <TD width="2%" align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of these
consolidated financial statements. <BR>
</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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    8 - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<P align=justify><B><FONT size=3>ENDEAVOUR SILVER CORP.</FONT></B><B> </B><BR>
<B>CONSOLIDATED</B><B> </B><B>STATEMENTS</B><B>
OF </B><B>CHANGES</B><B> IN </B><B>SHAREHOLDERS&#146;</B><B> </B><B>EQUITY</B><B>
</B><BR>(expressed in thousands of U.S. dollars, except share amounts) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="7%" align=left nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="7%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="7%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="7%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="7%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Accumulated </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="7%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Retained    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="7%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Total</TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="7%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Number of </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Share </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Contributed </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap >Comprehensive&nbsp;&nbsp;</TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Earnings </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Shareholders' </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="7%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">Note</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="7%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">shares </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="7%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Capital </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="7%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Surplus </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="7%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Income (Loss) </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="7%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">(Deficit) </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="7%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Equity </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Balance at December 31, 2013
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>99,784,409 </TD>
    <TD vAlign=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="7%" bgColor=#e6efff>358,408$ </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;14,836 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;(4,081</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;(113,015</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;256,148 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Exercise of options </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>14 (c) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>951,000 </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="7%" bgColor=#e6efff>3,954 </TD>
    <TD vAlign=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="7%" bgColor=#e6efff>(1,462</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="7%" 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="7%" 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="7%" bgColor=#e6efff>2,492 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Exercise of warrants </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">14 (f) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,155,905 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">5,126 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">(248</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&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="7%">&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="7%">4,878 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD 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=left width="7%" bgColor=#e6efff>9 (d) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>85,587 </TD>
    <TD vAlign=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="7%" 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=left width="7%" 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="7%" 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="7%" 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="7%" bgColor=#e6efff>365 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Share based compensation </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">14 (c) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&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="7%">&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="7%">3,600 </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="7%">&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="7%">&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="7%">3,600 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD 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=left width="7%" bgColor=#e6efff>5 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" 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="7%" 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="7%" 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="7%" bgColor=#e6efff>(677</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="7%" 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="7%" bgColor=#e6efff>(677</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >Expiry and forfeiture of options </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&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="7%">&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="7%">(8,296</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&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="7%">8,296 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Earnings (loss) for the year </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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" bgColor=#e6efff>(74,533</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="7%" bgColor=#e6efff>(74,533</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Balance at December 31, 2014 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">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="7%">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="7%">8,430 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">(4,758</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">(179,252</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">192,273 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Public equity offerings </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">14 (b) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">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="7%">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="7%">&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="7%">&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="7%">&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="7%">1,045 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Exercise of options </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>14 (c) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Exercise of warrants </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&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="7%">&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="7%">&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="7%">&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="7%">&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="7%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Share based compensation </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>14 (c) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" 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="7%" 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="7%" bgColor=#e6efff>2,885 </TD>
    <TD vAlign=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="7%" 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="7%" 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="7%" bgColor=#e6efff>2,885 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Unrealized gain (loss) on available for sale
      assets </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">5 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&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="7%">&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="7%">&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="7%">(172</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&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="7%">(172</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD 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=left width="7%" bgColor=#e6efff>5 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" bgColor=#e6efff>4,785 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Expiry and forfeiture of options </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&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="7%">&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="7%">(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="7%">&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="7%">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="7%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Earnings (loss) for the year </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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" bgColor=#e6efff>(149,941</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="7%" bgColor=#e6efff>(149,941</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 2px solid" align=left
      >Balance at December 31, 2015 </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=left
    width="7%">&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="7%">102,776,470 </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%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">368,898 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;9,465 </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%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;(145</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">&nbsp;(327,343</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="7%">&nbsp;50,875 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of these
consolidated financial statements. <BR>
</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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    9 - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A>
<P align=justify><B><FONT size=3>ENDEAVOUR SILVER CORP.
</FONT></B><BR><B>CONSOLIDATED STATEMENTS OF CASH FLOWS </B><BR>(expressed in
thousands of U.S. dollars)</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 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
    width="14%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Years Ended </B></TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD width="14%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap ><STRONG>December
      31,</STRONG>&nbsp;&nbsp;</TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>December 31, </TD>
  <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="14%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Notes </TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2015 </B></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2014    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="14%">&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Operating activities </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net earnings (loss) for the year </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(149,941</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(74,533</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Items not affecting cash: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share-based compensation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>14 (c) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>2,885 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,600 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Impairment of non-current assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">10 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>134,000 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">83,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Depreciation and depletion </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>9 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>40,599 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>54,659 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Deferred income tax expense (recovery) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">21 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>1,174 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(42,827</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Unrealized foreign exchange
      loss (gain) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>309 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(72</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Mark-to-market loss (gain) on derivative
      liability </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">15 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>- </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,434 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Mark-to-market loss (gain) on
      contingent liability </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>- </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(99</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Finance costs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">18 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>1,193 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,240 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Allowance for IVA receivable    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>6 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>- </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,002 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Write down of available-for-sale financial
      assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">5 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>4,785 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp;&nbsp;Write down of inventory
      to net realizable value </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>7 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>234 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,255 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;Write off of exploration property </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">9 (f)(g) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>- </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">631 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Net changes in non-cash working capital </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%"
    bgColor=#e6efff>19 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>(2,591</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>9,473 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash from
      operating activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="14%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>32,647 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">38,763 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Investing activites </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Property, plant and equipment
      expenditures </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>9 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(35,662</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(41,748</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Investment in long term deposits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="14%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"><B>-
      </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
width="12%">(82</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Cash used in investing activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>(35,662</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(41,830</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="14%">&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Financing activities </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Proceeds from revolving credit facility </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">11 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>- </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Repayment of revolving credit
      facility </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>11 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(7,000</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(6,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Repayment of obligation under finance lease</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">12 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>(425</B></TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Interest paid </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>11, 12 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(928</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(981</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Public equity offerings </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">14 (b) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>1,146 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Exercise of options and
      warrants </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>14 (c)(f) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>- </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,447 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;Share
      issuance costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="14%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>(101</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
width="12%">(10</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Cash used in financing activites </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>(7,308</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(544</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="14%">&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Effect of exchange rate change on cash and cash
      equivalents </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>(309</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(348</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="14%">&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Increase (decrease) in cash and cash
      equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(10,323</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(3,611</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash and cash
      equivalents, beginning of year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="14%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>31,045 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">35,004 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Cash and cash equivalents, end of year </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>20,413 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;31,045 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of these
consolidated financial statements. <BR>
</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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    10 - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR><B>Notes
to the Consolidated Financial Statements </B><BR>Years ended December 31, 2015
and 2014 <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>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>
      <P 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></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD align=left>
      <P align=justify><B><U>BASIS OF PRESENTATION</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>These consolidated financial statements have been
      prepared in accordance with and using accounting policies in full
      compliance with International Financial Reporting Standards (&#147;IFRS&#148;) as
      issued by the International Accounting Standards Board (&#147;IASB&#148;) and
      Interpretations of the International Financial Reporting Interpretations
      Committee (&#147;IFRIC&#148;), effective for the Company&#146;s reporting period for the
      year ended December 31, 2015.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>The Board of Directors approved the condensed
      consolidated interim financial statements for issue on March 2,
    2016.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>The preparation of consolidated financial statements
      requires management to make judgments, estimates and assumptions that
      affect the application of accounting policies and the reported amounts of
      assets, liabilities, income and expense. Actual results may differ from
      these estimates.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>
      <P 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.,
      Mineros Paola, S.A. de C.V. SOFOM ENR (formerly Endeavour Capital S.A. de
      C. V. SOFOM ENR), 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 Bola&#241;itos 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. and Metales Interamericanos S.A.
      de C.V.. All intercompany transactions and balances have been eliminated
      upon consolidation of these subsidiaries.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD align=left>
      <P align=justify><B><U>SIGNIFICANT ACCOUNTING POLICIES</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>The accounting policies below have been applied
      consistently to all years presented and by all subsidiaries in the
      group.</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>Currency Translation</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The functional and reporting currency of the Company and
      its subsidiaries is the US dollar. Transactions in currencies other than
      an entity&#146;s functional currency are recorded at the rates of exchange
      prevailing on the transaction dates. Monetary assets and liabilities that
      are denominated in foreign currencies are translated at the rates
      prevailing at each reporting date. Non-monetary assets and liabilities
      denominated in foreign currencies that are measured at fair value are
      retranslated to the functional currency at the exchange rate at the date
      the fair value was determined. Non-monetary items that are measured in
      terms of historical costs in a foreign currency are not retranslated.
      Foreign currency translation differences are recognized in profit or loss,
      except for differences on the retranslation of non-monetary
      available-for-sale financial instruments which are recognized in other
      comprehensive income (loss).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(b) </B></TD>
    <TD>
      <P align=justify><B>Use of estimates and judgements</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The preparation of consolidated financial statements in
      conformity with IFRS requires management to make judgments, estimates and
      assumptions that affect the application of accounting policies, 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.
      Actual results could differ materially from those estimates.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Estimates and underlying assumptions are reviewed on an
      ongoing basis. Revisions to accounting estimates are recognized in the
      period in which the estimates are revised and in any future periods
      affected. Significant areas requiring the use of management judgment
      relate to the determination of mineralized reserves, plant and equipment
      useful lives, estimating the fair values of financial instruments and
      derivatives, 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></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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    11 - </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <BR>
  (expressed in thousands of US dollars, unless otherwise stated) </P>
<P style="MARGIN-LEFT: 10%" align=justify>Information about the use of
management estimates that have the most significant effect on the amounts
recognized in the consolidated financial statements is included 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="10%"  >&nbsp;</TD>
    <TD align=left>Note 10 </TD>
    <TD align=left width="75%" >Impairment of Non-Current Assets
    </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Note 13 </TD>
    <TD align=left width="75%" >Provision for Reclamation and
      Rehabilitation </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Note 14 </TD>
    <TD align=left width="75%" >Share Capital </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Note 15 </TD>
    <TD align=left width="75%" >Derivative Liabilities </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Note 21 </TD>
    <TD align=left width="75%" >Income Taxes
</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>Financial instruments</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P 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></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Financial assets and liabilities at fair value through
      profit or loss are measured at fair value with changes in fair value
      recognized in net earnings. Financial assets and financial liabilities
      classified as held-to-maturity, loans and receivables, or other financial
      liabilities are measured at amortized cost using the effective interest
      method. Available-for-sale financial assets are measured at fair value
      with unrealized gains and losses recognized in other comprehensive income.
      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></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Realized gains and losses on short term metal derivative
      transactions are presented as investment and other income.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(d)</B> </TD>
    <TD>
      <P align=justify><B>Fair value of financial instruments</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The carrying values of the Company&#146;s cash and cash
      equivalents, receivables, accounts payable, accrued liabilities, finance
      leases and income taxes payable approximate their fair values due to their
      short terms to maturity. The carrying value of the revolving credit
      facility approximates its fair value due to the existence of floating
      market-based interest rates. Investments, consisting of money market
      investments, marketable securities and notes are recorded at fair value
      with unrealized gains and losses at the reporting date recognized in
      comprehensive income unless unrealized losses are indicative of
      impairments in value, in which case they are recognized in net
      earnings.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(e)</B> </TD>
    <TD>
      <P align=justify><B>Cash and cash equivalents</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Cash and cash equivalents consist of deposits in banks
      and highly liquid investments with an original maturity at the date of the
      purchase of no more than ninety days, or that are readily convertible into
      cash. Cash and cash equivalents are classified as loans and
      receivables.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(f)</B> </TD>
    <TD>
      <P align=justify><B>Marketable securities</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Marketable securities include investments in shares of
      companies and other investments capable of reasonably prompt liquidation.
      Share investments are classified as available-for-sale and carried at fair
      value. Unrealized gains and losses are recognized in other comprehensive
      income until the securities are disposed of or when there is evidence of
      impairment in value. Impairment is evident when there has been a
      significant or sustained decline in the fair value of the marketable
      securities. When a decline in the fair value of an available-for-sale
      financial asset has been recognized in other comprehensive income and
      there is objective evidence that the asset is impaired, the cumulative
      loss that had been recognized in other comprehensive income shall be
      reclassified from equity to the income statement as a reclassification
      adjustment.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(g)</B> </TD>
    <TD>
      <P align=justify><B>Inventories</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Production inventories are valued at the lower of
      production cost and net realizable value. Work-in-process inventories,
      including ore stockpiles, are valued at the lower of production cost and
      net realizable value, after an allowance for further processing costs.
      Finished goods inventory, characterized as dore bars or concentrate, is
      valued at the lower of production cost and net realizable value. Materials
      and supplies are valued at the lower of cost and replacement cost. Similar
      inventories within the consolidated group are measured using the same
      method, and the reversal of previous write-downs to net realizable value
      is required when there is a subsequent increase in the value of
      inventories.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(h)</B> </TD>
    <TD>
      <P align=justify><B>Mineral properties, plant and equipment</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Mineral properties, plant and equipment are stated at
      cost less accumulated depreciation and accumulated impairment losses. The
      cost of mineral properties, plant or equipment items consists of the
      purchase price, any costs directly attributable to bringing the asset to
      the location and condition necessary for its intended use and an initial
      estimate of the costs of dismantling and removing the item and restoring
      the site on which it is located. Mineral properties include direct costs
      of acquiring properties (including option payments) and costs incurred
      directly in the development of properties once the technical feasibility
      and commercial viability has been established.</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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    12 - </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <BR>
  (expressed in thousands of US dollars, unless otherwise stated)<BR>
</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 width="5%"></TD>
    <TD>
      <P align=justify>Exploration and evaluation costs are those costs required
      to find a mineral property and determine commercial feasibility. These
      costs include costs to establish an initial mineral resource and determine
      whether inferred mineral resources can be upgraded to measured and
      indicated mineral resources and whether measured and indicated mineral
      resources can be converted to proven and probable reserves. Project costs
      related to exploration and evaluation activities are expensed as incurred
      until such time as the Company has defined mineral reserves. Thereafter,
      costs for the project are capitalized prospectively in mineral properties,
      plant and equipment. The Company also recognizes exploration and
      evaluation costs as assets when acquired as part of a business
      combination, or asset purchase, with these assets recognized at
    cost.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Capitalized exploration and evaluation costs for a
      project are classified as such until the project demonstrates technical
      feasibility and commercial viability. Upon demonstrating technical
      feasibility and commercial viability, and subject to an impairment
      analysis, capitalized exploration and evaluation costs are transferred to
      mineral property costs within mineral properties, plant and equipment.
      Technical feasibility and commercial viability generally coincide with the
      establishment of proven and probable reserves; however, this determination
      may be impacted by management&#146;s assessment of certain modifying
      factors.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Where an item of plant and equipment comprises major
      components with different useful lives, the components are accounted for
      as separate items of plant and equipment and amortized separately over
      their useful lives.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Plant and equipment is recorded at cost and amortized
      using the straight-line method at rates varying from 5% to 30% annually.
      The accumulated costs of mineral properties that are developed to the
      stage of commercial production are amortized using the units of production
      method, based on proven and probable reserves (as defined by National
      Instrument 43-101).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company conducts an annual assessment of the residual
      balances, useful lives and depreciation methods being used for mineral
      properties, plant and equipment and any changes arising from the
      assessment are applied by the Company prospectively.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(i)</B> </TD>
    <TD>
      <P align=justify><B>Impairment of Non-Current Assets</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s tangible assets are reviewed for
      indications of impairment at each financial statement date. If an
      indicator of impairment exists, the asset&#146;s recoverable amount is
      estimated. An impairment loss is recognized when the carrying amount of an
      asset, or its cash-generating unit, exceeds its recoverable amount. A
      cash-generating unit is the smallest identifiable group of assets that
      generates cash flows that are largely independent of the cash flows from
      other assets or groups of assets. Impairment losses are recognized in
      profit and loss for the period.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The recoverable amount is the greater of fair value less
      costs to sell and value in use. In assessing value in use, the estimated
      future cash flows are discounted to their present value using a pre-tax
      discount rate that reflects current market assessments of the time value
      of money and the risks specific to the asset. For an asset that does not
      generate largely independent cash inflows, the recoverable amount is
      determined for the cash-generating unit to which the asset
  belongs.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>An impairment loss is reversed if there is an indication
      that there has been a change in the estimates used to determine the
      recoverable amount. An impairment loss is reversed only to the extent that
      the asset&#146;s carrying amount does not exceed the carrying amount that would
      have been determined, net of depreciation or amortization, if no
      impairment loss had been recognized.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Management periodically reviews the carrying value of its
      exploration and evaluation assets with internal and external mining
      related professionals. A decision to abandon, reduce or expand a specific
      project is based upon many factors including general and specific
      assessments of reserves, forecast future metal prices, forecast future
      costs of exploring, developing and operating a producing mine, expiration
      term and ongoing expense of maintaining leased mineral properties and the
      general likelihood that the Company will continue exploration. The Company
      does not set a pre- determined holding period for properties with unproven
      reserves. However, properties which have not demonstrated suitable mineral
      concentrations at the conclusion of each phase of an exploration program
      are re-evaluated to determine if future exploration is warranted and their
      carrying values are recoverable.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>If any area of interest is abandoned or it is determined
      that its carrying value cannot be supported by future production or sale,
      the related costs are charged against operations in the period of
      abandonment or determination that the carrying value exceeds its fair
      value. The amounts recorded as mineral properties represent costs incurred
      to date and do not necessarily reflect present or future
  values.</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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    13 - </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <BR>
  (expressed in thousands of US dollars, unless otherwise stated)<BR>
</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>(j)</B> </TD>
    <TD>
      <P align=justify><B>Provision for Reclamation and
  Rehabilitation</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company recognizes provisions for statutory,
      contractual, constructive or legal obligations associated with the
      decommissioning and reclamation of mineral property, plant and equipment,
      when those obligations result from the acquisition, construction,
      development or normal operation of the assets. A liability is recognized
      at the time environmental disturbance occurs and the resulting costs are
      capitalized to the corresponding asset. The provision for reclamation and
      rehabilitation obligations is estimated using expected cash flows based on
      engineering and environmental reports prepared by third-party industry
      specialists and is discounted at a pre-tax rate specific to the liability.
      The capitalized amount is amortized on the same basis as the related
      asset.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In subsequent periods, the liability is adjusted for any
      changes in the amount or timing of the estimated future cash costs,
      changes in the discount or inflation rates and for the accretion of
      discounted underlying future cash flows. The unwinding of the effect of
      discounting the provision is recorded as a finance cost in profit or loss
      for the period.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(k)</B> </TD>
    <TD>
      <P align=justify><B>Revenue recognition</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company recognizes revenue from the sale of bullion
      and concentrates upon delivery when it is probable that the economic
      benefits associated with the transaction will flow to the Company, the
      risks and rewards of ownership are transferred to the customer, and the
      revenue can be reliably measured. Revenue from the sale of concentrates is
      based on prevailing market prices and estimated mineral content which is
      subject to adjustment upon final settlement based on metal prices, weights
      and assays. For each reporting period until final settlement, estimates of
      metal prices are used to record sales. Variations between the sales price
      recorded at the initial recognition date and the actual final sales price
      at the settlement date, caused by changes in market metal prices, results
      in an embedded derivative in the related trade accounts receivable
      balance. The embedded derivative is recorded at fair value each period
      until final settlement occurs, with changes in fair value classified as a
      component of revenue. Revenue is recorded in the consolidated statement of
      comprehensive income, gross of treatment and refining costs paid to
      counterparties under the terms of the sales agreements.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(l)</B> </TD>
    <TD>
      <P align=justify><B>Share-based payments</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has a share option plan which is described in
      Note 14(c). The Company records all share-based compensation for options
      using the fair value method with graded vesting. Under the fair value
      method, share-based payments are measured at the fair value of the
      consideration received or the fair value of the equity instruments issued
      or liabilities incurred, whichever is more reliably measurable, and are
      charged over the vesting period. The amount recognized as an expense is
      adjusted to reflect the actual number of share options for which the
      related service and vesting conditions are met. The offset is credited to
      contributed surplus. Consideration received on the exercise of stock
      options is recorded as share capital and the related contributed surplus
      is transferred to share capital. For those options that expire or are
      forfeited after vesting, the amount previously recorded in contributed
      surplus is transferred to deficit.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Share-based payment expense relating to cash-settled
      awards, including deferred share units, is accrued over the vesting period
      of the units based on the quoted market value of the Company&#146;s common
      shares. As these awards will be settled in cash, the expense and liability
      are adjusted each reporting period for changes in the underlying share
      price.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(m)</B> </TD>
    <TD>
      <P align=justify><B>Income taxes</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company follows the asset and liability method of
      accounting for income taxes. Under this method, deferred tax assets and
      liabilities are recognized for the future tax consequences attributable to
      differences between the financial statement carrying amounts of existing
      assets and liabilities and their respective tax bases, and tax losses
      carried forward. Deferred tax assets and liabilities are measured using
      substantively enacted or enacted tax rates expected to apply to taxable
      income in the years in which those temporary differences are expected to
      be recovered or settled. The effect on deferred tax assets and liabilities
      of a change in tax rates is recognized in income in the period that
      includes the substantive enactment date. Deferred tax assets are
      recognized to the extent their recovery is considered probable based on
      their term to expiry and estimates of future taxable income.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(n)</B> </TD>
    <TD>
      <P align=justify><B>Earnings per share</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Basic earnings per share is computed by dividing the
      earnings (loss) available to common shareholders by the weighted average
      number of shares outstanding during the period. For all periods presented,
      loss available to common shareholders equals the reported loss. The
      Company uses the treasury stock method for calculating diluted earnings
      per share. Under the treasury stock method, the weighted average number of
      common shares outstanding used for the calculation of diluted earnings per
      share assumes that the proceeds to be received on the exercise of dilutive
      share options and warrants are used to repurchase common shares at the
      average market price during the year.</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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    14 - </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_13></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <BR>
  (expressed in thousands of US dollars, unless otherwise stated)<BR>
</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>(o)</B> </TD>
    <TD>
      <P align=justify><B>Business combinations</B></P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On a business combination, the acquisition method of
      accounting is used, whereby the purchase consideration is allocated to the
      identifiable assets, liabilities and contingent liabilities (identifiable
      net assets) on the basis of fair value at the date of acquisition. When
      the cost of acquisition exceeds the fair values attributable to the
      Company&#146;s share of identifiable net assets, the difference is treated as
      purchased goodwill. If the fair value attributable to the Company&#146;s share
      of the identifiable net assets exceeds the cost of acquisition, the
      difference is immediately recognized in the income statement. Incremental
      costs related to acquisitions are expensed as incurred.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Determination of the fair value of assets acquired and
      liabilities assumed and resulting goodwill, if any, requires that
      management make estimates based on the information provided by the
      acquiree. Changes to the provisional values of assets acquired and
      liabilities assumed, deferred income taxes and resulting goodwill, if any,
      will be adjusted when the final measurements are determined (within one
      year of the acquisition date).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>When purchase consideration is contingent on future
      events, the initial cost of the acquisition recorded includes an estimate
      of the fair value of the contingent amounts expected to be payable in the
      future. When the fair value of contingent consideration as at the date of
      acquisition is finalized and before the end of the twelve month
      measurement period, the adjustment is allocated to the identifiable assets
      acquired and liabilities assumed. Changes to the estimated fair value of
      contingent consideration subsequent to the acquisition date are recorded
      in the consolidated statement of comprehensive income.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(p)</B> </TD>
    <TD>
      <P align=justify><B>Accounting standards adopted during the
  year</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>IAS 17, <I>Leases</I></P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Assets held by the Company under leases that transfer to
      the Company substantially all of the risks and rewards of ownership are
      classified as finance leases. The leased assets are recognized in the
      statement of financial position and measured initially at an amount equal
      to the lower of their fair value and the present value of the minimum
      lease payments. Subsequent to initial recognition, the assets are
      accounted for in accordance with the accounting policy applicable to that
      asset (e.g. property, plant and equipment). Minimum lease payments made
      under finance leases are apportioned between finance costs and the
      reduction of the outstanding liability. The finance cost is allocated to
      each period during the lease term so as to produce a constant rate of
      interest on the remaining balance of the liability.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Assets held under other leases are classified as
      operating leases and are not recognized in the statement of financial
      position. Payments made under operating leases are recognized in the
      profit or loss as incurred over the term of the lease.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(q)</B> </TD>
    <TD>
      <P align=justify><B>Changes in IFRS not yet adopted</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>IFRS 9 Financial Instruments (&#147;IFRS 9&#148;)</I></P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>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></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P 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></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <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 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></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>IFRS 15, <I>Revenue from Contracts with Customers (&#147;IFRS
      15&#148;)</I></P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>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></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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    15 - </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_14></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <BR>
  (expressed in thousands of US dollars, unless otherwise stated) </P>
<P style="MARGIN-LEFT: 10%" 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: 10%" align=justify>The Company intends to adopt IFRS 15
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>
<P style="MARGIN-LEFT: 10%" 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 style="MARGIN-LEFT: 10%" align=justify>IFRS 16, <I>Leases (&#147;IFRS 16&#148;)</I>
<BR>On January 13, 2016 the International Accounting Standards Board 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>CASH AND CASH EQUIVALENTS</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Cash and cash equivalents of the Company are comprised of
      bank balances and highly liquid investments that are readily convertible
      to cash with an original maturity of 90 days or less at the date of
      purchase.</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" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>December 31</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">December 31 </TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>2015</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">2014    </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Bank balances </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;20,413</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;31,045 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>&nbsp;20,413</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;31,045 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B><U>INVESTMENTS</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" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>December 31</B> </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">December 31 </TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2015</B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2014    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Investment in marketable securities, at
      cost </TD>
    <TD align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;5,544</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;5,544 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Unrealized gain (loss) on marketable securities </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>(120</B></TD>
    <TD align=left width="2%"><B>)</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(4,029</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Unrealized foreign exchange gain (loss) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(25</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(729</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Write down of
      marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>(4,785</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;614</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;786 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Marketable securities are classified as
Level 1 in the fair value hierarchy (see Note 22) 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 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. As at September 30, 2015, the Company reviewed
the value of its investments for objective evidence of impairment based on both
quantitative and qualitative criteria. Accordingly, the Company has recorded a
write down through the income statement of $4.8 million (2014 - $nil) on its
marketable securities, which was reclassified from other comprehensive income
(loss). </P>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    16 - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <BR>
  (expressed in thousands of US dollars, unless otherwise stated)<BR>
</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>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" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD width="7%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="13%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    ><STRONG>December 31</STRONG>&nbsp;&nbsp;</TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="13%" align=center nowrap style="BORDER-TOP: #000000 2px solid">December 31 </TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="7%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >Note </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="13%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2015</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="13%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2014    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Trade receivables <SUP>(1)</SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff ></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="13%" bgColor=#e6efff><B>1,704</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="13%" bgColor=#e6efff>&nbsp;7,394 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>IVA receivables </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>16,506</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">11,369 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Income taxes recoverable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>5,676</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>529 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Due from related parties </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="7%" >8 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>111</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">180 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Other receivables </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="7%"
    bgColor=#e6efff >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff><B>346</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>243 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="7%"
    >&nbsp;</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%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>24,343</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%">&nbsp;19,715 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The trade receivables consist of receivables from
      provisional silver and gold sales from the Bola&#241;itos 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 an embedded derivative,
      are classified within Level 1 of the fair value hierarchy (see note
      22).</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%">7. </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 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 1px solid"><B>December 31</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 1px solid">December 31 </TD>
  <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2015</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2014    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Warehouse inventory </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;9,730</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;9,147 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Stockpile inventory <SUP>(1)</SUP> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>3,808</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,113 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Work in process inventory <SUP>(2)</SUP>
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>391</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,380 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Finished goods
      inventory <SUP>(3)(4)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>3,421</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">6,964
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;17,350</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;21,604 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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%">(1) </TD>
    <TD>
      <P align=justify>The Company has stockpiled 71,793 tonnes of mined ore as
      of December 31, 2015 (December 31, 2014 &#150; 75,103 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 width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </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 width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>The Company held 194,496 silver ounces and 1,285 gold
      ounces as of December, 2015 (December 31, 2014 &#150; 507,081 and 2,378,
      respectively). These ounces are carried at the lower of cost and net
      realizable value. As at December 31, 2015, the quoted market value of the
      silver ounces was $2,688 (December 31, 2014 - $8,098) and the quoted
      market value of the gold ounces was $1,364 (December 31, 2014 -
      $2,852).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>The finished goods inventory balances at December 31,
      2014 included a write down to net realizable value of $363 for finished
      goods inventory held by the El Cubo mine. Of this amount, $217 is
      comprised of cash costs and $146 relates to depreciation and depletion.
      The total write down for 2014 of $1,255 also includes previous write downs
      to net realizable value of $892 at quarter ends for finished goods
      inventory held by the El Cubo mine, which was subsequently sold in the
      third and fourth quarters. Of this amount, $582 is comprised of cash costs
      and $310 of depreciation and depletion. The carrying amount of this
      inventory, at net realizable value was $1,740 as at December 31,
    2014.</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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page - 17 - </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <BR>
  (expressed in thousands of US dollars, unless otherwise stated)<BR>
</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>RELATED PARTY TRANSACTIONS</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P 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
      $43 for the year ended December 31, 2015 (2014 - $89). The Company has a
      $111 net receivable related to these costs as of December 31, 2015
      (December 31, 2014 &#150; $180).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company was charged $151 for legal services for the
      year ended December 31, 2015 by a legal firm in which the Company&#146;s
      corporate secretary is a partner (December 31, 2014 - $150). The Company
      has $12 payable to the legal firm as at December 31, 2015 (December 31,
      2014 - $3).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Key management personnel</B></P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The key management of the Company comprises executive and
      non-executive directors, members of executive management and the Company&#146;s
      corporate secretary. Compensation of key management personnel was as
      follows:</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; BORDER-BOTTOM: #000000 2px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="12%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Dec 31, 2015</B> </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD width="12%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid">Dec 31, 2014 </TD>
  <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Salaries and short-term employee benefits
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;2,472</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,868 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Non-executive directors' fees </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>97</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">215 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Share-based payments </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>2,776</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>3,167 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>&nbsp;5,345</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;6,250 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The amount disclosed for share-based
payments is the expense for the year calculated in accordance with IFRS 2,
Share-based payments. The fair value of a share-based payment award is
recognized as an expense over the vesting period of the award. Therefore, the
compensation expense in the current year comprises a portion of current year
awards and those of preceding years that vested within the current year. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The share-based payments include the
change in fair value of non-executive directors&#146; cash settled deferred share
units over each reporting period and payments of deferred share units. During
the year ended December 31, 2015, the Company granted 245,438 cash settled
deferred share units with a market value of $487 at the date of grant (December
31, 2014 &#150;82,689 cash settled deferred share units with a market value of $342).
At December 31, 2015, there were 413,618 cash settled deferred share units
outstanding with a market value of $590 (December 31, 2014 &#150; 168,180 outstanding
with a market value of $367), with the change in fair value recognized in the
net earnings (loss).</P>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -18 - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_17></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <BR>
  (expressed in thousands of US dollars, unless otherwise stated)<BR>
</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%">9. </TD>
    <TD>
      <P align=justify><B><U>MINERAL PROPERTY, PLANT AND
  EQUIPMENT</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Mineral property, plant and equipment
  comprise:</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" align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="11%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >Machinery &amp; </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="11%" align=center nowrap >equipment and </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; Transport </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD width="8%" align=center nowrap>Mineral </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="11%" align=center nowrap >assets under </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&amp; office </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">property </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Plant    </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="11%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >finance lease </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Building </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">equipment </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Total    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff><B>Cost</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Balance at December 31, 2013 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">368,075 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">86,903 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%" >52,009 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">8,698 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">7,131 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">522,816 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Additions </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>31,469 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>4,086 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff >4,125 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1,273 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>781 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>41,734 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Write offs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">(631</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%" >- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">(631</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Disposals </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff >- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(70</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(70</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance at December 31, 2014 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>398,913 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>90,989 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff >56,134 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>9,971 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>7,842 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>563,849 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Additions </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>30,716 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2,786 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff >4,123 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>508 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>750 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>38,883 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Disposals </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    >- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">(67</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">(67</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD >&nbsp;</TD>
    <TD align=left
      bgColor=#e6efff>&nbsp;</TD>
    <TD align=left
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=right
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=left
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=right
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=left
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=right
    bgColor=#e6efff >&nbsp;</TD>
    <TD align=left
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=left
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=right
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=left
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=right
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=left
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=right
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Balance at December 31, 2015</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"><B>&nbsp;429,629</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"><B>&nbsp;93,775</B> </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%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%" ><B>&nbsp;60,257</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"><B>&nbsp;10,479</B> </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%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"><B>&nbsp;8,525</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"><B>&nbsp;602,665</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff><B>Accumulated amortization and
      impairment</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Balance at December 31, 2013 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">193,065 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">31,495 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%" >13,878 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,717 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">4,128 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">244,283 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Amortization </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>39,885 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>5,893 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff >5,820 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>769 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1,539 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>53,906 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Impairment </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">83,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%" >- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">83,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Disposals </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff >- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(70</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(70</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance at December 31, 2014 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>315,950 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>37,388 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff >19,698 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2,486 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>5,597 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>381,119 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Amortization </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>24,284 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>6,689 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff >6,508 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>863 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1,344 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>39,688 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Impairment </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">71,100 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">39,800 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%" >17,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">5,600 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">134,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Disposals </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff >- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(67</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(67</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Balance at December 31, 2015</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;411,334</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;83,877</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff ><B>&nbsp;43,206</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;8,949</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;7,374</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;554,740</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff><B>Net book value</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>At December 31, 2014 </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;82,963 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;53,601 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="11%" >&nbsp;36,436 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;7,485 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;2,245 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;182,730 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>At December 31, 2015</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;18,295</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;9,898</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff ><B>&nbsp;17,051</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;1,530</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;1,151</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff><B>&nbsp;47,925</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
</DIV>
<P style="MARGIN-LEFT: 5%" align=justify>As of December 31, 2015, other than the
finance lease obligations (see Note 22 (b)), 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 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Guanacevi, Mexico</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In June 2005, the Company acquired nine silver mining
      properties in the Guanacevi district, Durango, Mexico, from Industrias
      Pe&#241;oles S.A. de C.V. (&#147;Pe&#241;oles&#148;). Pe&#241;oles retained a 3% net proceeds
      royalty on future production after deduction of all shipping and smelting
      costs, including taxes and penalties, if any. In 2015, the Company paid
      $166 in royalties on these properties (2014 - $82).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>These properties and subsequently acquired property
      concessions acquired by the Company in the Guanacevi district are
      maintained with nominal property tax payments to the Mexican
      government.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Bola&#241;itos, Mexico</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In 2007, the Company acquired the exploitation contracts
      and underlying assets to the Bola&#241;itos silver-gold mines located in the
      northern parts of the Guanajuato and La Luz silver districts in the state
      of Guanajuato, Mexico.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>These properties and subsequently acquired property
      concessions acquired by the Company in the Guanajuato district are
      maintained with nominal property tax payments to the Mexican
      government.</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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    19 - </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_18></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <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 width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(c)</B> </TD>
    <TD>
      <P align=justify><B>El Cubo, Mexico</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On July 13, 2012, the Company acquired the exploitation
      contracts and underlying assets relating to the El Cubo silver- gold mine
      located in the northern parts of the Guanajuato and La Luz silver
      districts in the state of Guanajuato, Mexico.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>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
      December 31, 2015, there was a $1,000 letter of credit provided by the
      Company as security to the owner of the Las Torres facility that expires
      on August 14, 2018.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company holds various property concessions in the
      Guanajuato District that it maintains with nominal property tax payments
      to the Mexican government.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(d)</B> </TD>
    <TD>
      <P align=justify><B>Guadalupe Y Calvo, Mexico</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On July 13, 2012, the Company acquired the Guadalupe Y
      Calvo exploration project in Chihuahua, Mexico.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In August 2014 the Company acquired the La Bufa
      exploration property, which is adjacent to the Company&#146;s Guadalupe y Calvo
      exploration property in Chihuahua, Mexico for 85,587 common shares and a
      $19 cash advance. Total consideration paid amounted to $417, which has
      been capitalized to mineral properties. The property is subject to a 2%
      net smelter return (&#147;NSR&#148;) royalty on mineral production.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(e)</B> </TD>
    <TD>
      <P align=justify><B>Terronera (formerly San Sebastian),
  Mexico</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In February 2010, the Company acquired the option to
      purchase a 100% interest in the Terronera properties, located in Jalisco,
      Mexico by paying a total of $2,750 over three years. As of December 31,
      2015, the Company has paid $2,750 and acquired a 100% interest in the
      Terronera properties. The Company is required to pay a 2% NSR royalty on
      any production from the Terronera properties.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(f)</B> </TD>
    <TD>
      <P align=justify><B>Panuco, Mexico</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In August 2011, the Company acquired the option to
      acquire a 51% interest in the Panuco exploration property, located in
      Durango, Mexico by paying a total of $145 over the first year of the
      agreement and completing $4,000 on exploration expenditures over four
      years. In August 2014, the Company decided to terminate the option
      agreement and wrote off $381 of deferred acquisition and land holding
      costs associated with this property.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(g)</B> </TD>
    <TD>
      <P align=justify><B>El Inca, Chile</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In October 2012, the Company acquired the option to
      purchase a 75% interest in the El Inca properties, located in Chile, by
      paying a total of $2,000 over four years, of which the Company paid $250
      to date, and completing $5,000 on exploration expenditures over four
      years. The Company also must deliver a report of an estimate of resources
      and a pre-feasibility study report before the end 2016. The Company is
      required to pay a 3.5% NSR royalty, which may be reduced to a 2.5% NSR
      royalty by a payment of $1,000, on any production from the El Inca
      properties. In November 2014, the Company decided to terminate the option
      agreement and wrote off $250 of deferred acquisition and land holding
      costs associated with this property</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(h)</B> </TD>
    <TD>
      <P align=justify><B>Mineral property contingencies</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has also entered into other non-material
      option agreements on exploration properties in Mexico and Chile.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Management believes the Company has diligently
      investigated rights of ownership of all of the mineral properties to a
      level which is acceptable by prevailing industry standards with respect to
      the current stage of development of each property in which it has an
      interest and, to the best of its knowledge, all agreements relating to
      such ownership rights are in good standing. However, all properties may be
      subject to prior claims, agreements or transfers, and rights of ownership
      may be affected by undetected defects.</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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    20 - </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_19></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <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%">10. </TD>
    <TD>
      <P align=justify><B><U>IMPAIRMENT OF NON-CURRENT ASSETS</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The recoverable amounts of the Company&#146;s CGUs, which
      include mining properties, plant and equipment are determined on an annual
      basis, if impairment indicators are identified. At December 31, 2015, the
      continued commodity price decline led the Company to determine that there
      were impairment indicators and to re-assess the recoverable amounts of its
      CGUs. The recoverable amounts are based on each CGUs future cash flows
      expected to be derived from the Company&#146;s mining properties and represent
      each CGU&#146;s value in use. The cash flows are determined based on the
      life-of-mine after tax cash flow forecast which incorporates management&#146;s
      best estimates of future metal prices, production based on current
      estimates of recoverable reserves and resources, exploration potential,
      future operating costs and non-expansionary capital
expenditures.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>At December 31, 2015, the Company tested the
      recoverability of its operating assets, resulting in a detailed review of
      the Company&#146;s three operating mines. The Company estimated future
      operating and capital costs, factored in analysts&#146; consensus pricing for
      the first three years of its economic model (Silver: 2016 - $15.00/oz,
      2017 - $16.78/oz, 2018 - $17.11/oz; Gold: 2016 - $1,125/oz, 2017 -
      $1,174/oz, 2018 - $1,192/oz) and used a long term silver price of $17.33
      per ounce and a long term gold price of $1,201 per ounce and a risk
      adjusted project specific discount rate of 9.0%-9.5% based on the CGUs
      weighted average cost of capital. Due to the sensitivity of the
      recoverable amounts to the various factors mentioned and specifically long
      term metal prices as well as unforeseen factors, any significant change in
      the key assumptions and inputs could result in additional impairment
      charges in future periods.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>At December 31, 2015 the carrying value related to the El
      Cubo CGU was $113,397, including an associated deferred income tax asset
      of $5,120 which was greater than its estimated recoverable amount of
      $4,200, calculated on a discounted cash flow basis. The Company considers
      use of its internal discounted cash flow economic models as a proxy for
      the calculation of fair value in use. Based on the above assessment at
      December 31, 2015, the Company recorded an impairment charge related to
      the El Cubo CGU of $104,300, plus valuation of the tax asset of $4,897 for
      a total impairment charge of $109,197 after tax.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>At December 31, 2015 the net carrying value related to
      the Bola&#241;itos CGU was $31,992, including an associated deferred income tax
      liability of $5,874 which was greater than its estimated recoverable
      amount of $6,900, calculated on a discounted cash flow basis. The Company
      considers use of its internal discounted cash flow economic models as a
      proxy for the calculation of fair value in use. Based on the above
      assessment at December 31, 2015, the Company recorded an impairment charge
      related to the Bola&#241;itos CGU of $29,700, and an associated recovery of the
      deferred tax liability of $4,607 for a net after tax impact of
    25,093.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In 2015, The Company reviewed the Guancevi CGU for value
      in use, which resulted in no significant change after the impairment
      charge in 2013. The Guanacevi carrying value was adjusted to value in use
      in 2013; any modest decrease in one key assumption in isolation causes the
      estimated recoverable amount to be less than or equal to the net carrying
      value of $26,500.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>At December 31, 2014 a sustained decline in precious
      metal prices led the Company to re-assess the recoverable amounts of its
      CGUs.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>At December 31, 2014, the Company tested the
      recoverability of its operating assets, resulting in a detailed review of
      the Company&#146;s three operating mines. The Company estimated future
      operating and capital costs, factored in analysts&#146; consensus pricing for
      the first three years of its economic model (Silver: 2015 - $18.31/oz,
      2016 - $18.72/oz, 2017 - $19.51/oz; Gold: 2015 - $1,253/oz, 2016 -
      $1,270/oz, 2017 - $1,271/oz) and then used a long term silver price of
      $19.59 per ounce and a long term gold price of $1,270 per ounce and a risk
      adjusted project specific discount rate of 9.0%-9.5% based on the CGUs
      weighted average cost of capital. Due to the sensitivity of the
      recoverable amounts to the various factors mentioned and specifically long
      term metal prices as well as unforeseen factors, any significant change in
      the key assumptions and inputs could result in additional impairment
      charges in future periods.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>At December 31, 2014 the carrying value related to the El
      Cubo CGU was $191,565 and net of associated deferred income tax
      liabilities of $52,836 was greater than its estimated recoverable amount
      of $89,000, calculated on a discounted cash flow basis. The Company
      considers use of its internal discounted cash flow economic models as a
      proxy for the calculation of fair value in use. Based on the above
      assessment at December 31, 2014, the Company recorded an impairment charge
      related to the El Cubo CGU of $55,858, net of tax ($83,000 before
    tax).</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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    21 - </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_20></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <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>REVOLVING CREDIT FACILITY</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On July 24, 2012, the Company entered into a $75 million
      revolving credit facility (&#147;the Facility&#148;), reducing over three years,
      with Scotia Capital. The purpose of the Facility is for general corporate
      purposes and 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 ranges from 2.75%
      to 4.25% over LIBOR based on the Company&#146;s net debt to EBITDA ratio, where
      EBITDA is adjusted for gains or losses on derivative liabilities and
      extraordinary items. The Company agreed to pay a commitment fee of between
      0.69% and 1.05% on undrawn amounts under the facility based on the
      Company&#146;s net debt to EBITDA ratio. 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. On July 24, 2013, as part of the Facility agreement,
      the capacity of the Facility was reduced to $50 million. During the year
      ended December 31, 2013, the Company extended the Facility until July 24,
      2016, with a requirement to reduce the credit limit from $50 million to
      $25 million by July 24, 2015. At December 31, 2015, the Company had
      $22,000 outstanding on the Facility and recognized $872 of interest
      expense during the year in financing costs (December 31, 2014 -
      $1,343).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has deferred commitment fees and legal costs
      of $937 which are being recognized over the life of the Facility. For the
      year ended December 31, 2015, $221 of the deferred commitment fees and
      legal costs were amortized (December 31, 2014 -
$221).</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" align=left >&nbsp;
    </TD>
    <TD
      width="18%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Facility Financial </TD>
    <TD width="18%" align=right nowrap style="BORDER-TOP: #000000 2px solid"><B>Dec.
      31,</B> </TD>
    <TD width="18%" align=right nowrap style="BORDER-TOP: #000000 2px solid">Dec. 31,    </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Facility Financial Covenants </TD>
    <TD
      width="18%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">Requirements </TD>
    <TD
      width="18%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>2015</B> </TD>
    <TD width="18%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid">2014    </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Leverage Ratio </TD>
    <TD align=center width="18%" bgColor=#e6efff><U>&lt;</U> 3.00:1 </TD>
    <TD align=right width="18%" bgColor=#e6efff><B>0.53</B> </TD>
    <TD align=right width="18%" bgColor=#e6efff>0.64 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Interest Service Coverage Ratio </TD>
    <TD align=center width="18%"><U>&gt;</U> 4.00:1 </TD>
    <TD align=right width="18%"><B>42</B> </TD>
    <TD align=right width="18%">40 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Tangible Net Worth </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="18%"
    bgColor=#e6efff>&gt; 45,900 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="18%"
    bgColor=#e6efff><B>51,020</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="18%"
    bgColor=#e6efff>197,031 </TD></TR></TABLE></DIV><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%"></TD>
    <TD>
      <P align=justify>In March 2015, the Facility was amended requiring the
      Tangible Net Worth of the Company (as defined in the Facility) to be
      greater than 85% of &#147;Equity&#148; (as defined by the Facility) as at December
      31, 2014, plus 50% of subsequent quarterly earnings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Subsequent to year end, the Company entered into an
      amended and restated Facility with Scotia Capital, including an amended
      Tangible Net Worth covenant requiring the tangible net worth to be greater
      than 45,900, subject to final satisfaction of conditions precedent, to
      convert the remaining outstanding balance under the Facility into a two
      year term loan amortized quarterly and expiring December 31, 2017. The
      Company repaid $3 million on signing the amended and restated Facility
      agreement and will pay $2.5 million each quarter.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify><B><U>FINANCE LEASE OBLIGATION</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has certain mining equipment under financial
      leases expiring in 2016. The leases carry a weighted average annual
      interest rate of 11.45%. Estimated lease payments are as
  follows:</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" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>December 31</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">December 31 </TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2015</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2014    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;1,238</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Minimum lease payments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>1,238</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Less: interest
      portion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>58</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Net minimum lease payments </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;1,180</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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 year were approximately
$56 (2014 - $Nil). Other than interest, no costs were incurred relating to the
leases. The lease is secured by the assets under lease. At year end, the net
book value of the equipment pledged as security for the finance leases is $1,544
(2014 - $Nil). </P>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    22 - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_21></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <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%">13. </TD>
    <TD>
      <P align=justify><B><U>PROVISON FOR RECLAMATION AND
      REHABILITATION</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s environmental permit requires that it
      reclaim certain land it disturbs during mining operations. Significant
      reclamation and closure activities include land rehabilitation,
      decommissioning of buildings and mine facilities, ongoing care and
      maintenance and other costs. Although the ultimate amount of the
      reclamation and rehabilitation costs to be incurred cannot be predicted
      with certainty, the total undiscounted amount of probability weighted
      estimated cash flows required to settle the Company&#146;s estimated
      obligations is $2,148 for the Guanacevi mine operations, $1,775 for the
      Bola&#241;itos mine operations and $4,076 for the El Cubo mine
    operations.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The timing of cash flows has been estimated based on the
      mine lives using current reserves and the present value of the probability
      weighted future cash flows assumes a risk free rate specific to the
      liability of 1.3% for Guanacevi and 1.0% for Bola&#241;itos and El Cubo and an
      inflation rate of 2.0% for all three operations.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Changes to the reclamation and rehabilitation provision
      balance during the year are as follows:</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-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Guanacevi</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Bola&#241;itos</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>El Cubo</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance at December 31, 2013 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,846 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,040 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;3,766 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;6,652 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Unwinding of
      discount for the year </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>16 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>20 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>39 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp;Change in liability due to change in assumptions </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
width="12%">(31</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
width="12%">(27</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(137</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(195</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance at December 31, 2014 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,831 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,016 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;3,649 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;6,496 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Unwinding of
      discount for the year </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>21 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>12 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>73 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>106 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp;Change in liability due to change in assumptions </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">179
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">710
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">271
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,160
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>Balance at December 31, 2015</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;2,031</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;1,738</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;3,993</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;7,762</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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%">14. </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>Management of Capital</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company considers the items included in the
      consolidated statement of changes in 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, convertible debentures, asset
      acquisitions or return capital to shareholders. As at December 31, 2015,
      the Company is not subject to externally imposed capital
    requirements.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Public Offerings</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In July 2014, the Company filed a short form base shelf
      prospectus (the &#147;Base Shelf&#148;) that qualifies for 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 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 &#147;at-the-market&#148; distributions. The Base Shelf allowed the
      Company to enter into an &#147;At-The-Market&#148; Facility (&#147;ATM&#148;) equity
      distribution agreement.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P 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 may, from time to time, sell
      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 the ATM
      facility. During the year ended December 31, 2015, the Company had 799,569
      common shares issued or issuable under the ATM facility at an average
      price of $1.43 per share for net proceeds of $1,111.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Subsequent to December 31, 2015, the Company issued an
      additional 3,616,043 shares under the ATM facility at an average price of
      $1.57 per share for net proceeds of $5,498.</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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    23 - </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_22></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <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 width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(c)</B> </TD>
    <TD>
      <P align=justify><B>Purchase Options</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P 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 2015, 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></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The following table summarizes the status of the
      Company&#146;s stock option plan and changes during the
year:</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="10%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B>Expressed in
      Canadian dollars</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Year
      Ended</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Year
      Ended</B> </TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2015</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2014</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap>Number </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>Weighted average </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>Number </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>Weighted </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">of
      shares </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">exercise price </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">of
      shares </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">average </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Outstanding, beginning of year </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,846,950 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>4.38 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,695,550 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>5.26 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Granted </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,427,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">2.65 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,925,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">4.67 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Exercised </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(951,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>2.90 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Cancelled </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(952,400</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">3.83    </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(1,822,600</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">8.19    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Outstanding, end of year </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>6,322,050 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>3.80 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>4,846,950 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>4.38 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Options exercisable at year end </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>4,488,550 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>4.10 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>3,299,450 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>4.32 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The following tables summarize
information about stock options outstanding at December 31, 2015: </P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp; </TD>
    <TD colspan="6" align=center nowrap style="BORDER-TOP: #000000 1px solid">      <B>Expressed in Canadian dollars</B>     </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD colspan="3" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"> Options Outstanding  </TD>
    <TD width="3%" align=center nowrap  >&nbsp;</TD>
    <TD colspan="2" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Options Exercisable </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="16%" align=center nowrap>&nbsp; </TD>
    <TD width="16%" align=center nowrap>Weighted </TD>
    <TD width="16%" align=center nowrap>&nbsp; </TD>
    <TD width="3%" align=center nowrap  >&nbsp;</TD>
    <TD width="16%" align=center nowrap>&nbsp; </TD>
    <TD width="16%" align=center nowrap>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="16%" align=center nowrap>Number </TD>
    <TD width="16%" align=center nowrap>Average </TD>
    <TD width="16%" align=center nowrap>Weighted </TD>
    <TD width="3%" align=center nowrap  >&nbsp;</TD>
    <TD width="16%" align=center nowrap>Number </TD>
    <TD width="16%" align=center nowrap>Weighted </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>CAN $ </TD>
    <TD width="16%" align=center nowrap>Outstanding </TD>
    <TD width="16%" align=center nowrap>Remaining </TD>
    <TD width="16%" align=center nowrap>Average </TD>
    <TD width="3%" align=center nowrap  >&nbsp;</TD>
    <TD width="16%" align=center nowrap>Exercisable </TD>
    <TD width="16%" align=center nowrap>Average </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>Price </TD>
    <TD width="16%" align=center nowrap>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;as at </TD>
    <TD width="16%" align=center nowrap>Contractual Life </TD>
    <TD width="16%" align=center nowrap>Exercise </TD>
    <TD width="3%" align=center nowrap  >&nbsp;</TD>
    <TD width="16%" align=center nowrap>as at </TD>
    <TD width="16%" align=center nowrap>Exercise </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>Intervals </TD>
    <TD
      width="16%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">December 31, 2015 </TD>
    <TD
      width="16%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">(Number of Years) </TD>
    <TD
      width="16%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;Prices </TD>
    <TD width="3%" align=center nowrap  >&nbsp;</TD>
    <TD
      width="16%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">December 31, 2015 </TD>
    <TD
      width="16%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;Prices </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="16%">&nbsp; </TD>
    <TD align=center width="16%">&nbsp; </TD>
    <TD align=center width="16%">&nbsp; </TD>
    <TD align=center width="3%"  >&nbsp;</TD>
    <TD align=center width="16%">&nbsp; </TD>
    <TD align=center width="16%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$2.00 - $2.99 </TD>
    <TD align=center width="16%" bgColor=#e6efff>2,427,500 </TD>
    <TD align=center width="16%" bgColor=#e6efff>4.4 </TD>
    <TD align=center width="16%" bgColor=#e6efff>$2.65 </TD>
    <TD align=center width="3%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="16%" bgColor=#e6efff>971,000 </TD>
    <TD align=center width="16%" bgColor=#e6efff>$2.65 </TD></TR>
  <TR vAlign=top>
    <TD align=center>$4.00 - $4.99 </TD>
    <TD align=center width="16%">3,772,300 </TD>
    <TD align=center width="16%">2.9 </TD>
    <TD align=center width="16%">$4.39 </TD>
    <TD align=center width="3%"  >&nbsp;</TD>
    <TD align=center width="16%">3,395,300 </TD>
    <TD align=center width="16%">$4.36 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$8.00 - $8.99 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="16%"
    bgColor=#e6efff>&nbsp;&nbsp; 122,250 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="16%"
    bgColor=#e6efff>0.9 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="16%"
    bgColor=#e6efff>$8.34 </TD>
    <TD align=center width="3%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="16%"
    bgColor=#e6efff>122,250 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="16%"
    bgColor=#e6efff>$8.34 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="16%">6,322,050 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="16%">3.4    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="16%">$3.80 </TD>
    <TD align=center width="3%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="16%">4,488,550 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="16%">$4.10 </TD></TR></TABLE>
</DIV>
<P style="MARGIN-LEFT: 10%" align=justify>During the year ended December 31,
2015, the Company recognized share based compensation expense of $2,885
(December 31, 2014 - $3,600) based on the fair value of the vested portion of
options granted in the current and prior years. </P>
<P style="MARGIN-LEFT: 10%" align=justify>The weighted average fair values of
stock options granted and the assumptions used to calculate compensation expense
have been estimated using the Black-Scholes Option Pricing Model with the
following assumptions: </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="10%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD width="23%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Year
      Ended</B> </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="23%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Year
      Ended</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD
      width="23%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2015</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
  <TD
      width="23%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2014</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Weighted average fair value of options
      <BR>&nbsp;&nbsp;&nbsp;&nbsp; granted during the year </TD>
    <TD vAlign=bottom align=center width="23%" bgColor=#e6efff>$1.04 </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=center width="23%" bgColor=#e6efff>$1.93 </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>Risk-free interest rate </TD>
    <TD vAlign=bottom align=center width="23%">0.89% </TD>
    <TD vAlign=bottom align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="23%">1.31% </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Expected dividend yield </TD>
    <TD vAlign=bottom align=center width="23%" bgColor=#e6efff>0% </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="23%" bgColor=#e6efff>0% </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>Expected stock price volatility </TD>
    <TD vAlign=bottom align=center width="23%">63% </TD>
    <TD vAlign=bottom align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="23%">59% </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Expected option life in years </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="23%" bgColor=#e6efff>3.86 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="23%" bgColor=#e6efff>3.84 </TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Option pricing models require the
input of highly subjective assumptions. The expected life of the options
considered such factors as the average length of time similar option grants in
the past have remained outstanding prior to exercise, expiry or cancellation and
the vesting period of options granted. Volatility was estimated based on average
daily volatility based on historical share price observations over the expected
term of the option grant. Changes in the subjective input assumptions can
materially affect the estimated fair value of the options. The Company amortizes
the fair value of stock options on a graded basis over the respective vesting
period of each tranche of stock options awarded. As at December 31, 2015, the
unvested share option expense not yet recognized was $870 (December 31, 2014 -
$1,205) which is expected to be recognized over the next 17 months. </P>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    24 - </TD>
  </TR>
</TABLE><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><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <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 width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(d)</B> </TD>
    <TD>
      <P align=justify><B>Share Appreciation Rights Plan</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s share appreciation rights plan allows a
      participant the right (the &#147;Right&#148;), when entitled to exercise an option,
      to terminate such option in whole or in part by notice in writing to the
      Company and in lieu of receiving common shares pursuant to the exercise of
      the option, and receive instead, at no cost to the participant, that
      number of common shares, disregarding fractions, which, when multiplied by
      the market price on the day immediately prior to the exercise of the Right
      have a total value equal to the product of that number of common shares
      subject to the option times the difference between the market price on the
      day immediately prior to the exercise of the Right and the option exercise
      price. During fiscal 2015, nil options (2014 &#150; nil) were cancelled for the
      exchange of share appreciation rights.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(e)</B> </TD>
    <TD>
      <P align=justify><B>Performance Share Units Plan</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has a Performance Share Unit (&#147;PSU&#148;) plan
      whereby performance share units may be granted to employees of the
      Company. Once vested and performance conditions have been met, a PSU is
      redeemable into one common share entitling the holder to receive the
      common share for no additional consideration. The current maximum number
      of common shares authorized for issuance from treasury under the PSU plan
      is 1,000,000. No PSUs have been granted as of December 31, 2015.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(f)</B> </TD>
    <TD>
      <P align=justify><B>Warrants</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The following table summarizes the status of the
      Company&#146;s share purchase warrants and changes during the years
      presented:</P></TD></TR></TABLE><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD align=center nowrap style="BORDER-TOP: #000000 2px solid">Exercise </TD>
    <TD width="20%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp; </TD>
    <TD
      width="13%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Oustanding at </TD>
    <TD width="13%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD width="13%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD width="13%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD width="15%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >Oustanding at </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Price </TD>
    <TD width="20%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >Expiry Dates </TD>
    <TD
      width="13%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">December 31, 2013 </TD>
    <TD
      width="13%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Issued </TD>
    <TD
      width="13%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Exercised </TD>
    <TD
      width="13%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Expired </TD>
    <TD width="15%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>CAN $ </TD>
    <TD align=center width="20%" >&nbsp; </TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="15%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$1.90 </TD>
    <TD align=center width="20%" bgColor=#e6efff >February 25,
      2014 </TD>
    <TD align=right width="13%" bgColor=#e6efff>475,000 </TD>
    <TD align=right width="13%" bgColor=#e6efff>- </TD>
    <TD align=right width="13%" bgColor=#e6efff>(475,000) </TD>
    <TD align=right width="13%" bgColor=#e6efff>- </TD>
    <TD align=right width="15%" bgColor=#e6efff >- </TD></TR>
  <TR vAlign=top>
    <TD align=center>$1.51 </TD>
    <TD align=center width="20%" >February 25, 2014 </TD>
    <TD align=right width="13%">25,292 </TD>
    <TD align=right width="13%">- </TD>
    <TD align=right width="13%">(25,292) </TD>
    <TD align=right width="13%">- </TD>
    <TD align=right width="15%" >- </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$1.90 </TD>
    <TD align=center width="20%" bgColor=#e6efff >February 26,
      2014 </TD>
    <TD align=right width="13%" bgColor=#e6efff>322,207 </TD>
    <TD align=right width="13%" bgColor=#e6efff>- </TD>
    <TD align=right width="13%" bgColor=#e6efff>(322,207) </TD>
    <TD align=right width="13%" bgColor=#e6efff>- </TD>
    <TD align=right width="15%" bgColor=#e6efff >- </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>$2.05 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%"
    >February 26, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">374,468 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">(374,468) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    >- </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%"
    bgColor=#e6efff >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff>1,196,967 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff>(1,196,967) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff >- </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 10%" align=justify>The warrants with an expiry date of
February 26, 2014, consisted of agent warrants issued for placing debentures and
warrants issued on conversion of debentures, and were eligible to be exercised
&#147;cashless&#148; in which event no payment of the exercise price was required and the
holder received the number of shares based upon the intrinsic value of the
warrants over the five day trading average share price of the Company prior to
exercise. For the year ended December 31, 2014, 85,525 warrants were elected by
the holders to be exercised &#147;cashless&#148; resulting in 44,463 shares being
issued.</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>DERIVATIVE LIABILITIES</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Warrants</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Equity offerings were completed in previous periods
      whereby warrants were issued with exercise prices denominated in Canadian
      dollars. As the warrants had an exercise price denominated in a currency
      which is different from the functional currency of the Company (US
      dollar), the warrants were treated as a financial liability. The Company&#146;s
      share purchase warrants are classified and accounted for as a financial
      liability at fair value with changes in fair value recognized in net
      earnings. The warrant derivative liability is classified as level 2 in the
      fair value hierarchy (see note 22(a)). The Company uses the Black-Scholes
      Option Pricing Model to estimate the fair value of the Canadian dollar
      denominated warrants.</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 1px solid" align=left
      bgColor=#e6efff>Balance at December 31, 2013 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,491 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD >&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">Exercise of warrants </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF">(2,925</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Mark to market loss (gain) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,434 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">Balance at
      December 31, 2014 and 2015 </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >$</TD>
    <TD
      width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;- </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Black-Scholes pricing models require
the input of highly subjective assumptions. Volatility was estimated using an
average daily volatility based on historical share price observations over the
expected term of the option grant.</P>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    25 - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_24></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <BR>
  (expressed in thousands of US dollars, unless otherwise stated)<BR>
</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>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-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Year
      ended </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>December 31</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>December 31 </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2015</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2014    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Depreciation and depletion </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;81</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;125 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Share-based compensation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>270</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">259 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Salaries, wages and benefits </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>1,447</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,910 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Direct exploration
      expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>4,529</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">10,254 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;6,327</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;12,548 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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%">17. </TD>
    <TD>
      <P align=justify><B><U>GENERAL AND
ADMINISTRATIVE</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-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Year
      ended </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>December 31</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>December 31 </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2015</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2014    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Depreciation and depletion </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;240</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;222 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Share-based compensation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2,183</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,804 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Salaries, wages and benefits </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>2,755</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,987 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Direct general and
      administrative expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>2,543</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">3,679    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;7,721</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;9,692 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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%">18. </TD>
    <TD>
      <P align=justify><B><U>FINANCE COSTS</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-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Year
      ended </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>December 31</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>December 31 </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2015</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2014    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Accretion on provision for reclamation and
      rehabilitation </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;106</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;39 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Interest paid on finance leases </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>56</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Revolving credit facility finance costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>1,206</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,343 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>&nbsp;1,368</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;1,382 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">19. </TD>
    <TD>
      <P align=justify><B><U>SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH
      FLOWS</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" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD colspan="4"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Year Ended</B> </TD>
  <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>December 31,</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>December 31, </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2015</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2014    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Net changes in non-cash working capital:</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Accounts receivable </TD>
    <TD align=left width="1%" ><B>$</B></TD>
    <TD align=right width="12%"><B>&nbsp;(4,628</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;2,964 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Inventories </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>2,652</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>647 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Prepaid expenses </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>146</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">685 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Due from related parties </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>-</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>68 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Accounts payable and accrued liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>1,576</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">187 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Income taxes payable </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>(2,337</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>4,922 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>&nbsp;(2,591</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;9,473 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Non-cash financing and investing activities: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Reclamation included in
      mineral property, plant and equipment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>1,160</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(195</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Fair value of exercised options allocated to
      share capital </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>-</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,462 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Fair value of exercised agent
      warrants allocated to share capital </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>-</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>248 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Fair value of equity issued on property
      acquisition </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>-</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">373 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Fair value of capital assets acquired under
      finance leases </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>1,605</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Other cash disbursements: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Income taxes paid </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>11,491</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">13,798 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Special mining duty paid </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>3,245</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" 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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    26 - </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_25></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <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%">20. </TD>
    <TD>
      <P align=justify><B><U>SEGMENT DISCLOSURES</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P 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, Bola&#241;itos 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></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; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD colspan="16"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">  <B>December 31, 2015</B>   </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>Corporate</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>Exploration</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>Guanacevi</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>Bolanitos</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"><B>El
      Cubo</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&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="11%">&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 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>$</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>&nbsp;6,889 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</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 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="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%">- </TD>
    <TD 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 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="11%" 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 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="11%">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 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="11%" 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 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="11%">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 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="11%" 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" align=left>Mineral property,
      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="11%">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 1px solid" align=left
      bgColor=#e6efff>Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;14,573 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;5,672 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>&nbsp;47,941 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;21,976 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;24,071 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;114,233 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&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="11%">&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 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>$</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>&nbsp;3,498 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</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 align=left>Finance lease 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=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="11%">&nbsp;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%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">847 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,180 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD 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="11%" 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 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="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%">- </TD>
    <TD 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 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="11%" 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" 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="11%">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" 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="11%" 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>
<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"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD colspan="16" align=center
    vAlign=bottom nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">  <B>December 31, 2014</B>   </TD>
    <TD style="BORDER-TOP: #000000 2px solid; 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" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD
    width="8%" align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Corporate</B> </TD>
    <TD
    width="2%" align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="8%" align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Exploration</B> </TD>
    <TD
    width="2%" align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Guanacevi</B> </TD>
    <TD
    width="2%" align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="8%" align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Bolanitos</B> </TD>
    <TD
    width="2%" align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="8%" align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>El Cubo</B> </TD>
    <TD
    width="2%" align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="8%" align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&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="10%">&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 align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;9,932 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;195 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;14,316 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;6,100 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;502 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;31,045 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Investments </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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%">- </TD>
    <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="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%">786 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD 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>378 </TD>
    <TD vAlign=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>391 </TD>
    <TD vAlign=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>1,914 </TD>
    <TD vAlign=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>4,004 </TD>
    <TD vAlign=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>13,028 </TD>
    <TD vAlign=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>19,715 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD 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="10%">10,802 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,652 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,150 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">21,604 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD 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>1,505 </TD>
    <TD vAlign=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>622 </TD>
    <TD vAlign=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>378 </TD>
    <TD vAlign=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>83 </TD>
    <TD vAlign=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>2,656 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Non-current deposits </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">193 </TD>
    <TD 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="10%">582 </TD>
    <TD 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%">74 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,048 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD 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>178 </TD>
    <TD vAlign=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="10%" 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>6,075 </TD>
    <TD vAlign=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>6,253 </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" align=left>Mineral property,
      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%">269 </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%">4,237 </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%">29,212 </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%">40,448 </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%">108,564 </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%">182,730 </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" align=left
      bgColor=#e6efff>Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;13,241 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;5,501 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;57,204 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;56,415 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;133,476 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;265,837 </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>&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="10%">&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 align=left bgColor=#e6efff>Accounts payable and accrued liabilities</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;4,610 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;1,683 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;2,959 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;2,552 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;5,604 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;17,408 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Income taxes payable </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">306 </TD>
    <TD 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="10%">1,321 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">6,502 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">52 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">8,181 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Revolving credit facility </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>29,000 </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>- </TD>
    <TD vAlign=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>- </TD>
    <TD vAlign=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>29,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD 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="10%">1,831 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,016 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,649 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">6,496 </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" 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="10%" bgColor=#e6efff>5,798 </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>6,681 </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>12,479 </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" align=left>Total liabilities    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;33,916 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;1,683 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;11,909 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;16,751 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;9,305 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;73,564 </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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
      27 - </TD>
  </TR>
</TABLE>
</DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_26></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <BR>
  (expressed in thousands of US dollars, unless otherwise stated) </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%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="8%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Corporate</B> </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="8%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Exploration</B> </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="10%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Guanacevi</B> </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="8%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Bolanitos</B> </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="8%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>El Cubo</B> </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="8%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="16" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">  <B>Year ended December 31, 2015</B>   </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Silver revenue </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;59,338 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;22,128 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;33,827 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;115,293 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Gold revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">9,397    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">27,022    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">31,844    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">68,263    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Total revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;68,735 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;49,150 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;65,671 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;183,556 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;Salaries, wages and benefits: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&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="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;mining </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;6,975 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;5,582 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;10,524 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;23,081 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;processing </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">2,153 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">794 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,955 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">4,902 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;administrative    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>3,787 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2,679 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>3,404 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>9,870 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;stock based compensation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">144 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">144 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">144 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">432 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>866 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(32</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>381 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>1,215 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>Total salaries, wages and benefits </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">13,925 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">9,167 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">16,408 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">39,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Direct costs: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;mining </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">10,652 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">10,418 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">20,511 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">41,581 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;processing </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>9,969 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>9,956 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>14,310 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>34,235 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;administrative </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">2,601 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,988 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">3,215 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">7,804 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>1,936 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(146</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>362 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>2,152 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>Total direct production costs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">25,158 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">22,216 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">38,398 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">85,772 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Depreciation and depletion: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;depreciation and depletion </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">8,131 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">9,615 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">21,369 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">39,115 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>420 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(147</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>890 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>1,163 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>Total depreciation and depletion </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">8,551 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">9,468 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">22,259 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">40,278 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Royalties </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>515 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>220 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>297 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1,032 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Write down
      of inventory to NRV </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">234</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">234</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;48,149 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;41,071 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;77,596 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;166,816 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Impairment on long lived assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>29,700 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>104,300 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>134,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Earnings (loss) before taxes </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;(18,327</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;(6,327</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;20,586 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;(21,621</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;(116,225</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;(141,914</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;Current income tax expense (recovery) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">(428</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">5,052 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">2,123 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">106 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">6,853 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Deferred income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>178 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>558 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(5,414</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>5,852 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>1,174 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total income tax
      expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
width="8%">(250</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">5,610    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="8%">(3,291</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">5,958    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">8,027    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Net earnings (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;(18,077</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;(6,327</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;14,976 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;(18,330</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;(122,183</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;(149,941</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </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%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD colspan="16"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">  <B>Year ended December 31, 2014</B>   </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Silver revenue </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;59,898 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;41,950 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;20,839 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;122,687 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Gold revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">8,336    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">44,513    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">21,392    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">74,241    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Total revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;68,234 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;86,463 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;42,231 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;196,928 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;Salaries, wages and benefits: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&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="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;mining </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;7,442 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;5,820 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;9,407 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;22,669 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;processing </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">2,507 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,160 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,864 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">5,531 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;administrative    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>3,837 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>4,002 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>3,596 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>11,435 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;stock based compensation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">179 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">179 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">179 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">537 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>(1,046</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>144 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(430</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(1,332</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>Total salaries, wages and benefits </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">12,919 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">11,305 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">14,616 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">38,840 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Direct costs: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;mining </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">12,947 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">14,931 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">12,284 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">40,162 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;processing </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>12,759 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>17,593 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>9,499 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>39,851 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;administrative </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">2,957 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">2,405 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">3,797 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">9,159 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>(2,071</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>620 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(715</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(2,166</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>Total direct production costs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">26,592 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">35,549 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">24,865 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">87,006 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Depreciation and depletion: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;depreciation and depletion </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">5,749 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">27,047 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">21,766 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">54,562 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>(249</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>218 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(219</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(250</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>Total depreciation and depletion </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">5,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">27,265 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">21,547 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">54,312 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Royalties </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>425 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>521 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>200 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1,146 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Write down
      of inventory to NRV </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">1,255    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">1,255    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;45,436 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;74,640 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;62,483 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;182,559 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>Impairment on long lived assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">83,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">83,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Earnings (loss) before taxes </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;(14,664</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;(13,179</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>&nbsp;22,798 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;11,823 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;(103,252</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;(96,474</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;Current income tax expense (recovery) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">524 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">7,938 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">12,323 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">101 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">20,886 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Deferred income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(349</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>3,707 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(13,691</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(32,494</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(42,827</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total income tax
      expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">175</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">11,645    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="8%">(1,368</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="8%">(32,393</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="8%">(21,941</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Net earnings (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;(14,839</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;(13,179</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>&nbsp;11,153 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;13,191 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;(70,859</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;(74,533</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
</DIV>
<P style="MARGIN-LEFT: 5%" align=justify>The Exploration segment included $490
of costs incurred in Chile for the year ended December 31, 2015 (2014 - $566).
</P>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    28 - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_27></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <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%">21. </TD>
    <TD>
      <P align=justify><B><U>INCOME TAXES</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 vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Tax Assessments</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>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></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <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. An assessment by the Tax Court
      was made, however the Tax Court did not follow the Superior Court
      directive as required by law. Therefore the Company filed another Nullity
      action for the Tax Court to follow the Superior Court directive during the
      year. The Company expects the Tax Court to make a final assessment based
      on the Superior Court directive in 2017. The Company estimates the impact
      of the Superior Court ruling will result in an additional tax expense of
      MXN 31.7 million (~USD $1.8 million) to MSCG for fiscal 2006 when the Tax
      Court rules on a final assessment. As of December 31, 2015, the Company
      estimates additional interest and penalties payable on overdue taxes by
      MSCG to be MXN 65.7 million (~USD $3.8million). 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 22.6 million (~USD $1.3 million) on the MXN 31.7
      million estimated tax assessment.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P 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. As of
      September 30, 2015, 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, however the Tax Court assessment must
      be received before any negotiation can be finalized or a decision is
      made.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Deferred Income Tax</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="10%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="13%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>December 31,</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="13%" align=center nowrap style="BORDER-TOP: #000000 2px solid">December 31, </TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Mexico operations
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="13%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2015</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="13%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2014    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Deferred income tax assets: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Tax loss carryforwards </TD>
    <TD align=left width="1%" ><B>$</B></TD>
    <TD align=right width="13%"><B>&nbsp;146</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="13%">&nbsp;28,911 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Provision for reclamation and
      rehabilitation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>1,858</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>1,964 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Other </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>1,675</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">3,673 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Deferred income tax liabilities: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Inventories </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>(1,753</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(3,415</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Mineral properties, plant and
      equipment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>(6,524</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(35,197</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;Other
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><B>(2,802</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="13%">(2,340</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Deferred income tax liabilities, net </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff><B>&nbsp;(7,400</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff>&nbsp;(6,404</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>As at December 31, 2015, the Company
had available for deduction against future taxable income in Mexico non-capital
losses of approximately $109,182 (2014 &#150; $107,114). These losses, if unutilized,
expire between 2017 to 2024.</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="10%"  >&nbsp;</TD>
    <TD
    align=left style="BORDER-TOP: #000000 2px solid">&nbsp; </TD>
    <TD width="1%"
    align=left style="BORDER-TOP: #000000 2px solid" >&nbsp;</TD>
    <TD width="13%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>December 31,</B> </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid" >&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid" >&nbsp;</TD>
    <TD width="13%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid">December 31, </TD>
  <TD width="2%"
    align=left style="BORDER-TOP: #000000 2px solid" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Canada operations
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="13%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2015</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="13%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2014    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Deferred income tax assets: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Tax loss carryforwards </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="13%" bgColor=#e6efff><B>&nbsp;- </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="13%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Mineral properties, plant and equipment </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%"><B>-</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">29 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Financing costs </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>-</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>52 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;Other
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">97
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Recognized deferred income tax assets, net </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff><B>&nbsp;- </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff>178 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>As at December 31, 2015, the Company
had $5,354 non-capital losses in Canada (2014 &#150; CAN $Nil), which expire in 2026,
and capital losses of $7,350 (2013 &#150; $6,462), which do not expire.</P>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    29 - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_28></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <BR>
  (expressed in thousands of US dollars, unless otherwise stated) </P>
<P style="MARGIN-LEFT: 10%" align=justify>When circumstances cause a change in
management&#146;s judgment about the recoverability of deferred tax assets, the
impact of the change will be reflected in current income.</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>(c)</B> </TD>
    <TD>
      <P align=justify><B>Income Tax Expense</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" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>December 31,</B> </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">December 31, </TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2015</B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2014    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Current income tax expense (recovery): </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Current income tax expense in respect of
      current year </TD>
    <TD align=left width="1%"><B>$</B></TD>
    <TD align=right width="12%"><B>&nbsp;4,302</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="12%">&nbsp;15,884 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Special mining duty </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>2,390</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,552 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Adjustments recognized in the current year in
      relation to prior years </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>160</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">450 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Deferred income tax expense (recovery): </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Deferred tax expense recognized in the current
      year </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>8,453</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(34,543</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Special mining duty </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(7,301</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(6,419</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Adjustments recognized in the current year in relation to prior
      years </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>23</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(1,865</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)
</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total income tax expense </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;8,027</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(21,941</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The reconciliation of the income tax
provision computed at statutory tax rates to the reported income tax provision
is 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 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center
width="1%">&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 1px solid"><B>December 31,</B> </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 1px solid">December 31, </TD>
  <TD style="BORDER-TOP: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2015</B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2014    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Canadian statutory tax rates </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>26.00%</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>26.00% </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Income tax expense computed at Canadian
      statutory rates </TD>
    <TD align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;(36,898</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(25,083</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Foreign tax rates different from statutory rate </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>(9,573</B></TD>
    <TD align=left width="2%"><B>)</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(9,880</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Change in tax rates </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>-</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Withholding taxes, net of tax credits </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>808</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">910 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Mark-to-market accounting </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>-</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>335 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Stock-based compensation </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>674</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">907 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Foreign exchange </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>9,510</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>9,506 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Inflationary adjustment </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>(384</B></TD>
    <TD align=left width="2%"><B>)</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">1,497 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Other items </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>1,064</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,196 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Adjustments recognized in the current year in relation to
      prior years </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>183</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(430</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Current year losses not recognized </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>48,033</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>338 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Special mining duty Mexican tax </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>(4,911</B></TD>
    <TD align=left width="2%"><B>)</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(1,867</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Recognition of previously unrecognized losses </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>(479</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(1,370</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Income tax expense
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>&nbsp;8,027</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;(21,941</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    30 - </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_29></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <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%">22. </TD>
    <TD>
      <P align=justify><B><U>FINANCIAL INSTRUMENTS AND FAIR VALUE
      MEASUREMENTS</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>Financial Assets and
Liabilities</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 2015, the carrying
and fair values of the Company&#146;s financial instruments by category are as
follows: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=center ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Held
      for&nbsp;&nbsp;</TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Loans
    and</TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Available </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Financial </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Carrying    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Fair </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center ></TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD width="9%" align=center nowrap>trading </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap>receivables</TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap>for sale </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap>liabilities </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap>value </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap>value </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp; $</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><U>Financial assets:</U> </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" 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="9%"
      bgColor=#e6efff>20,413&nbsp;&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="9%" 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="9%" 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="9%" bgColor=#e6efff>20,413 </TD>
    <TD vAlign=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="9%" bgColor=#e6efff>20,413 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Investments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">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="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">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="9%">614 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Accounts receivable </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="9%" 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="9%"  bgColor=#e6efff>24,343&nbsp;&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="9%" 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="9%" 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="9%" bgColor=#e6efff>24,343 </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="9%" bgColor=#e6efff>24,343 </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" 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="9%">- </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="9%" >44,756&nbsp;&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%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">614 </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="9%">- </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="9%">45,370 </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="9%">45,370 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><U>Financial liabilities:</U> </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Accounts payable and accrued
      liabilities </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" 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="9%" 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="9%" 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="9%" bgColor=#e6efff>18,949 </TD>
    <TD vAlign=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="9%" bgColor=#e6efff>18,949 </TD>
    <TD vAlign=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="9%" bgColor=#e6efff>18,949 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Revolving credit facility </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="9%">- </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="9%">- </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="9%">- </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="9%">22,000 </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="9%">22,000 </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="9%">22,000 </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" align=left bgColor=#e6efff
    >Total financial liabilities </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="9%" bgColor=#e6efff>- </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="9%" bgColor=#e6efff>- </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="9%" bgColor=#e6efff>- </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="9%" bgColor=#e6efff>40,949 </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="9%" bgColor=#e6efff>40,949 </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="9%" bgColor=#e6efff>40,949 </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><B>Fair value hierarchy </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>IFRS 13, Fair Value Measurement,
establishes a three-tier fair value hierarchy, which prioritizes the inputs used
in measuring fair value. The fair values of financial assets and financial
liabilities at December 31, 2015 are: </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 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Total    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Level 1    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Level 2    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Level 3    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><U>Financial assets:</U> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Investments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>614 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>614 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Trade receivables
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,704
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,704
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total financial assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>2,318 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>2,318 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>The three levels of the fair value
hierarchy established by IFRS 13 are as follows: </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Level 1:</B> Unadjusted quoted
prices in active markets that are accessible at the measurement date for
identical assets or liabilities. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Marketable securities 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 exchange that is the principal active market for the
particular security. As a result, these financial assets have been included in
Level 1 of the fair value hierarchy. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company determines the fair value
of the embedded derivative related to its trade receivables based on the quoted
closing price obtained from the silver and gold metal exchanges.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Level 2:</B> Inputs other than
quoted prices included in Level 1 that are observable for the asset or
liability, either directly or indirectly, for substantially the full contractual
term. </P>
<P style="MARGIN-LEFT: 10%" align=justify>The Company has no financial assets or
liabilities included in Level 2 of the fair value hierarchy.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Level 3:</B> Inputs for the
financial asset or liability are not based on observable market data.</P>
<P style="MARGIN-LEFT: 10%" align=justify>The Company has no financial assets or
liabilities included in Level 3 of the fair value hierarchy. </P>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page - 31 - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_30></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <BR>
  (expressed in thousands of US dollars, unless otherwise stated) </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>(b) Financial Instrument Risk
Exposure and Risk Management </B></P>
<P style="MARGIN-LEFT: 5%" 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
manner in which such exposures are managed is outlined as follows: </P>
<P style="MARGIN-LEFT: 5%" align=justify><U>Credit
  Risk</U> </P>
<P style="MARGIN-LEFT: 5%" align=justify>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 and gold, which are
  refundable from the Mexican government. Trade receivables are generated on the
  sale of concentrate inventory to reputable metal traders. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The carrying amount of financial assets
represents the Company&#146;s maximum credit exposure. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Below is an aged analysis of
  the Company&#146;s receivables: </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>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>Carrying</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>Gross</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>Carrying </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>Gross </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>amount</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>impairment</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">amount </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">impairment </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2015</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">December 31, 2014 </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Less than 1 month </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;9,892</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;-</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;8,251 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>1 to 3 months </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>4,350</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>-</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,529 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>4 to 6 months </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>3,870</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>-</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,222 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Over 6 months </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>6,231</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>1,778</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">5,713    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,778    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total accounts receivable </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;24,343</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>1,778</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;19,715 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;1,778 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>At December 31, 2015, 94% of the
receivables that were outstanding greater than one month were comprised of IVA
and tax receivables in Mexico (December 31, 2014 &#150; 81%) and 4% of the
receivables outstanding are pending finalizations of concentrate sales.</P>
<P style="MARGIN-LEFT: 5%" align=justify>At December 31, 2015, an impairment
loss of $1,597 relates to IVA receivable claims from prior years and $181
relates to an allowance on related party receivables from prior years (December
31, 2014 - $1,778).</P>
<P style="MARGIN-LEFT: 5%" align=justify><U>Liquidity Risk</U> </P>
<P style="MARGIN-LEFT: 5%" align=justify>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 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, receivables and available borrowings under
the Company&#146;s revolving credit facility. The Company believes that these
sources, operating cash flows and its policies will be sufficient to cover the
likely short term cash requirements and commitments.</P>
<P style="MARGIN-LEFT: 5%" align=justify>In the normal course of business, the
Company enters into contracts that give rise to future minimum payments. The
following table summarizes the remaining contractual maturities of the Company&#146;s
financial liabilities and operating and capital commitments at December 31,
2015: </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" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Less
      than </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-TOP: #000000 2px solid">1 to 3    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-TOP: #000000 2px solid">4 to 5    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Over 5    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD width="8%" align=center nowrap>1 year </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>years </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>years </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>years </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>Total </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Accounts payable and accrued liabilities
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>18,949 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>18,949 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Finance lease obligation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,180 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,180 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Income taxes payable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>5,844 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>5,844 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Revolving credit facility </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">22,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">22,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Provision for reclamation and
      rehabilitation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>7,513 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>249 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>7,762 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Capital expenditure commitments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Minimum rental and lease payments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>208 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>121 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>329 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total contractual
      obligations </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">48,181
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">7,634
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">249
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">56,064
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
      32 - </TD>
  </TR>
</TABLE>
</DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_31></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <BR>
  (expressed in thousands of US dollars, unless otherwise stated) </P>
<P style="MARGIN-LEFT: 5%" align=justify><U>Market Risk</U> </P>
<P style="MARGIN-LEFT: 5%" align=justify>Significant market related risks to
which the Company is exposed consist of foreign currency risk, interest rate
risk, commodity price risk and equity price risk.</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Foreign Currency Risk &#150; </I>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 U.S. dollar
in relation to these currencies will consequently have an impact on 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 style="MARGIN-LEFT: 5%" align=justify>The U.S. dollar equivalents of
financial assets and liabilities denominated in currencies other than the US
dollar as at December 31 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 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-TOP: #000000 1px solid"><B>December 31, 2015</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 1px solid"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-TOP: #000000 1px solid">December 31, 2014 </TD>
  <TD style="BORDER-TOP: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Canadian Dollar</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Mexican Peso</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Canadian Dollar </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Mexican Peso </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Financial assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;1,777</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;18,446</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,029 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;16,036 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Financial
      liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>(1,416</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>(14,368</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(1,525</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(17,267</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Net financial assets (liabilities) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>361</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;4,078</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;504 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(1,231</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Of the financial assets listed above,
$224 (2014 &#150; $282) represents cash and cash equivalents held in Canadian dollars
and $882 (2014 - $2,614) represents cash held in Mexican Pesos. The remaining
cash balance is held in U.S. dollars.</P>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 2015, with other
variables unchanged, a 5% strengthening of the US dollar against the Canadian
dollar would decrease net earnings by $17 due to these financial assets and
liabilities.</P>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 2015, with other
variables unchanged, a 5% strengthening of the US dollar against the Mexican
peso would decrease net earnings by $194 due to these financial assets and
liabilities.<I> </I></P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Interest Rate Risk &#150;</I> 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 (plus 2.75% to 4.25%
depending on financial and operating measures) payable according to the quoted
rate term. The interest rate charge for the year was 3.64%. As at December 31,
2015, with other variables unchanged, a 1% increase in the LIBOR rate would
result in additional interest expense of $220.</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Commodity Price Risk &#150;</I> 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 due to 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. Revenue from the sale of concentrates is based on
prevailing market prices which is subject to adjustment upon final settlement.
For each reporting period until final settlement, estimates of metal prices are
used to record sales. At December 31, 2015 there are 629,226 ounces of silver
and 9,274 ounces of gold which do not have a final settlement price and the
estimated revenues have been recognized at current market prices. As at December
31, 2015, with other variables unchanged, a 10% decrease in the market value of
silver and gold would result in a reduction of revenue of $1.9 million.</P>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    33 - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_32></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Consolidated Financial Statements </B><BR>
  Years ended December 31, 2015
  and 2014 <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="15%"  >&nbsp;</TD>
    <TD align=left><B>HEAD OFFICE</B> </TD>
    <TD align=left width="65%" >Suite #301, 700 West Pender
      Street </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Vancouver, BC, Canada V6C 1G8
  </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%"
      >Telephone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (604) 685-9775 </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;1-877-685-9775 </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%"
      >Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (604) 685-9744 </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%"
      >Website:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      www.edrsilver.com</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="65%" >&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="65%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left><B>DIRECTORS</B> </TD>
    <TD align=left width="65%" >Geoff Handley </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Ricardo Campoy </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Bradford Cooke </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Rex McLennan </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Kenneth Pickering </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Mario Szotlender </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Godfrey Walton </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="65%" >&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="65%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left><B>OFFICERS</B> </TD>
    <TD align=left width="65%" >Bradford Cooke - Chief Executive
      Officer </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Godfrey Walton - President and
      Chief Operating Officer </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Dan Dickson - Chief Financial
      Officer </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Dave Howe - Vice-President,
      Country Manager </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Luis Castro - Vice-President,
      Exploration </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Terrence Chandler -
      Vice-President, Corporate Development </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Bernard Poznanski - Corporate
      Secretary </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="65%" >&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="65%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left><B>REGISTRAR AND</B> </TD>
    <TD align=left width="65%" >Computershare Trust Company of
      Canada </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left><B>TRANSFER AGENT</B> </TD>
    <TD align=left width="65%" >3<SUP>rd </SUP>Floor - 510
      Burrard Street </TD></TR>
  <TR vAlign=bottom>
    <TD width="15%" >&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="65%"  >Vancouver, BC, V6C
      3B9&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="65%" >&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="65%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left><B>AUDITORS</B> </TD>
    <TD align=left width="65%" >KPMG LLP </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >777 Dunsmuir Street </TD></TR>
  <TR vAlign=bottom>
    <TD width="15%" >&nbsp;</TD>
    <TD align=center>&nbsp; </TD>
    <TD align=left width="65%"  >Vancouver, BC, V7Y
      1K3&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="65%" >&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="65%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left><B>SOLICITORS</B> </TD>
    <TD align=left width="65%" >Koffman Kalef LLP </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >19<SUP>th </SUP>Floor &#150; 885 West
      Georgia Street </TD></TR>
  <TR vAlign=bottom>
    <TD width="15%" >&nbsp;</TD>
    <TD align=center>&nbsp; </TD>
    <TD align=left width="65%"  >Vancouver, BC, V6C
      3H4</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="65%" >&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="65%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left><B>SHARES LISTED</B> </TD>
    <TD align=left width="65%" >Toronto Stock Exchange </TD></TR>
  <TR vAlign=bottom>
    <TD width="15%" >&nbsp;</TD>
    <TD align=center>&nbsp; </TD>
    <TD align=left width="65%"  >Trading Symbol -
    EDR</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="65%" ></TD></TR>
  <TR vAlign=bottom>
    <TD width="15%" >&nbsp;</TD>
    <TD align=center>&nbsp; </TD>
    <TD align=left width="65%"  >New York Stock
      Exchange</TD></TR>
  <TR vAlign=bottom>
    <TD width="15%" >&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="65%"  >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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=center width="15%">Page -
    34 - </TD>
  </TR>
</TABLE>
<BR>
<HR align=center width="100%" color=black noShade SIZE=5>
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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp. - Exhibit 99.3 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<br>
<IMG
src="kpmglogo.jpg"
border=0> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap><B>KPMG LLP </B></TD>
    <TD width="11%" align=left nowrap >Telephone </TD>
  <TD width="11%" align=left nowrap >(604) 691-3000 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap><B>Chartered Accountants </B></TD>
    <TD width="11%" align=left nowrap >Fax </TD>
  <TD width="11%" align=left nowrap >(604) 691-3031 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap>PO Box 10426 777 Dunsmuir Street </TD>
    <TD width="11%" align=left nowrap >Internet </TD>
  <TD width="11%" align=left nowrap >www.kpmg.ca </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap>Vancouver BC V7Y 1K3 </TD>
    <TD width="11%" align=left nowrap >&nbsp; </TD>
  <TD width="11%" align=left nowrap >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap>Canada </TD>
    <TD width="11%" align=left nowrap >&nbsp; </TD>
  <TD width="11%" align=left nowrap >&nbsp; </TD>
  </TR></TABLE>
<P align=center><B><FONT size=4>INDEPENDENT AUDITORS&rsquo; REPORT OF REGISTERED PUBLIC <br>
ACCOUNTING FIRM</FONT></B><B><FONT size=4> </FONT></B></P>
<P align=justify>To the Shareholders and Directors of Endeavour Silver Corp.</P>
<P align=justify>We have audited the accompanying consolidated financial statements of Endeavour Silver Corp., which comprise the consolidated statements of financial position as at December 31, 2015 and December 31, 2014, the consolidated statements of comprehensive income (loss), changes in shareholders&rsquo; equity and cash flows for the years then ended, and notes, comprising a summary of significant accounting policies and other explanatory information.</P>
<P align=justify><i>Management&rsquo;s Responsibility for the Consolidated Financial Statements</i></P>
<P align=justify>Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.</P>
<P align=justify><i>Auditors&rsquo; Responsibility</i></P>
<P align=justify>Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.</P>
<P align=justify>An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity&rsquo;s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.</P>
<P align=justify>We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion.</P>
<P style="MARGIN-LEFT: 30%" align=justify><FONT size=1>KPMG LLP is a Canadian
limited liability partnership and a member firm of the KPMG </FONT><BR><FONT
size=1>network of independent member firms affiliated with KPMG International
Cooperative </FONT><BR><FONT size=1>(&#147;KPMG International&#148;), a Swiss entity.
</FONT><BR><FONT size=1>KPMG Canada provides services to KPMG LLP. </FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<br>
<IMG src="kpmgmini.jpg" border=0>
<BR>
<P align=right><I>Endeavour Silver Corp. </I><BR><I>Page 2 </I><BR></P>
<P align=justify><i>Opinion</i></P>
<P align=justify>In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated
  financial position of Endeavour Silver Corp. as at December 31, 2015 and December 31, 2014, and its
  consolidated financial performance and its consolidated cash flows for the years then ended in accordance
  with International Financial Reporting Standards as issued by the International Accounting Standards
  Board.</P>
<P align=justify><i>Other Matter</i></P>
<P align=justify>We also have audited, in accordance with the standards of the Public Company Accounting Oversight
  Board (United States), Endeavour Silver Corp.&rsquo;s internal control over financial reporting as of December
  31, 2015, based on the criteria established in Internal Control &ndash; Integrated Framework (2013) issued by the
  Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated March
  9, 2016 expressed an unqualified opinion on the effectiveness of Endeavour Silver Corp.&rsquo;s internal control
  over financial reporting.</P>
<P align=justify><B>KPMG LLP (Signed) </B></P>
<P align=justify>Chartered Professional Accountants </P>
<P align=justify>March 9, 2016 <BR>
  Vancouver, Canada</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>

<br>
<IMG
src="kpmglogo.jpg"
border=0> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap><B>KPMG LLP </B></TD>
    <TD width="11%" align=left nowrap >Telephone </TD>
  <TD width="11%" align=left nowrap >(604) 691-3000 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap><B>Chartered Accountants </B></TD>
    <TD width="11%" align=left nowrap >Fax </TD>
  <TD width="11%" align=left nowrap >(604) 691-3031 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap>PO Box 10426 777 Dunsmuir Street </TD>
    <TD width="11%" align=left nowrap >Internet </TD>
  <TD width="11%" align=left nowrap >www.kpmg.ca </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap>Vancouver BC V7Y 1K3 </TD>
    <TD width="11%" align=left nowrap >&nbsp; </TD>
  <TD width="11%" align=left nowrap >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap>Canada </TD>
    <TD width="11%" align=left nowrap >&nbsp; </TD>
  <TD width="11%" align=left nowrap >&nbsp; </TD>
  </TR></TABLE>
<P align=center><B><FONT size=4>REPORT OF INDEPENDENT REGISTERED <br>
PUBLIC ACCOUNTING FIRM</FONT></B><B></B></P>
<P align=justify>To the Shareholders and Directors of Endeavour Silver Corp.</P>
<P align=justify>We have audited Endeavour Silver Corp.&rsquo;s internal control over financial reporting as of December 31, 2015, based on criteria established in Internal Control &ndash; Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Endeavour Silver Corp.&rsquo;s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying report titled &ldquo;Management&rsquo;s Report on Internal Controls over Financial Reporting&rdquo;. Our responsibility is to express an opinion on the Company&rsquo;s internal control over financial reporting based on our audit.</P>
<P align=justify>We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.</P>
<P align=justify>A company&rsquo;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&rsquo;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&rsquo;s assets that could have a material effect on the financial statements.</P>
<P align=justify>Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</P>
<P style="MARGIN-LEFT: 30%" align=justify><FONT size=1>KPMG LLP is a Canadian
limited liability partnership and a member firm of the KPMG </FONT><BR><FONT
size=1>network of independent member firms affiliated with KPMG International
Cooperative </FONT><BR><FONT size=1>(&#147;KPMG International&#148;), a Swiss entity.
</FONT><BR><FONT size=1>KPMG Canada provides services to KPMG LLP. </FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<br>
<IMG src="kpmgmini.jpg" border=0>
<BR>
<P align=right><I>Endeavour Silver Corp. </I><BR><I>Page 2 </I><BR></P>
<P align=justify>In our opinion, Endeavour Silver Corp. maintained, in all material respects, effective internal control over financial reporting as of December 31, 2015, based on criteria established in Internal Control &ndash; Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</P>
<P align=justify>We also have audited, in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States), the consolidated statements of financial position of Endeavour Silver Corp. as of December 31, 2015 and 2014, and the related consolidated statements of comprehensive income (loss), shareholders&rsquo; equity, and cash flows for the years then ended and our report dated March 9, 2016 expressed an unqualified opinion on those consolidated financial statements.</P>
<P align=justify><B>KPMG LLP (Signed) </B></P>
<P align=justify>Chartered Professional Accountants </P>
<P align=justify>March 9, 2016 <BR>
  Vancouver, Canada</P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp. - Exhibit 99.4 - Filed by newsfilecorp.com</TITLE>
</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="endl.gif" border=0> </P>
<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=4>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS (AMENDED)
      </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B>FOR THE YEAR ENDED DECEMBER 31, 2015
      </B></FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=center>&nbsp;</TD></TR></TABLE>
<P align=justify>This amended Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;) should
be read in conjunction with the consolidated financial statements of Endeavour
Silver Corp. (&#147;Endeavour&#148; or &#147;the Company&#148;) for the year ended December 31, 2015
and 2014 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;). We use certain
non-IFRS financial measures in this amended MD&amp;A. For a description of each of the
non-IFRS measures used in this amended 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 amended 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 U S
dollars unless otherwise indicated. This amended MD&amp;A is dated as of March 2, 2016
and all information contained is current as of March 2, 2016 unless otherwise
stated.</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 amended 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. 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 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. 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 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 amended 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>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 2px solid" align=center>&nbsp;</TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center>700 West Pender Street, Suite 301, Vancouver, B.C.,
      Canada V6C 1G8 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Phone: 604.685.9775 | Fax: 604.685.9744| Toll Free:
      1.877.685.9775 | <U><FONT color=#0000ff>Email: info@edrsilver.com
      </FONT></U></TD></TR>
  <TR vAlign=bottom>
    <TD align=center><U><FONT color=#0000ff>www.edrsilver.com
  </FONT></U></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=justify><B><I>Forward-Looking </I></B><B><I>Statements</I></B>  <BR>
</P>
<P align=justify><I>This amended 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</I><I> </I><I>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 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>
  </TR>
  <TR vAlign=top>
    <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>
  </TR>
  <TR vAlign=top>
    <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>
  </TR>
  <TR vAlign=top>
    <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>
  </TR>
  <TR vAlign=top>
    <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>
  </TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_11">El
      Cubo Operations </A></TD>
    <TD align=left width="10%"><A
      href="#page_11">Page
      11 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_13">Exploration
      Results </A></TD>
    <TD align=left width="10%" bgColor=#eeeeee><A
      href="#page_13">Page
      13 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_14">Reserves
      and Resources </A></TD>
    <TD align=left width="10%"><A
      href="#page_14">Page
      14 </A></TD>
  </TR></TABLE>
<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 bgColor=#eeeeee><A
      href="#page_16">Consolidated
      Financial Results </A></TD>
    <TD align=left width="10%" bgColor=#eeeeee><A
      href="#page_16">Page
      16 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_20">Non
      IFRS Measures </A></TD>
    <TD align=left width="10%"><A
      href="#page_20">Page
      20 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_26">Quarterly
      Results and Trends </A></TD>
    <TD align=left width="10%" bgColor=#eeeeee><A
      href="#page_26">Page
      26 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_30">Annual
      Outlook </A></TD>
    <TD align=left width="10%"><A
      href="#page_30">Page
      30 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_31">Liquidity
      and Capital Resources </A></TD>
    <TD align=left width="10%" bgColor=#eeeeee><A
      href="#page_31">Page
      31 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_37">Changes
      in Accounting Policies </A></TD>
    <TD align=left width="10%"><A
      href="#page_37">Page
      37 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_40">Risks
      and Uncertainties </A></TD>
    <TD align=left width="10%" bgColor=#eeeeee><A
      href="#page_40">Page
      40 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_47">Controls
      and Procedures </A></TD>
    <TD align=left width="10%"><A
      href="#page_47">Page
      47 </A></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 1px solid" align=center><B><font color="#943634">2</font></B>  </TD>
  </TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A><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 colspan="3" align=center nowrap
      bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><b><FONT color=#ffffff>Three Months Ended December 31
      </FONT></b></TD>
    <TD width="30%" rowSpan=2
    align=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><b><FONT
      color=#ffffff size="4"><BR>
2015 Highlights </FONT></b></TD>
    <TD colspan="3" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><b><FONT color=#ffffff>Year Ended December 31
    </FONT></b></TD>
    </TR>
  <TR vAlign=top>
    <TD align=center vAlign=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><b><FONT color=#ffffff>2015 </FONT></b></TD>
    <TD
    width="11%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><b><FONT color=#ffffff>2014 </FONT></b></TD>
    <TD
    width="11%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><b><FONT color=#ffffff>% <BR>
      Change
      </FONT></b></TD>
    <TD
    width="11%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><b><FONT color=#ffffff>2015 </FONT></b></TD>
    <TD
    width="11%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><b><FONT color=#ffffff>2014 </FONT></b></TD>
    <TD
    width="11%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><b><FONT color=#ffffff>% <BR>
      Change
      </FONT></b></TD></TR>
  <TR vAlign=bottom>
    <TD align=center nowrap
      bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><b><FONT color=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></b></TD>
    <TD width="11%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="11%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="30%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><b><FONT
      color=#ffffff>&nbsp;Production</FONT></b></TD>
    <TD width="11%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="11%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="11%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>1,732,765 </TD>
    <TD align=center width="11%">2,009,172 </TD>
    <TD align=center width="11%">(14%) </TD>
    <TD align=center width="30%">Silver ounces produced </TD>
    <TD align=center width="11%">7,178,666 </TD>
    <TD align=center width="11%">7,212,074 </TD>
    <TD align=center width="11%">(0%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>15,433 </TD>
    <TD align=center width="11%">15,127 </TD>
    <TD align=center width="11%">2% </TD>
    <TD align=center width="30%">Gold ounces produced </TD>
    <TD align=center width="11%">59,990 </TD>
    <TD align=center width="11%">62,895 </TD>
    <TD align=center width="11%">(5%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>1,686,330 </TD>
    <TD align=center width="11%">1,950,037 </TD>
    <TD align=center width="11%">(14%) </TD>
    <TD align=center width="30%">Payable silver ounces produced </TD>
    <TD align=center width="11%">6,991,639 </TD>
    <TD align=center width="11%">6,996,916 </TD>
    <TD align=center width="11%">(0%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>15,073 </TD>
    <TD align=center width="11%">14,557 </TD>
    <TD align=center width="11%">4% </TD>
    <TD align=center width="30%">Payable gold ounces produced </TD>
    <TD align=center width="11%">58,585 </TD>
    <TD align=center width="11%">60,518 </TD>
    <TD align=center width="11%">(3%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>2,813,075 </TD>
    <TD align=center width="11%">3,068,062 </TD>
    <TD align=center width="11%">(8%) </TD>
    <TD align=center width="30%">Silver equivalent ounces produced<SUP>(1)
      </SUP></TD>
    <TD align=center width="11%">11,377,966 </TD>
    <TD align=center width="11%">11,614,724 </TD>
    <TD align=center width="11%">(2%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>9.76 </TD>
    <TD align=center width="11%">8.33 </TD>
    <TD align=center width="11%">17% </TD>
    <TD align=center width="30%">Cash costs per silver ounce<SUP>(2)(3)
    </SUP></TD>
    <TD align=center width="11%">8.39 </TD>
    <TD align=center width="11%">8.31 </TD>
    <TD align=center width="11%">1% </TD></TR>
  <TR vAlign=top>
    <TD align=center>16.11 </TD>
    <TD align=center width="11%">14.36 </TD>
    <TD align=center width="11%">12% </TD>
    <TD align=center width="30%">Total production costs per ounce<SUP>(2)(4)
      </SUP></TD>
    <TD align=center width="11%">14.11 </TD>
    <TD align=center width="11%">16.37 </TD>
    <TD align=center width="11%">(14%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>17.33 </TD>
    <TD align=center width="11%">15.37 </TD>
    <TD align=center width="11%">13% </TD>
    <TD align=center width="30%">All-in sustaining costs per ounce<SUP>(2)(5)
      </SUP></TD>
    <TD align=center width="11%">15.62 </TD>
    <TD align=center width="11%">16.79 </TD>
    <TD align=center width="11%">(7%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>408,092 </TD>
    <TD align=center width="11%">374,212 </TD>
    <TD align=center width="11%">9% </TD>
    <TD align=center width="30%">Processed tonnes </TD>
    <TD align=center width="11%">1,565,507 </TD>
    <TD align=center width="11%">1,404,406 </TD>
    <TD align=center width="11%">11% </TD></TR>
  <TR vAlign=top>
    <TD align=center>80.39 </TD>
    <TD align=center width="11%">89.63 </TD>
    <TD align=center width="11%">(10%) </TD>
    <TD align=center width="30%">Direct production costs per tonne<SUP>(2)(6)
      </SUP></TD>
    <TD align=center width="11%">80.14 </TD>
    <TD align=center width="11%">96.11 </TD>
    <TD align=center width="11%">(17%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>11.41 </TD>
    <TD align=center width="11%">10.76 </TD>
    <TD align=center width="11%">6% </TD>
    <TD align=center width="30%">Silver co-product cash costs<SUP>(7)
</SUP></TD>
    <TD align=center width="11%">10.87 </TD>
    <TD align=center width="11%">11.76 </TD>
    <TD align=center width="11%">(8%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center>845 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%">788    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%">7%    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="30%">Gold
      co-product cash costs<SUP>(7) </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%">791    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%">798    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%">(1%)    </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      bgColor=#943634><FONT color=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="30%"
    bgColor=#943634><FONT color=#ffffff><STRONG>Financial</STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center>42.7 </TD>
    <TD align=center width="11%">48.6 </TD>
    <TD align=center width="11%">(12%) </TD>
    <TD align=center width="30%">Revenue ($ millions) </TD>
    <TD align=center width="11%">183.6 </TD>
    <TD align=center width="11%">196.9 </TD>
    <TD align=center width="11%">(7%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>1,682,572 </TD>
    <TD align=center width="11%">2,000,253 </TD>
    <TD align=center width="11%">(16%) </TD>
    <TD align=center width="30%">Silver ounces sold </TD>
    <TD align=center width="11%">7,301,698 </TD>
    <TD align=center width="11%">6,539,686 </TD>
    <TD align=center width="11%">12% </TD></TR>
  <TR vAlign=top>
    <TD align=center>15,255 </TD>
    <TD align=center width="11%">13,635 </TD>
    <TD align=center width="11%">12% </TD>
    <TD align=center width="30%">Gold ounces sold </TD>
    <TD align=center width="11%">59,450 </TD>
    <TD align=center width="11%">58,323 </TD>
    <TD align=center width="11%">2% </TD></TR>
  <TR vAlign=top>
    <TD align=center>14.93 </TD>
    <TD align=center width="11%">16.23 </TD>
    <TD align=center width="11%">(8%) </TD>
    <TD align=center width="30%">Realized silver price per ounce </TD>
    <TD align=center width="11%">15.79 </TD>
    <TD align=center width="11%">18.76 </TD>
    <TD align=center width="11%">(16%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>1,105 </TD>
    <TD align=center width="11%">1,189 </TD>
    <TD align=center width="11%">(7%) </TD>
    <TD align=center width="30%">Realized gold price per ounce </TD>
    <TD align=center width="11%">1,148 </TD>
    <TD align=center width="11%">1,273 </TD>
    <TD align=center width="11%">(10%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>(136.2) </TD>
    <TD align=center width="11%">(66.9) </TD>
    <TD align=center width="11%">(104%) </TD>
    <TD align=center width="30%">Net earnings (loss) ($ millions) </TD>
    <TD align=center width="11%">(149.9) </TD>
    <TD align=center width="11%">(74.5) </TD>
    <TD align=center width="11%">(101%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>(2.2) </TD>
    <TD align=center width="11%">(11.0) </TD>
    <TD align=center width="11%">80% </TD>
    <TD align=center width="30%">Adjusted net earnings (loss) <SUP>(8)
      </SUP>($ millions) </TD>
    <TD align=center width="11%">(11.2) </TD>
    <TD align=center width="11%">(17.2) </TD>
    <TD align=center width="11%">35% </TD></TR>
  <TR vAlign=top>
    <TD align=center>(1.3) </TD>
    <TD align=center width="11%">2.3 </TD>
    <TD align=center width="11%">(155%) </TD>
    <TD align=center width="30%">Mine operating earnings (loss) ($ millions)    </TD>
    <TD align=center width="11%">16.7 </TD>
    <TD align=center width="11%">14.4 </TD>
    <TD align=center width="11%">17% </TD></TR>
  <TR vAlign=top>
    <TD align=center>9.7 </TD>
    <TD align=center width="11%">13.9 </TD>
    <TD align=center width="11%">(30%) </TD>
    <TD align=center width="30%">Mine operating cash flow<SUP>(9) </SUP>($
      millions) </TD>
    <TD align=center width="11%">57.7 </TD>
    <TD align=center width="11%">70.5 </TD>
    <TD align=center width="11%">(18%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>5.7 </TD>
    <TD align=center width="11%">(5.3) </TD>
    <TD align=center width="11%">207% </TD>
    <TD align=center width="30%">Operating cash flow before working capital
      changes <SUP>(10) </SUP></TD>
    <TD align=center width="11%">35.2 </TD>
    <TD align=center width="11%">29.3 </TD>
    <TD align=center width="11%">20% </TD></TR>
  <TR vAlign=top>
    <TD align=center>5.5 </TD>
    <TD align=center width="11%">7.7 </TD>
    <TD align=center width="11%">(29%) </TD>
    <TD align=center width="30%">Earnings before ITDA <SUP>(11) </SUP></TD>
    <TD align=center width="11%">34.1 </TD>
    <TD align=center width="11%">42.6 </TD>
    <TD align=center width="11%">(20%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center>17.2 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%">21.2    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%">(19%) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="30%">Working capital ($ millions) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%">17.2    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%">21.2    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%">(19%) </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      bgColor=#943634><FONT color=#ffffff>&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="30%"
    bgColor=#943634><FONT
      color=#ffffff><STRONG>Shareholders</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center>(1.33) </TD>
    <TD align=center width="11%">(0.67) </TD>
    <TD align=center width="11%">(99%) </TD>
    <TD align=center width="30%">Earnings (loss) per share &#150; basic </TD>
    <TD align=center width="11%">(1.47) </TD>
    <TD align=center width="11%">(0.74) </TD>
    <TD align=center width="11%">(99%) </TD></TR>
  <TR>
    <TD align=center>&nbsp;(0.02)</TD>
    <TD align=center width="11%">&nbsp;(0.11)</TD>
    <TD align=center width="11%">&nbsp;80%</TD>
    <TD align=center width="30%">Adjusted earnings (loss) per share &#150;
      basic<SUP>(8)&nbsp;</SUP>&nbsp;</TD>
    <TD align=center width="11%">&nbsp;(0.11)</TD>
    <TD align=center width="11%">&nbsp;(0.17)</TD>
    <TD align=center width="11%">36%&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>0.06 </TD>
    <TD align=center width="11%">(0.05) </TD>
    <TD align=center width="11%">(207%) </TD>
    <TD align=center width="30%">Operating cash flow before working capital
      changes per share <SUP>(10)</SUP> </TD>
    <TD align=center width="11%">0.35 </TD>
    <TD align=center width="11%">0.29 </TD>
    <TD align=center width="11%">20% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center>102,054,670 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%">101,881,133 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%">0%    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="30%">Weighted average shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%">101,996,503 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%">101,314,393 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%">1%    </TD></TR></TABLE>
</DIV><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%">(1) </TD>
    <TD>
      <P align=justify>Silver equivalents are calculated using a 70:1
    ratio.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </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 on page 20.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </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 22.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </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 22.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </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 24.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </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 22.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </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 25</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>Adjusted earnings are calculated by adding back the
      mark-to-market impact of derivative equities held as a liability on the
      Company&#146;s balance sheet and non-recurring write downs or impairment
      charges net of tax. See Reconciliation to IFRS on page 20.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(9) </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
      21.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(10) </TD>
    <TD>
      <P align=justify>See Reconciliation to IFRS on page 21 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%">(11) </TD>
    <TD>
      <P align=justify>See Reconciliation of Earnings before interest, taxes,
      depreciation and amortization on page 22</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. <BR>
</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 1px solid" align=center><B><font color="#943634">3</font></B> </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>



<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&iacute; 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&eacute; bars. </P>
<P align="justify">
In 2007, the Company replicated the success of Guanacev&iacute; with the acquisition of the Bola&ntilde;itos (formerly described as &ldquo;Guanajuato&rdquo;) mines project in Guanajuato State.  Bola&ntilde;itos was very similar in that there was a
fully built and permitted processing plant, and the mines were running out of ore, so the operation was for sale. 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 are growing rapidly and Bola&ntilde;itos is now an integral part of the Company&rsquo;s asset base. </P>
<P align="justify">
Both Guanacev&iacute; and Bola&ntilde;itos are good examples of Endeavour&rsquo;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&rsquo;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 program aimed at increasing throughput, grade and productivity in order to reduce operating costs
and return the operation to profitability.  Endeavour also completed a capital reconstruction program of the plant and surface infrastructure, and invested in accelerated mine exploration and development to unfold the full potential of El Cubo. </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&iacute; and Bola&ntilde;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. 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. <BR>
</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 1px solid" align=center><B><font color="#943634">4</font></B> </TD>
  </TR>
</TABLE>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<A name=page_5></A>
<P align=justify><B><FONT size=3>REVIEW OF OPERATING RESULTS </FONT></B></P>
<P align=justify><B>Consolidated Production Results for the Three Months and
Years Ended December 31, 2015 and 2014 </B></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 colspan="3" align=center vAlign=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended December 31
      </B></FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="31%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>CONSOLIDATED
    </B></FONT></TD>
    <TD colspan="3" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended December 31
      </B></FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD align=center vAlign=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015 </B></FONT></TD>
    <TD
    width="11%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2014 </B></FONT></TD>
    <TD
    width="11%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change </B></FONT></TD>
    <TD
    width="31%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD
    width="11%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015 </B></FONT></TD>
    <TD
    width="11%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2014 </B></FONT></TD>
    <TD
    width="11%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% </B><B>Change
      </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>408,092 </TD>
    <TD align=center width="11%">374,212 </TD>
    <TD align=center width="11%">9% </TD>
    <TD align=center width="31%">Ore tonnes processed </TD>
    <TD align=center width="11%">1,565,507 </TD>
    <TD align=center width="11%">1,404,406 </TD>
    <TD align=center width="11%">11% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>156 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>191 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(18%) </TD>
    <TD align=center width="31%" bgColor=#eeeeee>Average silver grade (gpt)</TD>
    <TD align=center width="11%" bgColor=#eeeeee>167 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>185 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(10%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>84.6 </TD>
    <TD align=center width="11%">87.3 </TD>
    <TD align=center width="11%">(3%) </TD>
    <TD align=center width="31%">Silver recovery (%) </TD>
    <TD align=center width="11%">85.3 </TD>
    <TD align=center width="11%">86.2 </TD>
    <TD align=center width="11%">(1%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>1,732,765 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2,009,172 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(14%) </TD>
    <TD align=center width="31%" bgColor=#eeeeee>Total silver ounces produced    </TD>
    <TD align=center width="11%" bgColor=#eeeeee>7,178,666 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>7,212,074 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(0%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>1,686,330 </TD>
    <TD align=center width="11%">1,950,037 </TD>
    <TD align=center width="11%">(14%) </TD>
    <TD align=center width="31%">Payable silver ounces produced </TD>
    <TD align=center width="11%">6,991,639 </TD>
    <TD align=center width="11%">6,996,916 </TD>
    <TD align=center width="11%">(0%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>1.40 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1.49 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(6%) </TD>
    <TD align=center width="31%" bgColor=#eeeeee>Average gold grade (gpt) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1.41 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1.62 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(13%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>83.9 </TD>
    <TD align=center width="11%">84.4 </TD>
    <TD align=center width="11%">(1%) </TD>
    <TD align=center width="31%">Gold recovery (%) </TD>
    <TD align=center width="11%">84.6 </TD>
    <TD align=center width="11%">86.1 </TD>
    <TD align=center width="11%">(2%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>15,433 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>15,127 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2% </TD>
    <TD align=center width="31%" bgColor=#eeeeee>Total gold ounces produced</TD>
    <TD align=center width="11%" bgColor=#eeeeee>59,990 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>62,895 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(5%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>15,073 </TD>
    <TD align=center width="11%">14,557 </TD>
    <TD align=center width="11%">4% </TD>
    <TD align=center width="31%">Payable gold ounces produced </TD>
    <TD align=center width="11%">58,585 </TD>
    <TD align=center width="11%">60,518 </TD>
    <TD align=center width="11%">(3%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>2,813,075 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>3,068,062 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(8%) </TD>
    <TD align=center width="31%" bgColor=#eeeeee>Silver equivalent ounces
      produced<SUP>(1) </SUP></TD>
    <TD align=center width="11%" bgColor=#eeeeee>11,377,966 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>11,614,724 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(2%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>9.76 </TD>
    <TD align=center width="11%">8.33 </TD>
    <TD align=center width="11%">17% </TD>
    <TD align=center width="31%">Cash costs per silver ounce<SUP>(2)(3)
    </SUP></TD>
    <TD align=center width="11%">8.39 </TD>
    <TD align=center width="11%">8.31 </TD>
    <TD align=center width="11%">1% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>16.11 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>14.36 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>12% </TD>
    <TD align=center width="31%" bgColor=#eeeeee>Total production costs per
      ounce<SUP>(2)(4) </SUP></TD>
    <TD align=center width="11%" bgColor=#eeeeee>14.11 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>16.37 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(14%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>17.33 </TD>
    <TD align=center width="11%">15.37 </TD>
    <TD align=center width="11%">13% </TD>
    <TD align=center width="31%">All in sustaining cost per ounce <SUP>(2)(5)
      </SUP></TD>
    <TD align=center width="11%">15.62 </TD>
    <TD align=center width="11%">16.79 </TD>
    <TD align=center width="11%">(7%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>80.39 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>89.63 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(10%) </TD>
    <TD align=center width="31%" bgColor=#eeeeee>Direct production costs per
      tonne<SUP>(2)(6) </SUP></TD>
    <TD align=center width="11%" bgColor=#eeeeee>80.14 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>96.11 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(17%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>11.41 </TD>
    <TD align=center width="11%">10.76 </TD>
    <TD align=center width="11%">6% </TD>
    <TD align=center width="31%">Silver co-product cash costs<SUP>(7)
</SUP></TD>
    <TD align=center width="11%">10.87 </TD>
    <TD align=center width="11%">11.76 </TD>
    <TD align=center width="11%">(8%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      bgColor=#eeeeee>845 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>788 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>7% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="31%"
    bgColor=#eeeeee>Gold co-product cash costs<SUP>(7) </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>791 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>798 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>(1%) </TD></TR></TABLE>
</DIV><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%">(1) </TD>
    <TD>
      <P align=justify>Silver equivalents are calculated using a 70:1
    ratio.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </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 on page 20.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </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 22.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </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 22.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </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 24.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </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 22.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </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
  25.</P></TD></TR></TABLE>
<P align=justify><BR>
</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 1px solid" align=center><B><font color="#943634">5</font></B> </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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></P>
<P align=justify><B>Three months ended December 31, 2015 (compared to the three
months ended December 31, 2014) <BR></B>Consolidated silver production during
Q4, 2015 was 1,732,765 ounces (oz), a decrease of 14% compared to 2,009,172 oz
in Q4, 2014, and gold production was 15,433 oz, an increase of 2% compared to
15,127 oz in Q4, 2014. Plant throughput was 408,092 tonnes at average grades of
156 grams per tonne (gpt) silver and 1.40 gpt gold compared to 374,480 tonnes
grading 191 gpt silver and 1.49 gpt gold in Q4, 2014. Silver production
decreased due to lower grades partially offset by the higher throughput. Gold
production was similar as the increased throughput offset the slight decrease in
gold grades. The increased throughput at El Cubo, which has lower silver grades
than the other operations and lower ore grades from the Bola&#241;itos operation are
the primary driver of these variations from 2014.</P>
<P align=justify><B>Year ended December 31, 2015 (compared to the year ended
December 31, 2014) <BR></B>Consolidated silver production during 2015 was
7,178,666 oz, a decrease of 0.5% compared to 7,212,074 oz in 2014, and gold
production was 59,990 oz, a decrease of 5% compared to 62,895 oz in 2014. Plant
throughput was 1,565,507 tonnes at average grades of 167 gpt silver and 1.41 gpt
gold compared to 1,404,406 tonnes grading 185 gpt silver and 1.62 gpt gold in
2014. Silver production was flat as lower silver grades were offset by higher
throughput, while gold production decreased due to lower ore grades. The
increased throughput of the El Cubo operation, which has lower silver grades
than the other operations, coupled with the decreased throughput of the
Bola&#241;itos operation, which has higher gold grades, are the primary drivers of
these variations from 2014.</P>
<P align=justify><B><I>Consolidated Operating Costs </I></B></P>
<P align=justify><B>Three months ended December 31, 2015 (compared to the three
months ended December 31, 2014) <BR></B>The falling Mexican peso and continued
focus on cost reductions resulted in lower consolidated costs per tonne, which
fell 10% to $80.39 in Q4, 2015. Cash costs, net of by-product credits (a
non-IFRS measure and a standard of the Silver Institute), increased 17% to $9.76
per oz of payable silver compared to $8.33 per oz in Q4, 2014 as a result of the
lower gold credit. The lower direct operating costs were offset by allocating
similar exploration and development expenditures over fewer production ounces
resulting in all-in-sustaining costs (also a non-IFRS measure) increasing 13% to
$17.33 per oz compared to $15.37 per oz in Q4, 2014.</P>
<P align=justify><B>Year ended December 31, 2015 (compared to the year ended
December 31, 2014) <BR></B>The falling Mexican peso and continued focus on cost
reductions resulted in lower consolidated costs per tonne, which fell 14% to
$80.14 in 2015. Lower costs per tonne, offset by lower ore grades, resulted in
relatively flat cash costs, net of by-product credits (a non-IFRS measure and a
standard of the Silver Institute), which increased 1% to $8.39 per oz of payable
silver compared to $8.31 per oz in 2014. Lower exploration and development
expenditures resulted in all-in-sustaining costs (also a non-IFRS measure)
decreasing 7% to $15.62 per oz compared to $16.79 per oz in 2014. <BR>
</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 1px solid" align=center><B><font color="#943634">6</font></B> </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<P align=justify><B><FONT size=3>Guanacev&#237; Operations </FONT></B></P>
<P align=justify><B><I>Production Results for the Three Months and Years Ended
December 31, 2015 and 2014 </I></B></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 colspan="3" align=center nowrap
      bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended December 31
      </B></FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="30%" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid" ><FONT color=#ffffff><B>GUANACEV&Iacute;
    </B></FONT></TD>
    <TD colspan="3" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended December 31
    </B></FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD align=center nowrap
      bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015 </B></FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2014 </B></FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change </B></FONT></TD>
    <TD width="30%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid" ></TD>
    <TD width="11%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015 </B></FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2014 </B></FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% </B><B>Change </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>105,039 </TD>
    <TD align=center width="11%">102,375 </TD>
    <TD align=center width="11%">3% </TD>
    <TD align=center width="30%" >Ore tonnes processed </TD>
    <TD align=center width="11%">431,431 </TD>
    <TD align=center width="11%">423,251 </TD>
    <TD align=center width="11%">2% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>269 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>358 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(25%) </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Average silver
      grade (g/t) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>295 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>314 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(6%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>83.9 </TD>
    <TD align=center width="11%">87.0 </TD>
    <TD align=center width="11%">(4%) </TD>
    <TD align=center width="30%" >Silver recovery (%) </TD>
    <TD align=center width="11%">84.1 </TD>
    <TD align=center width="11%">84.0 </TD>
    <TD align=center width="11%">0% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>761,769 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1,024,762 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(26%) </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total silver
      ounces produced </TD>
    <TD align=center width="11%" bgColor=#eeeeee>3,440,748 </TD>
    <TD align=center width="11%"  bgColor=#eeeeee>&nbsp;3,587,639    </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(4%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>754,151 </TD>
    <TD align=center width="11%">1,014,514 </TD>
    <TD align=center width="11%">(26%) </TD>
    <TD align=center width="30%" >Payable silver ounces produced    </TD>
    <TD align=center width="11%">3,406,340 </TD>
    <TD align=center width="11%" >&nbsp;3,551,763 </TD>
    <TD align=center width="11%">(4%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>0.61 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>0.70 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(13%) </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Average gold
      grade (g/t) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>0.62 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>0.65 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(5%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>86.2 </TD>
    <TD align=center width="11%">90.1 </TD>
    <TD align=center width="11%">(4%) </TD>
    <TD align=center width="30%" >Gold recovery (%) </TD>
    <TD align=center width="11%">85.9 </TD>
    <TD align=center width="11%">86.3 </TD>
    <TD align=center width="11%">(0%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>1,775 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2,085 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(15%) </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total gold
      ounces produced </TD>
    <TD align=center width="11%" bgColor=#eeeeee>7,390 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>7,641 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(3%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>1,757 </TD>
    <TD align=center width="11%">2,063 </TD>
    <TD align=center width="11%">(15%) </TD>
    <TD align=center width="30%" >Payable gold ounces produced</TD>
    <TD align=center width="11%">7,316 </TD>
    <TD align=center width="11%">7,564 </TD>
    <TD align=center width="11%">(3%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>886,019 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1,170,712 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(24%) </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Silver
      equivalent ounces produced<SUP>(1) </SUP></TD>
    <TD align=center width="11%" bgColor=#eeeeee>3,958,048 </TD>
    <TD align=center width="11%"
    bgColor=#eeeeee>4,122,509&nbsp;&nbsp;</TD>
    <TD align=center width="11%" bgColor=#eeeeee>(4%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>10.57 </TD>
    <TD align=center width="11%">7.28 </TD>
    <TD align=center width="11%">45% </TD>
    <TD align=center width="30%" >Cash costs per silver
      ounce<SUP>(2)(3) </SUP></TD>
    <TD align=center width="11%">8.66 </TD>
    <TD align=center width="11%">9.73 </TD>
    <TD align=center width="11%">(11%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>13.06 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>8.77 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>49% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total
      production costs per ounce<SUP>(2)(4) </SUP></TD>
    <TD align=center width="11%" bgColor=#eeeeee>11.09 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>11.44 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(3%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>14.67 </TD>
    <TD align=center width="11%">11.89 </TD>
    <TD align=center width="11%">23% </TD>
    <TD align=center width="30%" >All in sustaining cost per
      ounce <SUP>(2)(5) </SUP></TD>
    <TD align=center width="11%">12.97 </TD>
    <TD align=center width="11%">14.51 </TD>
    <TD align=center width="11%">(11%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>93.59 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>96.91 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(3%) </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Direct
      production costs per tonne<SUP>(2)(6) </SUP></TD>
    <TD align=center width="11%" bgColor=#eeeeee>88.04 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>104.06 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(15%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>11.01 </TD>
    <TD align=center width="11%">8.43 </TD>
    <TD align=center width="11%">31% </TD>
    <TD align=center width="30%" >Silver co-product cash
      costs<SUP>(7) </SUP></TD>
    <TD align=center width="11%">9.55 </TD>
    <TD align=center width="11%">10.73 </TD>
    <TD align=center width="11%">(11%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      bgColor=#eeeeee>815 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>617 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>32% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="30%"
    bgColor=#eeeeee >Gold co-product cash costs<SUP>(7) </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>694 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>728 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>(5%) </TD></TR></TABLE>
</DIV><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%">(1) </TD>
    <TD>
      <P align=justify>Silver equivalents are calculated using a 70:1
    ratio.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </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 on page 20.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </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 22.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </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 22.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </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 24.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </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 22.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </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
  25.</P></TD></TR></TABLE>
<P align=justify>Guanacev&#237; has produced more than 25 million ounces of silver
and 53,000 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
540 people and engages 130 contractors. <BR>
</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 1px solid" align=center><B><font color="#943634">7</font></B> </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A>
<P align=justify><B><I>Guanacev&#237; Production Results </I></B></P>
<P align=justify><B>Three months ended December 31, 2015 (compared to the three
months ended December 31, 2014) <BR></B>Silver production at the Guanacev&#237; mine
during Q4, 2015 was 761,769 oz, a decrease of 26% compared to 1,024,762 oz in
Q4, 2014, and gold production was 1,775 oz, a decrease of 15% compared to 2,085
oz in Q4, 2014. Plant throughput was 105,039 tonnes at average grades of 269 gpt
silver and 0.61 gpt gold compared to 102,375 tonnes grading 358 gpt silver and
0.70 gpt gold in Q4, 2014. Metal production decreased due to lower processed ore
grades and metal recoveries. 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 high
grades were due to the contribution of the higher grade Porvenir Cuatro
ore-body, which resulted in significantly higher silver and gold production in
Q4, 2014.</P>
<P align=justify><B>Year ended December 31, 2015 (compared to the year ended
December 31, 2014) <BR></B>Silver production at the Guanacev&#237; mine during 2015
was 3,440,748 oz, a decrease of 4% compared to 3,587,639 oz in 2014, and gold
production was 7,390 oz, a decrease of 3% compared to 7,641 oz in 2014. Plant
throughput was 431,431 tonnes at average grades of 295 gpt silver and 0.62 gpt
gold compared to 423,251 tonnes grading 314 gpt silver and 0.65 gpt gold in
2014. The variation in metal production was directly attributed to the slightly
lower processed ore grades, offset by a slight increase in plant throughput.</P>
<P align=justify><B><I>Guanacev&#237; Operating Costs </I></B></P>
<P align=justify><B>Three months ended December 31, 2015 (compared to the three
months ended December 31, 2014) <BR></B>Direct production costs per-tonne were
slightly lower in Q4, 2015 compared to Q4, 2014 due to the falling peso offset
by lower mine output. Mine output fell due to improper sequencing from the
various ore bodies during the quarter, which management addressed and now
expects to return to historical norms. The 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 increased 45% to $10.57 per oz of payable silver
compared to $7.28 per oz in Q4, 2014. Similarly all-in-sustaining costs (also a
non-IFRS measure) increased 23% to $14.67 per oz due to the lower grades
partially offset by lower capital and exploration expenditures compared to Q4,
2014.</P>
<P align=justify><B>Year ended December 31, 2015 (compared to the year ended
December 31, 2014) <BR></B>Direct production costs per tonne fell 15% to $88.04
in 2015 compared to $104.06 in 2014 due to the falling peso and the Company&#146;s
focus on reducing costs. The lower costs per tonne, offset by slightly lower
grades resulted in lower cash costs per ounce, net of by-product credits (a
non-IFRS measure and a standard of the Silver Institute), which decreased 11% to
$8.66 per oz of payable silver compared to $9.73 per oz in 2014. Similarly,
all-in-sustaining costs (also a non-IFRS measure) fell 11% to $12.97 per oz
compared to $14.51 per oz in 2014 due to lower operating costs.<BR>
</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 1px solid" align=center><B><font color="#943634">8</font></B> </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A>
<P align=justify><B><FONT size=3>Bola&#241;itos Operations </FONT></B></P>
<P align=justify><B><I>Production Results for the Three Months and Years Ended
December 31, 2015 and 2014 </I></B></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 colspan="3" align=center vAlign=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended December 31
      </B></FONT><FONT
    color=#ffffff>&nbsp;</FONT><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="30%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid" ><FONT color=#ffffff><B>BOLA&#209;ITOS
      </B></FONT></TD>
    <TD colspan="3" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended December 31
      </B></FONT><FONT
    color=#ffffff>&nbsp;</FONT><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD align=center vAlign=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015 </B></FONT></TD>
    <TD
    width="11%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2014 </B></FONT></TD>
    <TD
    width="11%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change </B></FONT></TD>
    <TD
    width="30%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid" ></TD>
    <TD
    width="11%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015 </B></FONT></TD>
    <TD
    width="11%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2014 </B></FONT></TD>
    <TD
    width="11%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% </B><B>Change
      </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>103,878 </TD>
    <TD align=center width="11%">145,408 </TD>
    <TD align=center width="11%">(29%) </TD>
    <TD align=center width="30%" >Ore tonnes processed </TD>
    <TD align=center width="11%">455,226 </TD>
    <TD align=center width="11%">567,873 </TD>
    <TD align=center width="11%">(20%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>90 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>148 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(39%) </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Average silver
      grade (g/t) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>118 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>148 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(20%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>83.6 </TD>
    <TD align=center width="11%">88.3 </TD>
    <TD align=center width="11%">(5%) </TD>
    <TD align=center width="30%" >Silver recovery (%) </TD>
    <TD align=center width="11%">83.9 </TD>
    <TD align=center width="11%">88.7 </TD>
    <TD align=center width="11%">(5%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>251,363 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>611,271 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(59%) </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total silver
      ounces produced </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1,449,773 </TD>
    <TD align=center width="11%"
    bgColor=#eeeeee>2,396,179&nbsp;&nbsp;</TD>
    <TD align=center width="11%" bgColor=#eeeeee>(39%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>241,308 </TD>
    <TD align=center width="11%">580,644 </TD>
    <TD align=center width="11%">(58%) </TD>
    <TD align=center width="30%" >Payable silver ounces produced    </TD>
    <TD align=center width="11%">1,389,920</TD>
    <TD align=center width="11%" >&nbsp;2,276,278&nbsp;&nbsp;</TD>
    <TD align=center width="11%">(39%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>1.88 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2.03 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(7%) </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Average gold
      grade (g/t) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1.99 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2.36 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(16%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>82.3 </TD>
    <TD align=center width="11%">83.2 </TD>
    <TD align=center width="11%">(1%) </TD>
    <TD align=center width="30%" >Gold recovery (%) </TD>
    <TD align=center width="11%">82.3 </TD>
    <TD align=center width="11%">86.1 </TD>
    <TD align=center width="11%">(4%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>5,166 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>7,900 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(35%) </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total gold
      ounces produced </TD>
    <TD align=center width="11%" bgColor=#eeeeee>23,966 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>37,108 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(35%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>5,036 </TD>
    <TD align=center width="11%">7,571 </TD>
    <TD align=center width="11%">(33%) </TD>
    <TD align=center width="30%" >Payable gold ounces produced</TD>
    <TD align=center width="11%">23,371 </TD>
    <TD align=center width="11%">35,531 </TD>
    <TD align=center width="11%">(34%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>612,983 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1,164,271 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(47%) </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Silver
      equivalent ounces produced<SUP>(1) </SUP></TD>
    <TD align=center width="11%" bgColor=#eeeeee>3,127,393 </TD>
    <TD align=center width="11%"
    bgColor=#eeeeee>4,993,739&nbsp;&nbsp;</TD>
    <TD align=center width="11%" bgColor=#eeeeee>(37%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>8.09 </TD>
    <TD align=center width="11%">5.64 </TD>
    <TD align=center width="11%">43% </TD>
    <TD align=center width="30%" >Cash costs per silver
      ounce<SUP>(2)(3) </SUP></TD>
    <TD align=center width="11%">4.31 </TD>
    <TD align=center width="11%">1.94 </TD>
    <TD align=center width="11%">(122%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>17.94 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>12.74 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>41% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total
      production costs per ounce<SUP>(2)(4) </SUP></TD>
    <TD align=center width="11%" bgColor=#eeeeee>11.33 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>14.05 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(19%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>18.15 </TD>
    <TD align=center width="11%">9.44 </TD>
    <TD align=center width="11%">92% </TD>
    <TD align=center width="30%" >All in sustaining cost per
      ounce <SUP>(2)(5) </SUP></TD>
    <TD align=center width="11%">11.79 </TD>
    <TD align=center width="11%">8.70 </TD>
    <TD align=center width="11%">36% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>72.31 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>83.58 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(13%) </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Direct
      production costs per tonne<SUP>(2)(6) </SUP></TD>
    <TD align=center width="11%" bgColor=#eeeeee>71.97 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>87.44 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(18%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>11.85 </TD>
    <TD align=center width="11%">10.21 </TD>
    <TD align=center width="11%">16% </TD>
    <TD align=center width="30%" >Silver co-product cash
      costs<SUP>(7) </SUP></TD>
    <TD align=center width="11%">10.26 </TD>
    <TD align=center width="11%">10.10 </TD>
    <TD align=center width="11%">2% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      bgColor=#eeeeee>877 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>748 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>17% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="30%"
    bgColor=#eeeeee >Gold co-product cash costs<SUP>(7) </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>746 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>686 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>9% </TD></TR></TABLE>
</DIV><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%">(1) </TD>
    <TD>
      <P align=justify>Silver equivalents are calculated using a 70:1
    ratio.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </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 on page 20.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </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 22.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </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 22.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </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 24.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </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 22.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </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
  25.</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 was
struggling to produce 300,000 ounces of silver per year. 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 11 million ounces of silver and over 180,000 ounces of gold.<BR>
</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 1px solid" align=center><B><font color="#943634">9</font></B> </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></A>
<P align=justify><B><I>Bola&#241;itos Production Results </I></B></P>
<P align=justify><B>Three months ended December 31, 2015 (compared to the three
months ended December 31, 2014) <BR></B>Silver production at the Bola&#241;itos mine
was 251,363 oz during Q4, 2015, a decrease of 59% compared to 611,271 oz in Q4,
2014, and gold production was 5,166 oz, a decrease of 35% compared to 7,900 oz
in Q4, 2014. Plant throughput in Q4, 2015 was 103,878 tonnes at average grades
of 90 gpt silver and 1.88 gpt gold, compared to 145,408 tonnes grading 148 gpt
silver and 2.03 gpt gold in Q4, 2014. Metal production was down due to lower
throughput, recoveries and grades. Bola&#241;itos production was scheduled to decline
to 1,000 tpd in 2015 as the operation focused on developing the LL-Asunci&#243;n ore
body. Bola&#241;itos operated at its existing capacity of 1,600 tpd in the first
quarter, but gradually reduced to 1,000 tpd over the course of the year. Lower
than planned mill feed from the El Cubo mine allowed Bola&#241;itos to mill just over
1,100 tpd of Bola&#241;itos ore in Q4, 2015. Ore grades were scheduled to dip in Q3,
2015 with an increase to gold grades expected in the fourth quarter as more ore
is mined from LL-Asunci&#243;n, however mining of non-modeled resources from the
Lucero veins resulted in lower processed grades in Q4, 2015. Gold grades are
expected to increase in 2016.</P>
<P align=justify><B>Year ended December 31, 2015 (compared to the year ended
December 31, 2014) <BR></B>Silver production at the Bola&#241;itos mine was 1,449,773
oz during 2015, a decrease of 39% compared to 2,396,179 oz in 2014, and gold
production was 23,996 oz, a decrease of 35% compared to 37,108 oz in 2014. Plant
throughput in 2015 was 455,226 tonnes at average grades of 118 gpt silver and
1.99 gpt gold, compared to 567,873 tonnes grading 148 gpt silver and 2.36 gpt
gold in 2014. Metal production was down due to lower throughput, recoveries and
grades. Bola&#241;itos production was scheduled to decline to 1,000 tpd in 2015 as
the operation focused on developing the LL-Asunci&#243;n ore body. Bola&#241;itos operated
at its existing capacity of 1,600 tpd in the first quarter, but gradually
reduced to 1,000 tpd over the course of the year. Lower than planned mill feed
from the El Cubo mine and mining of non-modeled resources from the Lucero veins
allowed Bola&#241;itos to mill more ore than planned in the second half of 2015. </P>
<P align=justify><B><I>Bola&#241;itos Operating Costs </I></B></P>
<P align=justify><B>Three months ended December 31, 2015 (compared to the three
months ended December 31, 2014) <BR></B>In Q4, 2015, direct production costs per
tonne fell 13% due to the falling Mexican peso, reduced contractor activity and
management&#146;s focus on reducing costs. The lower costs per tonne were offset by
lower grades, increasing cash costs per oz, net of by-product credits (which is
a non-IFRS measure and a standard of the Silver Institute), to $8.09 per oz of
payable silver compared to $5.64 per oz the same period in 2014. Similarly,
development of the LL-Asunci&#243;n ore body and a $0.8 million increase in
reclamation estimate resulted in a rise of all-in sustaining costs (also a
non-IFRS measure) of 23% to $18.15 per oz compared to $9.44 per oz in Q4,
2014.</P>
<P align=justify><B>Year ended December 31, 2015 (compared to the year ended
December 31, 2014) <BR></B>In 2015, direct production costs per tonne fell 19%
due to the falling Mexican peso, reduced contractor activity and management&#146;s
focus on reducing costs. The lower costs per tonne were offset by lower grades,
increasing cash costs per oz, net of by-product credits (which is a non-IFRS
measure and a standard of the Silver Institute), to $4.31 per oz of payable
silver compared to $1.94 per oz in the same period in 2014. Similarly all-in
sustaining costs (also a non-IFRS measure) rose 36% to $11.79 per oz compared to
$8.70 in 2014 due to the lower throughput and grades, partially offset by lower
exploration and development expenditures.<BR>
</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 1px solid" align=center><B><font color="#943634">10</font></B> </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A>
<P align=justify><B><FONT size=3>El Cubo Operations </FONT></B></P>
<P align=justify><B><I>Production Results for the Three Months and Years Ended
December 31, 2015 and 2014 </I></B></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 colspan="3" align=center nowrap
      bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended December 31
      </B></FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="30%" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid" ><FONT color=#ffffff><B>EL CUBO
</B></FONT></TD>
    <TD colspan="3" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended December 31
    </B></FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD align=center nowrap
      bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015 </B></FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2014 </B></FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change </B></FONT></TD>
    <TD width="30%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid" ></TD>
    <TD width="11%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015 </B></FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2014 </B></FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% </B><B>Change </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>199,175 </TD>
    <TD align=center width="11%">126,429 </TD>
    <TD align=center width="11%">58% </TD>
    <TD align=center width="30%" >Ore tonnes processed </TD>
    <TD align=center width="11%">678,850 </TD>
    <TD align=center width="11%">413,282 </TD>
    <TD align=center width="11%">64% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>131 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>106 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>24% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Average silver
      grade (g/t) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>119 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>105 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>13% </TD></TR>
  <TR vAlign=top>
    <TD align=center>85.8 </TD>
    <TD align=center width="11%">86.6 </TD>
    <TD align=center width="11%">(1%) </TD>
    <TD align=center width="30%" >Silver recovery (%) </TD>
    <TD align=center width="11%">88.1 </TD>
    <TD align=center width="11%">88.0 </TD>
    <TD align=center width="11%">0% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>719,633 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>373,139 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>93% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total silver
      ounces produced </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2,288,145 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1,228,256 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>86% </TD></TR>
  <TR vAlign=top>
    <TD align=center>690,871 </TD>
    <TD align=center width="11%">354,879 </TD>
    <TD align=center width="11%">95% </TD>
    <TD align=center width="30%" >Payable silver ounces produced    </TD>
    <TD align=center width="11%">2,195,379 </TD>
    <TD align=center width="11%">1,168,875 </TD>
    <TD align=center width="11%">88% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>1.57 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1.51 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>4% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Average gold
      grade (g/t) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1.52 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1.59 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(4%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>84.5 </TD>
    <TD align=center width="11%">83.8 </TD>
    <TD align=center width="11%">1% </TD>
    <TD align=center width="30%" >Gold recovery (%) </TD>
    <TD align=center width="11%">86.3 </TD>
    <TD align=center width="11%">85.9 </TD>
    <TD align=center width="11%">0% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>8,492 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>5,142 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>65% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total gold
      ounces produced </TD>
    <TD align=center width="11%" bgColor=#eeeeee>28,634 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>18,146 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>58% </TD></TR>
  <TR vAlign=top>
    <TD align=center>8,280 </TD>
    <TD align=center width="11%">4,923 </TD>
    <TD align=center width="11%">68% </TD>
    <TD align=center width="30%" >Payable gold ounces produced</TD>
    <TD align=center width="11%">27,898 </TD>
    <TD align=center width="11%">17,423 </TD>
    <TD align=center width="11%">60% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>1,314,073 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>733,079 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>79% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Silver
      equivalent ounces produced<SUP>(1) </SUP></TD>
    <TD align=center width="11%" bgColor=#eeeeee>4,292,525 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2,498,476 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>72% </TD></TR>
  <TR vAlign=top>
    <TD align=center>9.45 </TD>
    <TD align=center width="11%">15.73 </TD>
    <TD align=center width="11%">(40%) </TD>
    <TD align=center width="30%" >Cash costs per silver
      ounce<SUP>(2)(3) </SUP></TD>
    <TD align=center width="11%">10.56 </TD>
    <TD align=center width="11%">16.40 </TD>
    <TD align=center width="11%">(36%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>18.80 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>33.02 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(43%) </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total
      production costs per ounce<SUP>(2)(4) </SUP></TD>
    <TD align=center width="11%" bgColor=#eeeeee>20.55 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>35.90 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(43%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>19.96 </TD>
    <TD align=center width="11%">35.05 </TD>
    <TD align=center width="11%">(43%) </TD>
    <TD align=center width="30%" >All in sustaining cost per
      ounce <SUP>(2)(5) </SUP></TD>
    <TD align=center width="11%">22.15 </TD>
    <TD align=center width="11%">39.49 </TD>
    <TD align=center width="11%">(44%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>77.65 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>90.70 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(14%) </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Direct
      production costs per tonne<SUP>(2)(6) </SUP></TD>
    <TD align=center width="11%" bgColor=#eeeeee>80.60 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>99.89 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>(19%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>11.47 </TD>
    <TD align=center width="11%">15.29 </TD>
    <TD align=center width="11%">(25%) </TD>
    <TD align=center width="30%" >Silver co-product cash
      costs<SUP>(7) </SUP></TD>
    <TD align=center width="11%">12.52 </TD>
    <TD align=center width="11%">16.78 </TD>
    <TD align=center width="11%">(25%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      bgColor=#eeeeee>849 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>1,120 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>(24%) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="30%"
    bgColor=#eeeeee >Gold co-product cash costs<SUP>(7) </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>910 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>1,139 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>(20%) </TD></TR></TABLE>
</DIV><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%">(1) </TD>
    <TD>
      <P align=justify>Silver equivalents are calculated using a 70:1
    ratio.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </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 on page 20.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </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 22.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </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 22.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </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 24.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </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 22.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </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
  25.</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. It also held a lease (until July 2013) on the
adjacent Las Torres mine and 1,800 tpd flotation plant owned by Fresnillo PLC.
Subsequent to the acquisition in 2012, Endeavour launched a $67-million,
18-month capital investment program at El Cubo to explore and develop the mine
and to rebuild and expand the plant, tailings facility, water supply, electrical
supply, surface buildings, and surface infrastructure. The plant and surface
infrastructure program was completed in 2013 on time and within budget. <BR>
</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 1px solid" align=center><B><font color="#943634">11</font></B> </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A>
<P align=justify><B><I>El Cubo Production Results </I></B></P>
<P align=justify>In the prior year, Endeavour focused on increasing throughput
at El Cubo to 1,500 tpd by year end and increasing production grades by opening
up new higher grade areas and reducing ore dilution. The Company reorganized the
mine operations team, improved supervision and operating efficiencies, improved
safety policies, programs and training and created a mine rescue team for a
safer environment. The Company also acquired new mining equipment<B>,
</B>accelerated mine development and commenced underground drilling. In 2015,
mine and mill operations targeted and achieved 2,200 tpd target mid-year.
Production averaged 1,859 tpd for the year and 2,165 tpd in the fourth quarter.
Milling operations met plan, averaging 1,740 tpd in the second half of 2015,
with the balance of mine output going to stockpiles and the Bola&#241;itos plant for
processing. The additional mine production at El Cubo is processed at
Endeavour&#146;s Bola&#241;itos plant, located 18 kilometres away, which has available
capacity and comparable circuits to El Cubo. In 2015, 59,476 tonnes of El Cubo
ore was processed at the Bola&#241;itos plant.</P>
<P align=justify><B>Three months ended December 31, 2015 (compared to the three
months ended December 31, 2014) <BR></B>Silver production at the El Cubo mine
was 719,633 ounces in Q4, 2015, an increase of 93% compared to 373,139 oz in Q4,
2014 and gold production was 8,492 oz in Q4, 2015, an increase of 65% compared
to 5,142 oz in Q4, 2014. Plant throughput in Q4, 2015 was 199,175 tonnes at
average grades of 131 gpt silver and 1.57 gpt gold, compared to 126,429 tonnes
grading 106 gpt silver and 1.51 gpt gold in Q4, 2014. In Q4, 2015, the Company
increased mine output and averaged 2,165 tpd in the fourth quarter, while 26,209
tonnes of El Cubo ore were processed at the Bola&#241;itos plant during the quarter.
Silver and gold production increased due to higher plant throughput, and ore
grades.</P>
<P align=justify><B>Year ended December 31, 2015 (compared to the year ended
December 31, 2014) <BR>|</B>Silver production at the El Cubo mine was 2,288,145
ounces in 2015, an increase of 86% compared to 1,228,256 oz in 2014 and gold
production was 28,634 oz in 2015, an increase of 58% compared to 18,146 oz in
2014. Plant throughput in 2015 was 678,850 tonnes at average grades of 119 gpt
silver and 1.52 gpt gold compared to 413,282 tonnes grading 105 gpt silver and
1.59 gpt gold in 2014. Starting in June 2015, 59,476 tonnes of El Cubo ore was
processed at the Bola&#241;itos plant. Silver and gold production increased due to
higher plant throughput and silver grade, partly offset by lower gold grade.
</P>
<P align=justify><B><I>El Cubo Operating Costs </I></B></P>
<P align=justify><B>Three months ended December 31, 2015 (compared to the three
months ended December 31, 2014) <BR></B>Economies of scale achieved through
rising throughput during the year combined with the falling peso drove direct
production costs per tonne down 14% compared to the same period in 2014. In Q4,
2015, cash costs net of by-product credits (a non-IFRS measure and a standard of
the Silver Institute), decreased to $9.45 per oz of payable silver compared to
$15.73 per oz in the same period in 2014. All-in sustaining costs decreased by
43% to $19.96 per oz compared to $35.05 per oz in Q4, 2014 due to lower
operating costs on a per-oz basis and higher production rate along with similar
exploration and developments costs as the prior year.</P>
<P align=justify><B>Year ended December 31, 2015 (compared to the year ended
December 31, 2014) <BR></B>In 2015, economies of scale achieved through rising
throughput during the year combined with the falling peso drove direct
production costs per tonne down 19%. Accordingly, cash costs net of by-product
credits, (a non-IFRS measure and a standard of the Silver Institute), decreased
to $10.56 per oz of payable silver compared to $16.40 per oz in the same period
in 2014. All-in sustaining costs decreased by 44% to $22.15 per oz compared to
$39.49 in 2014 due to the lower operating costs, and the higher production rate
along with lower exploration expenditures and similar developments costs as the
prior year. <BR>
</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 1px solid" align=center><B><font color="#943634">12</font></B> </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_13></A>
<P align=justify><B>Exploration Results </B></P>
<P align=justify>In 2015, Endeavour planned to spend $6.9 million on
exploration, including $0.9 million required for property payments. A total of
26,000 metres of drilling in approximately 150 holes are budgeted to test
multiple exploration targets in addition to the underground mine exploration
drilling.</P>
<P align=justify>The Company commenced exploration drilling at the beginning of
the second quarter to focus on brownfields exploration around the three
operating mines in order to replenish resources as well as infill drilling
needed for engineering the high grade silver-gold discovery at the Terronera
project (formerly known as San Sebasti&#225;n) in Jalisco State.</P>
<P align=justify>In 2015, Endeavour drilled 36,400 metres in 151 core holes,
including 9,600 metres in 38 holes at Guanacev&#237;, 9,500 metres in 39 holes at
Bola&#241;itos, 11,200 metres in 47 holes at El Cubo and 6,100 metres in 27 holes at
Terronera. Exploration expenditures for the year total $4.4 million. The
Company&#146;s exploration efforts continued to deliver positive results in 2015,
notwithstanding a reduced budget. The Company succeeded in replacing proven and
probable silver reserves and increased measured and indicated silver resources.
Additionally, new mineralized zones were identified at each mine and at the
emerging Terronera mine project. </P>
<P align=justify>At Guanacev&#237;, high grade, gold-silver mineralization was
extended within three zones in the Santa Cruz vein. The Porvenir Norte, Porvenir
Centro and Santa Cruz mineralized zones are each adjacent to mine workings,
readily accessible for future mine development. </P>
<P align=justify>At Bola&#241;itos, high grade, gold-silver mineralization was
intersected within three historic veins, San Ignacio-San Miguel, La Joya and
Gabriela. The San Miguel and Gabriela mineralized zones are adjacent to historic
mine workings readily accessible for development if large enough resources can
be outlined. </P>
<P align=justify>At El Cubo, new high-grade, gold-silver vein mineralization was
delineated in the V-Asunci&#243;n and Nayal vein, which remains open along
strike.</P>
<P align=justify>In May 2015, the Company released a Preliminary Economic
Assessment (PEA) for the Terronera project prepared in accordance with Canadian
Securities Administrators NI 43-101 requirements. The study was based on a NI
43-101 compliant resource estimate dated October 16<SUP>th</SUP> 2014, but used
a higher cut-off grade due to lower metal prices. The PEA is intended to be a
snapshot of the mine project along the path to a pre-feasibility study. </P>
<P align=justify>The PEA generated an after-tax base case net present value of
$48.6 million using a 5% discount rate, with a 20% rate of return and a pay-back
period of 3.7 years based on a 1,000 tonne per day mine producing 2.0 million oz
of silver and 15,000 oz of gold annually. The PEA estimated operating revenue of
$542 million from estimated sales of 20.4 million oz of silver and 138,500 oz of
gold at $18 per oz silver and $1,260 per oz gold. The PEA estimated mine-site
cash operating costs of $5.49 per oz silver net of gold credits (silver:gold
ratio 70:1) based on $83 per tonne total operating costs or total operating cost
of $287 million. Additional total sustaining capital costs estimated at $75
million, including dry stack tailings and life of mine capital, exploration and
general and administrative expenditures at estimated mine-site all-in sustaining
costs of $9.16 per oz silver net of gold credits for the life of the
project.</P>
<P align=justify>During 2015, drilling completed on the Terronera property
continued to define high grade, silver-gold mineralization within the Terronera
vein system. Deep drilling intersected the highest grades yet on the property,
including 3,875 gpt silver and 4.36 gpt gold over 5.58 metres true width. The
main mineralized zone is still open at depth and along strike and surface
sampling of several other veins identified multiple new high grade drill
targets. <BR>
</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 1px solid" align=center><B><font color="#943634">13</font></B> </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_14></A>
<P align=justify>Endeavour replaced its proven and probable silver reserves in
2015, notwithstanding the lower metal price assumptions compared to 2014 ($16
per oz) silver vs $18 per oz). Measured and indicated silver resources increased
6% and gold resources decreased 17% in 2015 due to upgrading of inferred silver
resources at Guanacev&#237; and Bola&#241;itos and depletion of gold resources at
Bola&#241;itos. </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Silver proven and probable reserves were flat at 12.0 million ounces
  <LI>Gold proven and probable reserves were flat at 110,800 ounces
  <LI>Silver equivalent proven and probable reserves totaled 19.7 million ounces
  (70:1 silver:gold ratio)
  <LI>Silver measured and indicated resources increased 6% to 68.9 million
  ounces
  <LI>Gold measured and indicated resources decreased 17% to 551,400 ounces
  <LI>Silver equivalent measured and indicated resources totaled 107.5 million
  ounces
  <LI>Silver inferred resources decreased 13% to 44.3 million ounces
  <LI>Gold inferred resources were flat at 340,900 ounces
  <LI>Silver equivalent inferred resources totaled 68.2 million ounces </LI></UL>
<P align=justify><B><FONT size=3>Reserves and Resources </FONT><BR></B>The
updated NI 43-101 reserve and resource estimates to December 31, 2015 summarized
in the table below includes the Guanacev&#237; Mine in Durango state, the Bola&#241;itos
Mine in Guanajuato state, the El Cubo Mines in Guanajuato state, the Parral
project in Chihuahua state, the Guadelupe y Calvo project in Chihuahua state and
the Terronera project in Jalisco State. </P>
<P align=justify>The Company retained Hard Rock Consulting Inc to update NI
43-101 estimate of the reserves and resources as of December 31, 2015 for the
Guanacev&#237;, Bola&#241;itos, and the El Cubo mines. The Qualified Persons for the
mineral resource and reserve estimates were Zachary Black, QP, SME-RM and
Jeffery Choquette, P.E., QP, MMSA of Hard Rock Consulting Inc. Each of the
updated Guanacevi, Bola&#241;itos, and El Cubo technical reports will be filed on or
before March 31, 2016.</P>
<P align=justify>The Company completed an estimate of the resources
as of March 15, 2015 for the Terronera project. The Independent Qualified Person responsible for
reporting Terronera mineral resources is Richard Routledge, P. Geo, of P&amp;E Mining Consultants Inc.</P>
<P align=justify>The Company previously retained Micon, to audit the resources
to December 15, 2012 for the Guadelupe y Calvo project. The Qualified Persons
for reporting for this project are Charley Z. Murahwi, M.Sc., P.Geo, FAusIMM and
Alan J. San Martin MAusIMM(CP). </P>
<P align=justify>The Company previously retained Micon, to audit the updated
resources to December 31, 2010, based on the then current metal prices for the
Parral Project (El Cometa Property). The Qualified Persons for reporting the
Parral resources are William J. Lewis, B.Sc., P.Geo, Charley Z. Murahwi, M.Sc.,
P.Geo, FAusIMM and Dibya Kanti Mukhopadhyay, M.Sc., MAusIMM., who are Micon
employees. </P>
<P align=justify>The reserve and resource statements for the Guanacev&#237;,
Bola&#241;itos, El Cubo, Parral, Guadalupe y Calvo, and Terronera Projects were
classified using the definitions and guidelines of the Canadian Institute of
Mining, Metallurgy and Petroleum CIM standards on Mineral Resources and Reserves
(CIM Standards) and the guidelines of NI 43-101.<BR>
</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 1px solid" align=center><B><font color="#943634">14</font></B> </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD colspan="6" align=center nowrap
      bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><b><FONT color=#ffffff>Silver-Gold Reserves &amp;
      Resources (as of December 31, 2015)&nbsp; </FONT></b></TD>
    </TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"
    ><FONT color=#ffffff><B>Reserves</B> </FONT></TD>
    <TD width="13%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Tonnes</B> </FONT></TD>
    <TD width="13%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Ag g/t</B> </FONT></TD>
    <TD width="13%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Au g/t</B> </FONT></TD>
    <TD width="13%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Ag oz</B> </FONT></TD>
    <TD width="13%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Au oz</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Guanacevi </TD>
    <TD align=right width="13%">107,500 </TD>
    <TD align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp;254 </TD>
    <TD align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp;0.52 </TD>
    <TD align=right width="13%">878,000 </TD>
    <TD align=right width="13%">1,795 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Bolanitos </TD>
    <TD align=right width="13%" bgColor=#eeeeee>205,700 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;125    </TD>
    <TD align=right width="13%" bgColor=#eeeeee>&nbsp; &nbsp; &nbsp;
      &nbsp;2.60 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>827,700 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>17,400 </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=right
      width="13%">195,200 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">&nbsp; &nbsp; &nbsp; &nbsp;150 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">&nbsp; &nbsp; &nbsp; &nbsp;3.11 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">940,600 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">19,585 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Total Proven </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>508,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>162 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;2.37 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>2,646,300 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>38,780 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Guanacevi </TD>
    <TD align=right width="13%">798,000 </TD>
    <TD align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp;205 </TD>
    <TD align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp;0.45 </TD>
    <TD align=right width="13%">5,260,600 </TD>
    <TD align=right width="13%">11,735 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Bolanitos </TD>
    <TD align=right width="13%" bgColor=#eeeeee>172,600 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;101    </TD>
    <TD align=right width="13%" bgColor=#eeeeee>&nbsp; &nbsp; &nbsp;
      &nbsp;2.73 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>561,800 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>15,150 </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=right
      width="13%">632,100 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">&nbsp; &nbsp; &nbsp; &nbsp;173 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">&nbsp; &nbsp; &nbsp; &nbsp;2.23 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">3,521,700 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">45,105 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Total Probable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>1,602,700 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;181 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;1.40 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>9,344,100 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>71,990 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>Total Proven &amp; Probable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>2,111,100</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%">&nbsp; &nbsp; &nbsp; &nbsp;<B>177</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%">&nbsp; &nbsp; &nbsp; &nbsp;<B>1.63</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>11,990,400</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>110,770</B> </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 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#943634 ><FONT
      color=#ffffff><B>Resources</B> </FONT></TD>
    <TD width="13%"
    align=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Tonnes</B>
      </FONT></TD>
    <TD width="13%"
    align=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Ag g/t</B>
      </FONT></TD>
    <TD width="13%"
    align=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Au g/t</B>
      </FONT></TD>
    <TD width="13%"
    align=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Ag oz</B>
      </FONT></TD>
    <TD width="13%"
    align=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Au oz</B>
      </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Guanacevi </TD>
    <TD align=right width="13%">175,500 </TD>
    <TD align=right width="13%">306 </TD>
    <TD align=right width="13%">0.54 </TD>
    <TD align=right width="13%">1,728,000 </TD>
    <TD align=right width="13%">3,090 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Bolanitos </TD>
    <TD align=right width="13%" bgColor=#eeeeee>101,300 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>140 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>2.13 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>457,300 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>6,940 </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=right
      width="13%">74,650 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">279
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">2.83
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">670,200 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">7,062
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Total Measured </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>351,450 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>253 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>1.51 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>2,855,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>17,092 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Guanacevi </TD>
    <TD align=right width="13%">2,313,200 </TD>
    <TD align=right width="13%">277 </TD>
    <TD align=right width="13%">0.78 </TD>
    <TD align=right width="13%">20,565,600 </TD>
    <TD align=right width="13%">58,215 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Bolanitos </TD>
    <TD align=right width="13%" bgColor=#eeeeee>940,700 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>153 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>1.94 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>4,639,700 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>58,610 </TD></TR>
  <TR vAlign=top>
    <TD align=left >El Cubo </TD>
    <TD align=right width="13%">630,000 </TD>
    <TD align=right width="13%">215 </TD>
    <TD align=right width="13%">2.19 </TD>
    <TD align=right width="13%">4,352,400 </TD>
    <TD align=right width="13%">44,570 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Terronera </TD>
    <TD align=right width="13%" bgColor=#eeeeee>2,938,000 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>211 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>1.65 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>19,912,000 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>156,000 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Guadalupe y calvo </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">1,861,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">119
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">2.38
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">7,147,300 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">142,500 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Total Indicated </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>8,682,900 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>203 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>1.65 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>56,617,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>459,895 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>Total Measured &amp; Indicated</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>9,034,350</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>205</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>1.64</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>59,472,500</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>476,987</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Guanacevi </TD>
    <TD align=right width="13%" bgColor=#eeeeee>1,150,520 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>308 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>0.72 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>11,389,100 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>26,671 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Bolanitos </TD>
    <TD align=right width="13%">1,291,700 </TD>
    <TD align=right width="13%">171 </TD>
    <TD align=right width="13%">2.74 </TD>
    <TD align=right width="13%">7,104,500 </TD>
    <TD align=right width="13%">113,900 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >El Cubo </TD>
    <TD align=right width="13%" bgColor=#eeeeee>1,172,500 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>192 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>2.68 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>7,247,100 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>100,800 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Terronera </TD>
    <TD align=right width="13%">1,213,000 </TD>
    <TD align=right width="13%">218 </TD>
    <TD align=right width="13%">1.39 </TD>
    <TD align=right width="13%">8,500,000 </TD>
    <TD align=right width="13%">54,400 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Guadalupe y calvo </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>154,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>94 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>2.14 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>464,600 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>10,600 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>Total Inferred</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>4,981,720</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>217</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>1.91</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>34,705,300</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>306,371</B> </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=bottom>
    <TD colspan="6" align=center nowrap
      bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><b><FONT color=#ffffff>Silver-Lead-Zinc Reserves &amp;
      Resources (as of December 31, 2015)&nbsp; </FONT></b></TD>
    </TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"
    ><FONT color=#ffffff><B>Resources</B> </FONT></TD>
    <TD width="13%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Tonnes</B> </FONT></TD>
    <TD width="13%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Ag g/t</B> </FONT></TD>
    <TD width="13%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Au g/t</B> </FONT></TD>
    <TD width="13%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Ag oz</B> </FONT></TD>
    <TD width="13%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Au oz</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Noche Buena </TD>
    <TD align=right width="13%">655,000 </TD>
    <TD align=right width="13%">166 </TD>
    <TD align=right width="13%">0.21 </TD>
    <TD align=right width="13%">3,495,700 </TD>
    <TD align=right width="13%">4,400 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Parral </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>1,631,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>49 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>0.90 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>2,589,900 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>47,200 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>Total Indicated</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>2,286,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>83</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>0.70</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>6,085,600</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>51,600</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Guanacevi </TD>
    <TD align=right width="13%" bgColor=#eeeeee>646,000 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>129 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>0.15 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>2,687,300 </TD>
    <TD align=right width="13%" bgColor=#eeeeee>3,100 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Parral </TD>
    <TD align=right width="13%">1,303,000 </TD>
    <TD align=right width="13%">63 </TD>
    <TD align=right width="13%">0.88 </TD>
    <TD align=right width="13%">2,658,900 </TD>
    <TD align=right width="13%">36,900 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >El Cubo </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>738,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>220 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>0.07 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>5,220,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#eeeeee>1,700 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>Total Inferred</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>2,687,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>122</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>0.48</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>10,566,200</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>41,700</B> </TD></TR></TABLE>
</DIV>
<P align=justify>See following page for notes to Reserves and Resources tables
<BR>
</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 1px solid" align=center><B><font color="#943634">15</font></B> </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></A>
<P align=justify><U>Notes</U> </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%">1. </TD>
    <TD>
      <P align=justify>Reserve cut-off at Guanacev&#237; is 200 g/t Silver
      equivalents</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Reserve cut-off at Bola&#241;itos is 192 g/t Silver
      equivalents</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Reserve cut-off at El Cubo is 184 g/t Silver
      equivalents</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>Mining width is 1.4 metres at Guanacev&#237;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Mining width of 0.8 metres at Bola&#241;itos</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>Mining width of 0.8 metres at El Cubo</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>At Guanacev&#237; dilution is 26.2% after it has been diluted
      to a minimum mining width if required</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>At Bola&#241;itos dilution is 24.0% after it has been diluted
      to a minimum mining width if required</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify>At El Cubo dilution is 23.9% after it has been diluted to
      a minimum mining width if required</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify>Dilution factors are calculated based on internal stope
      dilution calculations and external dilution factors of 15% for cut and
      fill and 30% for long hole mining methods</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify>Proven reserves are defined within 10 metres of
      underground development while probable reserves extend a further 15 metres
      from underground development at our operations. There are some reserves in
      Santa Cruz which are defined by close spaced drill holes below working
      stopes</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify>Measured and Indicated cut-off at Guanacev&#237; is 182 g/t
      Silver equivalents</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify>Measured and Indicated cut-off at Bola&#241;itos is 175 g/t
      Silver equivalents</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">14. </TD>
    <TD>
      <P align=justify>Measured and Indicated cut-off at El Cubo is 167 g/t
      Silver equivalents</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">15. </TD>
    <TD>
      <P align=justify>Measured and Indicated cut-off at Terronera is 100 g/t
      Silver equivalents</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">16. </TD>
    <TD>
      <P align=justify>Inferred resources cut-off at operations are the same
      cut-offs used as for the Measured and Indicted resources</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">17. </TD>
    <TD>
      <P align=justify>Price assumptions are $18 per ounce of silver and $1,200 per ounce for gold for the Terronera resource</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">18. </TD>
    <TD>
      <P align=justify>Mineral resources are not mineral reserves and do not
      have demonstrated economic viability. There is no certainty that all or
      any part of the mineral resources estimated will be converted into mineral
      reserves</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">19. </TD>
    <TD>
      <P align=justify>Price assumptions are $16 per ounce of silver and $1,150
      per ounce of gold for operating mines</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">20. </TD>
    <TD>
      <P align=justify>Silver equivalents are based on a 70:1 silver:gold price
      ratio</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">21. </TD>
    <TD>
      <P align=justify>Resource cut off for the Guadalupe y Calvo property is
      100 g/t Ag equivalent</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">22. </TD>
    <TD>
      <P align=justify>At the Parral project a cut-off using NSR of $40 is used
      with the prices listed below</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">23. </TD>
    <TD>
      <P align=justify>Resources are exclusive of and in addition to mineral
      reserves</P></TD></TR></TABLE>
<P align=justify><B>Net Smelter Return (NSR) Cut-off Parameters for the Parral
Project </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left><B>Description</B> </TD>
    <TD align=left width="25%"><B>Parameter</B> </TD>
    <TD align=left width="25%"><B>Description</B> </TD>
    <TD align=right width="25%"><B>Parameter</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gold Price </TD>
    <TD align=left width="25%"><I>US $1,000/oz</I> </TD>
    <TD align=left width="25%">Gold Recovery (Overall) </TD>
    <TD align=right width="25%"><I>75%</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver Price </TD>
    <TD align=left width="25%"><I>US $16/oz</I> </TD>
    <TD align=left width="25%">Silver Recovery (Overall) </TD>
    <TD align=right width="25%"><I>71%</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Lead Price </TD>
    <TD align=left width="25%"><I>US $0.65/lb</I> </TD>
    <TD align=left width="25%">Lead Recovery (Overall) </TD>
    <TD align=right width="25%"><I>80%</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Zinc Price </TD>
    <TD align=left width="25%"><I>US $0.65/lb</I> </TD>
    <TD align=left width="25%">Zinc Recovery (Overall) </TD>
    <TD align=right width="25%"><I>74%</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Smelter Terms </TD>
    <TD align=left width="25%"><I>Generic Contract</I> </TD>
    <TD align=left width="25%">&nbsp; </TD>
    <TD align=left width="25%">&nbsp; </TD></TR></TABLE></DIV>
<P align=justify><B>Consolidated Financial Results </B></P>
<P align=justify><B>Three months ended December 31, 2015 (compared to the three
months ended December 31, 2014) </B></P>
<P align=justify>For the three-month period ended December 31, 2015, the
Company&#146;s mine operating loss was $1.3 million (Q4, 2014: mine operating
earnings $2.2 million) on sales of $41.9 million (Q4, 2014: $48.6 million) with
cost of sales of $43.2 million (Q4, 2014: $46.4 million). </P>
<P align=justify>The Q4, 2015 operating loss was $138.4 million (Q4, 2014: $85.2
million) after exploration costs of $1.6 million (Q4, 2014: $2.6 million), a
write-off of exploration properties of $nil (Q4, 2014: $0.2 million), general
and administrative costs of $1.5 million (Q4, 2014: $1.6 million) and an
impairment of non-current assets of $134.0 million (Q4, 2014: $83.0 million).
  <BR>
</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 1px solid" align=center><B><font color="#943634">16</font></B> </TD>
  </TR>
</TABLE>
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<A name="page_17"></A>

<P align="justify">
The loss before taxes in Q4, 2015 was &#36;139.6 million (Q4, 2014: &#36;86.8 million) after finance costs of &#36;0.3 million (Q4, 2014: &#36;0.3 million), a foreign exchange loss of &#36;0.7 million (Q4, 2014: &#36;0.5 million) and a loss in
investment and other income and expenses of &#36;0.2 million (Q4, 2014: loss of &#36;0.8 million) and a write-down of marketable securities of &#36;4.8 million (Q4, 2014: &#36;nil).  As at December 31, 2015 and December 31, 2014, the Company
determined there were several indicators of potential impairment of its producing mineral properties, including the sustained decline in precious metal prices and an update of the estimated reserves and resources. The total impairment charge for the
year ended December 31, 2015 is &#36;137.0 million net of tax (&#36;134.0 million before tax) and for the year ended December 31, 2014 it was &#36;55.9 million net of tax (&#36;83.0 million before tax) (see page 19). The Company realized a loss for
the period of &#36;136.2 million (Q4, 2014: &#36;66.9 million) after an income tax expense of &#36;19.9 million (Q4, 2014: recovery of &#36;19.9 million). </P>
<P align="justify">
Sales of &#36;41.9 million in Q4, 2015 represented a 14% decrease over the &#36;48.6 million for the same period in 2014. There was a 16% decrease in silver oz sold and an 8% decrease in the realized silver price resulting in a 23% decrease in
silver sales, and there was a 12% increase in gold oz sold and a 7% decrease in realized gold prices resulting in a 4% increase in gold sales. During the period, the Company sold 1,682,573 oz silver and 15,255 oz gold, for realized prices of
&#36;14.93 and &#36;1,105 per oz respectively, compared to sales of 2,000,253 oz silver and 13,635 oz gold, for realized prices of &#36;16.23 and &#36;1,189 per oz respectively, in the same period of 2014. 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 &#36;14.77 per oz and &#36;1,106 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. </P>
<P align="justify">
The Company increased its finished goods silver inventory to 194,496 oz and decreased its finished goods gold inventory to 1,285 oz at December 31, 2015 compared to 193,228 oz silver and 1,683 oz gold at September 30, 2015. The cost allocated to
these finished goods was &#36;3.4 million, compared to &#36;3.5 million at September 30, 2015. As of December 31, 2015, the finished goods inventory fair market value was &#36;4.1 million compared to the fair value of &#36;4.7 million at September
30, 2015. </P>
<P align="justify">
Cost of sales for Q4, 2015 was &#36;43.2 million, a decrease of 7% over the cost of sales of &#36;46.4 million for the same period of 2014. The 7% 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 2014 that reduced the carrying value of the El Cubo operation.</P>
<P align="justify">
Exploration expenses decreased in Q4, 2015 to &#36;1.6 million from &#36;2.6 million in the same period of 2014 based on the timing of the exploration activities and the prioritizing of brownfields exploration to increase mine lives at all three
operations. General and administrative expenses decreased to &#36;1.5 million for the period compared to &#36;1.6 million in the same period of 2014 primarily due to decreased corporate development costs and to the increased strength of the US
dollar against the Canadian dollar as a significant portion of the general and administrative expenses are in Canadian dollars. </P>
<P align="justify">
The Company experienced a foreign exchange loss of &#36;0.7 million during the period compared to a loss of &#36;0.5 million for the same period of 2014. The &#36;0.7 million loss was primarily due to the strengthening of the US dollar against the
Canadian dollar and Mexican peso during the period, which resulted in lower valuations on the Canadian dollar and Mexican peso cash and receivable amounts. </P>
<P align="justify">
There was an income tax recovery of &#36;3.4 million during the period compared to an income tax recovery of &#36;19.9 million for the same period of 2014. The &#36;3.4 million tax recovery is comprised of &#36;0.6 million in current income tax
expense (Q4, 2014: current income tax expense of &#36;14.9 million) and &#36;4.0 million in deferred income tax recovery (Q4, 2014 &#36;34.8 million deferred income tax recovery). Falling metal prices impacted the profitability of the operations and
lowered both the income tax expense and special mining duty, while the 2014 income tax expense was significantly larger due to the impact of Mexico eliminating tax consolidation regime and recognition revenues for tax purposes related to prior
years. The deferred income tax recovery of &#36;4.0 million fell significantly compared to the &#36;34.8 million recovery in 2014 as a result of the falling Mexican peso, tax impacts of the non-current asset impairments recognized in 2014 and
2015.<BR>
</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 1px solid" align=center><B><font color="#943634">17</font></B> </TD>
  </TR>
</TABLE>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">




<A name="page_18"></A>

<P align="justify">
<B>Year ended December 31, 2015 (compared to the year ended December 31, 2014) </B></P>
<P align="justify">
For the year ended December 31, 2015, the Company&rsquo;s mine operating earnings were &#36;16.7 million (2014: &#36;14.3 million) on sales of &#36;183.5 million (2014: &#36;196.9 million) with cost of sales of &#36;166.8 million (2014: &#36;182.6
million). </P>
<P align="justify">
Operating losses were &#36;131.3 million (2014: operating loss of &#36;91.5 million) after exploration costs of &#36;6.3 million (2014: &#36;12.5 million), a write off of exploration properties of &#36;nil (2014: &#36;0.6 million), general and
administrative costs of &#36;7.7million (2014: &#36;9.7 million) and an impairment of non-current assets of &#36;134.0 million (2014: 83.0 million). </P>
<P align="justify">
The loss before taxes for 2015 was &#36;141.9 million (2014: &#36;96.4 million) after finance costs of &#36;1.4 million (2014: &#36;1.4 million), a foreign exchange loss of &#36;5.0 million (2014: &#36;1.7 million), investment and other income and
expenses of &#36;0.6 million (2014: loss of &#36;0.5 million) and a write down of marketable securities of &#36;4.8 million (2014: &#36;nil). In 2014 the Company also recognized a mark-to-market loss on derivative liabilities of &#36;1.4 million and
a mark-to-market gain on contingent liabilities of &#36;0.1 million, which do not have comparatives in the current year as the Company no longer has any derivative or significant contingent liabilities. As at December 31, 2015 and December 31, 2014,
the Company determined there were several indicators of potential impairment of its producing mineral properties, including the sustained decline in precious metal prices and an update of the estimated reserves and resources. The total impairment
charge for the year ended December 31, 2015 is &#36;137.0 million net of tax (&#36;134.0 million before tax), and for the year ended December 31, 2014 it was &#36;55.9 million net of tax (&#36;83.0 million before tax).  The Company realized a loss
for 2015 of &#36;149.9 million (2014: &#36;74.5 million) after an income tax expense of &#36;8.0 million (2014: recovery of &#36;21.9 million). </P>
<P align="justify">
Sales of &#36;183.5 million in 2015 represented a 7% decrease compared to the &#36;196.9 million for 2014. There was a 12% increase in silver oz sold and a 16% decrease in the realized silver price resulting in a 6% decrease in silver sales, and
there was a 2% increase in gold oz sold and a 10% decrease in realized gold prices resulting in an 8% decrease in gold sales. During the period, the Company sold 7,301,698 oz silver and 59,450 oz gold, for realized prices of &#36;15.79 and
&#36;1,148 per oz, respectively, compared to sales of 6,539,686 oz silver and 58,323 oz gold, for realized prices of &#36;18.76 and &#36;1,273 per oz respectively, in 2014. 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 &#36;15.68 per oz and &#36;1,160 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. </P>
<P align="justify">
The Company decreased its finished goods silver inventory to 194,496 oz and its finished goods gold inventory to 1,285 oz at December 31, 2015 compared to 507,081 oz silver and 2,378 oz gold at December 31, 2014. The cost allocated to these finished
goods was &#36;3.4 million, compared to &#36;7.0 million at December 31, 2014. As of December 31, 2015, the finished goods inventory fair market value was &#36;4.1 million compared to the fair value of &#36;11.0 million at December 31, 2014. </P>
<P align="justify">
Cost of sales for 2015 was &#36;166.8 million, a decrease of 9% over the cost of sales of &#36;182.6 million for 2014. The 9% 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 2014 that reduced the carrying value of the El Cubo operation. </P>
<P align="justify">
Exploration expenses decreased in 2015 to &#36;6.3 million from &#36;12.5 million in 2014 based on the timing of the exploration activities and the prioritization of focusing on brownfields exploration to increase mine lives at all three operations.
General and administrative expenses decreased to &#36;7.7 million for the period compared to &#36;9.7 million in 2014 primarily due to decreased share-based compensation, corporate development costs and to the increased strength of the US dollar
against the Canadian dollar as a significant portion of the general and administrative expenses are in Canadian dollars. </P>
<P align="justify">
The Company experienced a foreign exchange loss of &#36;5.0 million during the period compared to &#36;1.7 million for 2014. The &#36;5.0 million loss was primarily due to the strengthening of the US dollar against the Canadian dollar and Mexican
peso during the period, which resulted in lower valuations on the Canadian dollar and Mexican peso cash and receivable amounts.  <BR>
</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 1px solid" align=center><B><font color="#943634">18</font></B> </TD>
  </TR>
</TABLE>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<A name=page_19></A>
<P align=justify>The $8.0 million tax expense is comprised of $6.8 million in
current income tax expense and $1.2 million in deferred income tax expense. The
$6.8 million income tax expense is comprised of $4.4 million of income taxes and
$2.4 million of special mining duty compared to an income tax expense of $20.9
million for 2014, comprising of $16.3 million of income taxes and $4.5 million
of special mining duty. Falling metal prices impacted the profitability of the
operations and lowered both the income tax expense and special mining duty,
while the 2014 income tax expense was significantly larger due to the impact of
Mexico eliminating tax consolidation regime and recognition revenues for tax
purposes related to prior years. The deferred income tax expense of $1.2 million
fell significantly compared to the $42.8 million recovery in 2014 as a result of
the falling Mexican peso, tax impacts of the non-current asset impairments
recognized in 2014 and 2015.</P>
<P align=justify><B>Impairment of non-current assets <BR></B>The recoverable
amounts of the Company&#146;s cash-generating units (&#147;CGUs&#148;), which include mining
properties, plant and equipment, are determined on an annual basis if impairment
indicators are identified. At December 31, 2015, the continued commodity price
decline led the Company to determine that there were impairment indicators and
to reassess the recoverable amounts of its CGUs. The recoverable amounts are
based on each CGUs future cash flows expected to be derived from the Company&#146;s
mining properties and represent each CGUs value in use. The cash flows are
determined based on the life-of-mine after tax cash flow forecast which
incorporates management&#146;s best estimates of future metal prices, production
based on current estimates of recoverable reserves and resources, exploration
potential, future operating costs and non-expansionary capital expenditures.
</P>
<P align=justify>At December 31, 2015 the Company tested the recoverability of
its operating assets, resulting in a detailed review of the Company&#146;s three
operating mines. The Company estimated future operating and capital costs,
factored in analysts&#146; consensus pricing for the first three years of its
economic model (silver: 2016 - $15.00 per oz, 2017 - $16.78 per oz, 2018 -
$17.11 per oz; gold: 2016 - $1,125 per oz, 2017 - $1,174 per oz, 2018 - $1,192
per oz) and used a long term silver price of $17.33 per oz and a long term gold
price of $1,201 per oz and a risk adjusted project specific discount rate of
9.0% -9.5% based on the CGUs weighted average cost of capital. Due to the
sensitivity of the recoverable amounts to the various factors mentioned and
specifically long term metal prices as well as unforeseen factors, any
significant change in the key assumptions and inputs could result in additional
impairment charges in future periods.</P>
<P align=justify>At December 31, 2015 the carrying value related to the El Cubo
CGU was $113,397,000, including an associated deferred income tax asset of
$5,120,000 which was greater than its estimated recoverable amount of
$4,200,000, calculated on a discounted cash flow basis. The Company considers
use of its internal discounted cash flow economic models as a proxy for the
calculation of fair value in use. Based on the above assessment at December 31,
2015, the Company recorded an impairment charge related to the El Cubo CGU of
$104,300,000, plus valuation of the tax asset of $4,897,000 for a total
impairment charge of $109,197,000 after tax.</P>
<P align=justify>At December 31, 2015 the net carrying value related to the
Bola&#241;itos CGU was $31,992,000, including an associated deferred income tax
liability of $5,874,000 which was greater than its estimated recoverable amount
of $6,900,000, calculated on a discounted cash flow basis. The Company considers
use of its internal discounted cash flow economic models as a proxy for the
calculation of fair value in use. Based on the above assessment at December 31,
2015, the Company recorded an impairment charge related to the Bola&#241;itos CGU of
$29,700,000, and an associated recovery of the deferred tax liability of
$4,607,000 for a net after tax impact of $25,093,000.</P>
<P align=justify>In 2015, The Company reviewed the Guanacev&#237; CGU for value in
use, which resulted in no significant change after the impairment charge in
2013. The Guanacev&#237; carrying value was adjusted to value in use in 2013; any
modest decrease in one key assumption in isolation causes the estimated
recoverable amount to be less than or equal to the net carrying value of
$26,500,000. </P>
<P align=justify>At December 31, 2014 a sustained decline in precious metal
prices decline led the Company to re-assess the recoverable amounts of its CGUs.
  <BR>
</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 1px solid" align=center><B><font color="#943634">19</font></B> </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_20></A>
<P align=justify>At December 31, 2014, the Company tested the recoverability of
its operating assets, resulting in a detailed review of the Company&#146;s three
operating mines. The Company estimated future operating and capital costs,
factored in analysts&#146; consensus pricing for the first three years of its
economic model (Silver: 2015 - $18.31/oz, 2016 - $18.72/oz, 2017 - $19.51/oz;
Gold: 2015 - $1,253/oz, 2016 - $1,270/oz, 2017 - $1,271/oz) and then used a long
term silver price of $19.59 per ounce and a long term gold price of $1,270 per
ounce and a risk adjusted project specific discount rate of 9.0% -9.5% based on
the CGUs weighted average cost of capital. Due to the sensitivity of the
recoverable amounts to the various factors mentioned and specifically long term
metal prices as well as unforeseen factors, any significant change in the key
assumptions and inputs could result in additional impairment charges in future
periods.</P>
<P align=justify>At December 31, 2014 the carrying value related to the El Cubo
CGU was $191,565,000 and net of associated deferred income tax liabilities of
$52,836,000 was greater than its estimated recoverable amount of $89,000,000,
calculated on a discounted cash flow basis. The Company considers use of its
internal discounted cash flow economic models as a proxy for the calculation of
fair value in use. Based on the above assessment at December 31, 2014, the
Company recorded an impairment charge related to the El Cubo CGU of $55,858,000,
net of tax ($83,000,000 before tax). </P>
<P align=justify><B>Selected Annual Information </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-TOP: #000000 2px solid"
    ><FONT color=#ffffff><B>Expressed in thousands US dollars</B>
      </FONT></TD>
    <TD colspan="3" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year ended December 31</B>
    </FONT><FONT color=#ffffff>&nbsp;</FONT><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>&nbsp; </FONT></TD>
    <TD width="18%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#943634><FONT color=#ffffff><B>2014</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#943634><FONT color=#ffffff><B>2013</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left >Revenue </TD>
    <TD align=center width="18%">$183,556 </TD>
    <TD align=center width="18%">$196,928 </TD>
    <TD align=center width="18%">$276,783 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Net earnings (loss) </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(149,941) </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(74,533) </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(89,465) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Basic earnings (loss) per share </TD>
    <TD align=center width="18%">(1.47) </TD>
    <TD align=center width="18%">(0.74) </TD>
    <TD align=center width="18%">(0.90) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Diluted earnings (loss) per
      share </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(1.47) </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(0.74) </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(0.90) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Dividends per share </TD>
    <TD align=center width="18%">- </TD>
    <TD align=center width="18%">- </TD>
    <TD align=center width="18%">- </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Total assets </TD>
    <TD align=center width="18%" bgColor=#eeeeee>114,233 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>265,837 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>366,923 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Total long-term liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="18%">15,385 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="18%">18,975 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="18%">55,804 </TD></TR></TABLE>
<P align=justify><B>Non-IFRS Measures </B></P>
<P align=justify>Adjusted earnings and adjusted earnings per share (&#147;EPS&#148;) are
non-IFRS measures that do not have standardized meanings prescribed by IFRS and
therefore, may not be comparable to similar measures presented by other issuers.
The Company previously issued share purchase warrants that had an exercise price
denominated in a currency (Canadian dollar) different from the functional
currency of the Company (US dollar). Under IFRS, the warrants are classified and
accounted for as a financial liability at fair value with adjustments recognized
through net earnings.</P>
<P align=justify>These adjustments fluctuate significantly quarter to quarter
primarily based on the change in the Company&#146;s quoted share price and have a
significant effect on reported earnings, while the dilutive impact remains
unchanged.</P>
<P align=justify>The Company incurred impairments on current and non-current
assets that have a significant one time effect on reported earnings. Adjusted
earnings and adjusted EPS are measures used by management to assess the
performance of the operations prior to the impact of the mark-to-market changes
and impairment amounts to appropriately compare to past performance and are
provided to investors as a measure of the Company&#146;s operating performance. </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 align=left nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="2" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended December 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="2" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended December 31</B>
    </FONT><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>&nbsp; </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2014</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#943634><FONT color=#ffffff><B>2014</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Net earnings (loss) for the period </TD>
    <TD align=center width="15%">($136,245) </TD>
    <TD align=center width="15%">($66,895) </TD>
    <TD align=center width="15%">($149,941) </TD>
    <TD align=center width="15%">($74,533) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Impairment of non-current assets, net of
      tax </TD>
    <TD align=center width="15%" bgColor=#eeeeee>134,000 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>$55,858 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>134,000 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>$55,858 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Write down of marketable securities </TD>
    <TD align=center width="15%">- </TD>
    <TD align=center width="15%">- </TD>
    <TD align=center width="15%">4,785 </TD>
    <TD align=center width="15%">- </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Mark-to-market loss/(gain) on derivative liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>1,434 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Adjusted net earnings (loss) </TD>
    <TD align=center width="15%">($2,245) </TD>
    <TD align=center width="15%">($11,037) </TD>
    <TD align=center width="15%">($11,156) </TD>
    <TD align=center width="15%">($17,241) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Basic weighted average share outstanding</TD>
    <TD align=center width="15%" bgColor=#eeeeee>102,054,670 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>101,881,133 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>101,996,503 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>101,314,393 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Adjusted net
      earnings (loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">($0.02) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">($0.11) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">($0.11) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">($0.17) </TD></TR></TABLE>
<P align=justify><BR>
</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 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>
<A name=page_21></A>
<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>
<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" align=left bgColor=#943634><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="2" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended December 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="2" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended December 31</B>
    </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2014</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#943634><FONT color=#ffffff><B>2014</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Mine operating earnings (loss) </TD>
    <TD vAlign=bottom align=center width="15%">($1,270) </TD>
    <TD vAlign=bottom align=center width="15%">$2,301 </TD>
    <TD vAlign=bottom align=center width="15%">$16,740 </TD>
    <TD vAlign=bottom align=center width="15%">$14,369 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Share-based compensation </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#eeeeee>83 </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#eeeeee>110 </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#eeeeee>432 </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#eeeeee>537 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Amortization and depletion </TD>
    <TD vAlign=bottom align=center width="15%">10,674 </TD>
    <TD vAlign=bottom align=center width="15%">11,144 </TD>
    <TD vAlign=bottom align=center width="15%">40,278 </TD>
    <TD vAlign=bottom align=center width="15%">54,312 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Write down (recovery) of inventory to net realizable value    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%" bgColor=#eeeeee>234 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%" bgColor=#eeeeee>363 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%" bgColor=#eeeeee>234 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%" bgColor=#eeeeee>1,255 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Mine operating
      cash flow before taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%">$9,721 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%">$13,918 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%">$57,684 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%">$70,473 </TD></TR></TABLE>
</DIV>
<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>
<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" align=left bgColor=#943634><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="2" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended December 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="2" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended December 31</B>
    </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2014</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#943634><FONT color=#ffffff><B>2014</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash from operating activities </TD>
    <TD vAlign=bottom align=center width="15%">$5,259 </TD>
    <TD vAlign=bottom align=center width="15%">$10,762 </TD>
    <TD vAlign=bottom align=center width="15%">$32,647 </TD>
    <TD vAlign=bottom align=center width="15%">$38,763 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Net changes in non-cash working capital </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%" bgColor=#eeeeee>(403) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%" bgColor=#eeeeee>16,062 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%" bgColor=#eeeeee>(2,591) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%" bgColor=#eeeeee>9,473 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Operating cash
      flow before working capital adjustments </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%">$5,662 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%">($5,300) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%">$35,238 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%">$29,290 </TD></TR></TABLE>
</DIV>
<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>
<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" align=left bgColor=#943634><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="2" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended December 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="2" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended December 31</B>
    </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2014</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#943634><FONT color=#ffffff><B>2014</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Operating cash flow before working capital adjustments </TD>
    <TD vAlign=bottom align=center width="15%">$5,662 </TD>
    <TD vAlign=bottom align=center width="15%">($5,300) </TD>
    <TD vAlign=bottom align=center width="15%">$35,238 </TD>
    <TD vAlign=bottom align=center width="15%">$29,290 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Weighted average shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%" bgColor=#eeeeee>102,054,670 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%" bgColor=#eeeeee>101,881,133 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%" bgColor=#eeeeee>101,996,503 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%" bgColor=#eeeeee>101,314,393 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Operating cash
      flow before WC changes per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%">$0.06 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%">($0.05) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%">$0.35 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%">$0.29 </TD></TR></TABLE>
<P align=justify><BR>
</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 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>
<A name=page_22></A>
<P align=justify>EBITDA is a non-IFRS financial measure, which excludes the
following from net earnings: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Income tax expense;
  <LI>Finance costs;
  <LI>Amortization and depletion </LI></UL>
<P align=justify>Adjusted EBITDA excluded the following additional items from
EBITA </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Share based compensation;
  <LI>Non-recurring write offs </LI></UL>
<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. 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>
<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" align=left bgColor=#943634><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="2" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended December 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="2" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended December 31</B>
    </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2014</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#943634><FONT color=#ffffff><B>2014</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Net earnings (loss) for the period </TD>
    <TD vAlign=bottom align=center width="15%">($136,245) </TD>
    <TD vAlign=bottom align=center width="15%">($66,895) </TD>
    <TD vAlign=bottom align=center width="15%">($149,941) </TD>
    <TD vAlign=bottom align=center width="15%">($74,533) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Amortization and depletion &#150; cost of sales    </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#eeeeee>10,674 </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#eeeeee>11,144 </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#eeeeee>40,278 </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#eeeeee>54,312 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Amortization and depletion &#150; exploration </TD>
    <TD vAlign=bottom align=center width="15%">17 </TD>
    <TD vAlign=bottom align=center width="15%">28 </TD>
    <TD vAlign=bottom align=center width="15%">81 </TD>
    <TD vAlign=bottom align=center width="15%">125 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Amortization and depletion &#150; general &amp;
      admin </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#eeeeee>84 </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#eeeeee>85 </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#eeeeee>240 </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#eeeeee>222 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Finance costs </TD>
    <TD vAlign=bottom align=center width="15%">331 </TD>
    <TD vAlign=bottom align=center width="15%">321 </TD>
    <TD vAlign=bottom align=center width="15%">1,368 </TD>
    <TD vAlign=bottom align=center width="15%">1,382 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Current income tax expense </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#eeeeee>628 </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#eeeeee>14,865 </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#eeeeee>6,853 </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#eeeeee>20,886 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Deferred income tax expense (recovery) </TD>
    <TD vAlign=bottom align=center width="15%">(4,014) </TD>
    <TD vAlign=bottom align=center width="15%">(34,870) </TD>
    <TD vAlign=bottom align=center width="15%">1,174 </TD>
    <TD vAlign=bottom align=center width="15%">(42,827) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Impairment of non-current assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%" bgColor=#eeeeee>134,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%" bgColor=#eeeeee>83,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%" bgColor=#eeeeee>134,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%" bgColor=#eeeeee>83,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Earnings before interest, taxes, depletion and amortization    </TD>
    <TD vAlign=bottom align=center width="15%">$5,475 </TD>
    <TD vAlign=bottom align=center width="15%">$7,678 </TD>
    <TD vAlign=bottom align=center width="15%">$34,053 </TD>
    <TD vAlign=bottom align=center width="15%">$42,567 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Share based compensation </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#eeeeee>556 </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#eeeeee>731 </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#eeeeee>2,885 </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#eeeeee>3,600 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Non-recurring
      write downs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%">0 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%">250 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%">4,785 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%">631 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Adjusted earnings before interest, taxes depletion and
      amortizat </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%" bgColor=#eeeeee>$6,031 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%" bgColor=#eeeeee>$8,659 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%" bgColor=#eeeeee>$41,723 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%" bgColor=#eeeeee>$46,798 </TD></TR></TABLE>
</DIV>
<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. <BR>
</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 1px solid" align=center><B><font color="#943634">22</font></B> </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_23></A><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 style="BORDER-TOP: #000000 2px solid" align=left bgColor=#943634><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="4" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended
      December 31, 2015</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended
      December 31, 2014</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><STRONG>Bolanitos
      </STRONG></FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><STRONG>El Cubo</STRONG>
      </FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total </B></FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><STRONG>Guanacevi
      </STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#943634><FONT color=#ffffff><STRONG>Bolanitos
      </STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#943634><FONT color=#ffffff><STRONG>El Cubo</STRONG>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#943634><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Direct production costs </TD>
    <TD vAlign=bottom align=center width="9%">$9,228 </TD>
    <TD vAlign=bottom align=center width="9%">$6,977 </TD>
    <TD vAlign=bottom align=center width="9%">$15,828 </TD>
    <TD vAlign=bottom align=center width="9%">$32,033 </TD>
    <TD vAlign=bottom align=center width="9%">$12,580 </TD>
    <TD vAlign=bottom align=center width="9%">$10,873 </TD>
    <TD vAlign=bottom align=center width="9%">$10,947 </TD>
    <TD vAlign=bottom align=center width="9%">$34,400 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Royalties </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>110 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>38 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>89 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>237 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>114 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>193 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>52 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>359 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Special mining duty <SUP>(1)</SUP> </TD>
    <TD vAlign=bottom align=center width="9%">245 </TD>
    <TD vAlign=bottom align=center width="9%">332 </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">577 </TD>
    <TD vAlign=bottom align=center width="9%">178 </TD>
    <TD vAlign=bottom align=center width="9%">646 </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">824 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Opening finished goods </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(1,050) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(455) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(1,249) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(2,754) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(6,984) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(791) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(7,775) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Finished goods NRV adjustment </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">217 </TD>
    <TD vAlign=bottom align=center width="9%">217 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#eeeeee>Closing finished goods </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,298 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>619 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>798 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>2,715 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>4,033 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>441 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,042 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>5,516 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Direct production costs </TD>
    <TD vAlign=bottom align=center width="9%">9,831 </TD>
    <TD vAlign=bottom align=center width="9%">7,511 </TD>
    <TD vAlign=bottom align=center width="9%">15,466 </TD>
    <TD vAlign=bottom align=center width="9%">32,808 </TD>
    <TD vAlign=bottom align=center width="9%">9,921 </TD>
    <TD vAlign=bottom align=center width="9%">12,153 </TD>
    <TD vAlign=bottom align=center width="9%">11,467 </TD>
    <TD vAlign=bottom align=center width="9%">33,541 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>By-product gold sales </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(1,768) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(5,641) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(9,455) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(16,864) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(2,415) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(8,155) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(5,648) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(16,218) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Opening gold inventory fair market value </TD>
    <TD vAlign=bottom align=center width="9%">248 </TD>
    <TD vAlign=bottom align=center width="9%">552 </TD>
    <TD vAlign=bottom align=center width="9%">1,075 </TD>
    <TD vAlign=bottom align=center width="9%">1,875 </TD>
    <TD vAlign=bottom align=center width="9%">1,140 </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">629 </TD>
    <TD vAlign=bottom align=center width="9%">1,769 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#eeeeee>Closing gold inventory fair market value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(337) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(471) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(557) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(1,365) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(1,262) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(726) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(865) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(2,853) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash costs net of
      by-product </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">7,974 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">1,951 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">6,529 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">16,454 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">7,384 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">3,272 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">5,583 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">16,239 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Amortization and depletion </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,830 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,244 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>6,600 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>10,674 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,502 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>3,971 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>5,671 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>11,144 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Stock-based compensation </TD>
    <TD vAlign=bottom align=center width="9%">27 </TD>
    <TD vAlign=bottom align=center width="9%">28 </TD>
    <TD vAlign=bottom align=center width="9%">28 </TD>
    <TD vAlign=bottom align=center width="9%">83 </TD>
    <TD vAlign=bottom align=center width="9%">36 </TD>
    <TD vAlign=bottom align=center width="9%">37 </TD>
    <TD vAlign=bottom align=center width="9%">37 </TD>
    <TD vAlign=bottom align=center width="9%">110 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Opening finished goods depletion </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(188) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(156) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(412) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(756) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(661) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(416) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(1,077) </TD></TR>
  <TR vAlign=top>
    <TD align=left>NRV cost adjustment </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">146 </TD>
    <TD vAlign=bottom align=center width="9%">146 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#eeeeee>Closing finished goods depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>203 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>261 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>242 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>706 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>635 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>115 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>698 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,448 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total production
      costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">$9,846 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">$4,328 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">$12,987 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">$27,161 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">$8,896 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">$7,395 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">$11,719 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">$28,010 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Throughput tonnes </TD>
    <TD vAlign=bottom align=center width="9%">105,039 </TD>
    <TD vAlign=bottom align=center width="9%">103,878 </TD>
    <TD vAlign=bottom align=center width="9%">199,175 </TD>
    <TD vAlign=bottom align=center width="9%">408,092 </TD>
    <TD vAlign=bottom align=center width="9%">102,375 </TD>
    <TD vAlign=bottom align=center width="9%">145,408 </TD>
    <TD vAlign=bottom align=center width="9%">126,429 </TD>
    <TD vAlign=bottom align=center width="9%">374,212 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Payable silver ounces </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>754,151 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>241,308 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>690,871 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,686,330 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,014,514 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>580,644 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>354,879 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,950,037 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Cash costs per ounce </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$10.57 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$8.09 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$9.45 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$9.76 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$7.28 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$5.64 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$15.73 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$8.33 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Total production costs per oz </TD>
    <TD vAlign=bottom align=center width="9%">$13.06 </TD>
    <TD vAlign=bottom align=center width="9%">$17.94 </TD>
    <TD vAlign=bottom align=center width="9%">$18.80 </TD>
    <TD vAlign=bottom align=center width="9%">$16.11 </TD>
    <TD vAlign=bottom align=center width="9%">$8.77 </TD>
    <TD vAlign=bottom align=center width="9%">$12.74 </TD>
    <TD vAlign=bottom align=center width="9%">$33.02 </TD>
    <TD vAlign=bottom align=center width="9%">$14.36 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Direct production costs per tonne </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$93.59 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$72.31 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$77.65 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$80.39 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$96.91 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$83.58 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$90.70 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$89.63 </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 style="BORDER-TOP: #000000 2px solid" align=left bgColor=#943634><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="4" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended December 31,
      2015</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended December 31,
      2014</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><STRONG>Bolanitos
      </STRONG></FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><STRONG>El Cubo</STRONG>
      </FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total </B></FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><STRONG>Guanacevi&nbsp;</STRONG>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#943634><FONT color=#ffffff><STRONG>Bolanitos
      </STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#943634><FONT color=#ffffff><STRONG>El Cubo</STRONG>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#943634><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Direct production costs </TD>
    <TD vAlign=bottom align=center width="9%">$38,939 </TD>
    <TD vAlign=bottom align=center width="9%">$31,239 </TD>
    <TD vAlign=bottom align=center width="9%">$54,662 </TD>
    <TD vAlign=bottom align=center width="9%">$124,840 </TD>
    <TD vAlign=bottom align=center width="9%">$39,331 </TD>
    <TD vAlign=bottom align=center width="9%">$46,676 </TD>
    <TD vAlign=bottom align=center width="9%">$39,302 </TD>
    <TD vAlign=bottom align=center width="9%">$125,309 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Royalties </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>515 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>220 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>297 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,032 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>425 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>521 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>200 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,146 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Special mining duty <SUP>(1)</SUP> </TD>
    <TD vAlign=bottom align=center width="9%">1,264 </TD>
    <TD vAlign=bottom align=center width="9%">1,126 </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">2,390 </TD>
    <TD vAlign=bottom align=center width="9%">906 </TD>
    <TD vAlign=bottom align=center width="9%">2,018 </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">2,924 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Opening finished goods </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(4,033) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(441) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(1,042) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(5,516) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(650) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(60) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(710) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Finished goods NRV adjustment </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">799 </TD>
    <TD vAlign=bottom align=center width="9%">799 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#eeeeee>Closing finished goods </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,298 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>619 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>798 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>2,715 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>4,033 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>441 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,042 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>5,516 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Direct production costs </TD>
    <TD vAlign=bottom align=center width="9%">37,983 </TD>
    <TD vAlign=bottom align=center width="9%">32,763 </TD>
    <TD vAlign=bottom align=center width="9%">54,715 </TD>
    <TD vAlign=bottom align=center width="9%">125,461 </TD>
    <TD vAlign=bottom align=center width="9%">44,045 </TD>
    <TD vAlign=bottom align=center width="9%">49,656 </TD>
    <TD vAlign=bottom align=center width="9%">41,283 </TD>
    <TD vAlign=bottom align=center width="9%">134,984 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>By-product gold sales </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(9,397) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(27,022) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(31,844) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(68,263) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(8,336) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(44,513) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(21,392) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(74,241) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Opening gold inventory fair market value </TD>
    <TD vAlign=bottom align=center width="9%">1,262 </TD>
    <TD vAlign=bottom align=center width="9%">726 </TD>
    <TD vAlign=bottom align=center width="9%">865 </TD>
    <TD vAlign=bottom align=center width="9%">2,853 </TD>
    <TD vAlign=bottom align=center width="9%">94 </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">144 </TD>
    <TD vAlign=bottom align=center width="9%">238 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#eeeeee>Closing gold inventory fair market value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(337) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(471) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(557) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(1,365) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(1,262) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(726) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(865) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(2,853) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash costs net of
      by-product </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">29,511 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">5,996 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">23,179 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">58,686 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">34,541 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">4,417 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">19,170 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">58,128 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Amortization and depletion </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>8,551 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>9,468 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>22,259 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>40,278 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>5,500 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>27,265 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>21,547 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>54,312 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Stock-based compensation </TD>
    <TD vAlign=bottom align=center width="9%">144 </TD>
    <TD vAlign=bottom align=center width="9%">144 </TD>
    <TD vAlign=bottom align=center width="9%">144 </TD>
    <TD vAlign=bottom align=center width="9%">432 </TD>
    <TD vAlign=bottom align=center width="9%">179 </TD>
    <TD vAlign=bottom align=center width="9%">179 </TD>
    <TD vAlign=bottom align=center width="9%">179 </TD>
    <TD vAlign=bottom align=center width="9%">537 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Opening finished goods depletion </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(635) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(115) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(698) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(1,448) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(220) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(92) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(312) </TD></TR>
  <TR vAlign=top>
    <TD align=left>NRV cost adjustment </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">456 </TD>
    <TD vAlign=bottom align=center width="9%">456 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#eeeeee>Closing finished goods depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>203 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>261 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>242 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>706 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>635 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>115 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>698 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,448 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total production
      costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">$37,774 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">$15,754 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">$45,126 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">$98,654 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">$40,635 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">$31,976 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">$41,958 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">$114,569 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Throughput tonnes </TD>
    <TD vAlign=bottom align=center width="9%">431,431 </TD>
    <TD vAlign=bottom align=center width="9%">455,226 </TD>
    <TD vAlign=bottom align=center width="9%">678,850 </TD>
    <TD vAlign=bottom align=center width="9%">1,565,507 </TD>
    <TD vAlign=bottom align=center width="9%">423,251 </TD>
    <TD vAlign=bottom align=center width="9%">567,873 </TD>
    <TD vAlign=bottom align=center width="9%">413,282 </TD>
    <TD vAlign=bottom align=center width="9%">1,404,406 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Payable silver ounces </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>3,406,340 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,389,920 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,195,379 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>6,991,639 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>3,551,763 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,276,278 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,168,875 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>6,996,916 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Cash costs per ounce </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$8.66 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$4.31 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$10.56 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$8.39 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$9.73 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$1.94 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$16.40 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$8.31 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Total production costs per oz </TD>
    <TD vAlign=bottom align=center width="9%">$11.09 </TD>
    <TD vAlign=bottom align=center width="9%">$11.33 </TD>
    <TD vAlign=bottom align=center width="9%">$20.55 </TD>
    <TD vAlign=bottom align=center width="9%">$14.11 </TD>
    <TD vAlign=bottom align=center width="9%">$11.44 </TD>
    <TD vAlign=bottom align=center width="9%">$14.05 </TD>
    <TD vAlign=bottom align=center width="9%">$35.90 </TD>
    <TD vAlign=bottom align=center width="9%">$16.37 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Direct production costs per tonne </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$88.04 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$71.97 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$80.60 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$80.14 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$104.06 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$87.44 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$99.89 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$96.11 </TD></TR></TABLE>
<P align=justify><BR>
</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 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><SUP>(1)</SUP> Special mining duty is an EBITDA royalty tax
presented as a current income tax in accordance with IFRS. The Company incurred
$1.6 million expense related to deferred revenue for tax purposes from prior
year&#146;s production which was excluded from 2014 production costs.</P>
<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>
<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" align=left bgColor=#943634><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="4" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended
      December 31, 2015</B> </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended
      December 31, 2014</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi&nbsp;
      </B></FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><STRONG>Bolanitos
      </STRONG></FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><STRONG>El
      Cubo</STRONG></FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#943634><FONT color=#ffffff>&nbsp;<STRONG>Bolanitos
      </STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#943634><FONT color=#ffffff>&nbsp;<STRONG>El
      Cubo</STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#943634><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash costs net of by-product </TD>
    <TD vAlign=bottom align=center width="9%">$7,974 </TD>
    <TD vAlign=bottom align=center width="9%">$1,951 </TD>
    <TD vAlign=bottom align=center width="9%">$6,529 </TD>
    <TD vAlign=bottom align=center width="9%">$16,454 </TD>
    <TD vAlign=bottom align=center width="9%">$7,384 </TD>
    <TD vAlign=bottom align=center width="9%">$3,272 </TD>
    <TD vAlign=bottom align=center width="9%">$5,583 </TD>
    <TD vAlign=bottom align=center width="9%">$16,239 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Operations stock based compensation </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>27 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>28 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>28 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>83 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>36 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>37 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>37 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>110 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Corporate general and administrative </TD>
    <TD vAlign=bottom align=center width="9%">550 </TD>
    <TD vAlign=bottom align=center width="9%">171 </TD>
    <TD vAlign=bottom align=center width="9%">521 </TD>
    <TD vAlign=bottom align=center width="9%">1,242 </TD>
    <TD vAlign=bottom align=center width="9%">523 </TD>
    <TD vAlign=bottom align=center width="9%">300 </TD>
    <TD vAlign=bottom align=center width="9%">183 </TD>
    <TD vAlign=bottom align=center width="9%">1,006 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Corporate stock based compensation </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>183 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>52 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>185 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>420 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>294 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>169 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>103 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>566 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Reclamation - amortization/accretion </TD>
    <TD vAlign=bottom align=center width="9%">6 </TD>
    <TD vAlign=bottom align=center width="9%">3 </TD>
    <TD vAlign=bottom align=center width="9%">18 </TD>
    <TD vAlign=bottom align=center width="9%">27 </TD>
    <TD vAlign=bottom align=center width="9%">4 </TD>
    <TD vAlign=bottom align=center width="9%">1 </TD>
    <TD vAlign=bottom align=center width="9%">5 </TD>
    <TD vAlign=bottom align=center width="9%">10 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Mine site expensed exploration </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>229 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>350 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>614 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,193 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>783 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(539) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>693 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>937 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Capital
      expenditures sustaining </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">2,094 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">1,824 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">5,892 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">9,810 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">3,034 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">2,240 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">5,832 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">11,106 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>All In Sustaining Costs </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$11,063 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$4,379 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$13,787 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$29,229 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$12,059 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$5,480 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$12,436 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$29,975 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Growth exploration </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">391 </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">1,737 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Growth capital expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>23 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>345 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>All In Costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$29,643 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$32,057 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Throughput tonnes </TD>
    <TD vAlign=bottom align=center width="9%">105,039 </TD>
    <TD vAlign=bottom align=center width="9%">103,878 </TD>
    <TD vAlign=bottom align=center width="9%">199,175 </TD>
    <TD vAlign=bottom align=center width="9%">408,092 </TD>
    <TD vAlign=bottom align=center width="9%">102,375 </TD>
    <TD vAlign=bottom align=center width="9%">145,408 </TD>
    <TD vAlign=bottom align=center width="9%">126,429 </TD>
    <TD vAlign=bottom align=center width="9%">374,212 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Payable silver ounces </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>754,151 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>241,308 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>690,871 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,686,330 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,014,514 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>580,644 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>354,879 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,950,037 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Sustaining cost per ounce </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$14.67 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$18.15 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$19.96 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$17.33 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$11.89 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$9.44 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$35.05 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$15.37 </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" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$17.58 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$16.44 </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 style="BORDER-TOP: #000000 2px solid" align=left bgColor=#943634><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="4" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended December 31,
      2015</B> </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended December 31,
      2014</B> </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><STRONG>Bolanitos
      </STRONG></FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><STRONG>El
      Cubo</STRONG>&nbsp;&nbsp;</FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#943634><FONT
      color=#ffffff><STRONG>Bolanitos&nbsp;</STRONG>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#943634><FONT color=#ffffff>&nbsp;<STRONG>El
      Cubo</STRONG> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#943634><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash costs net of by-product </TD>
    <TD vAlign=bottom align=center width="9%">$29,511 </TD>
    <TD vAlign=bottom align=center width="9%">$5,996 </TD>
    <TD vAlign=bottom align=center width="9%">$23,179 </TD>
    <TD vAlign=bottom align=center width="9%">$58,686 </TD>
    <TD vAlign=bottom align=center width="9%">$34,541 </TD>
    <TD vAlign=bottom align=center width="9%">$4,417 </TD>
    <TD vAlign=bottom align=center width="9%">$19,170 </TD>
    <TD vAlign=bottom align=center width="9%">$58,128 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Operations stock based compensation </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>144 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>144 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>144 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>432 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>179 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>179 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>179 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>537 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Corporate general and administrative </TD>
    <TD vAlign=bottom align=center width="9%">2,698 </TD>
    <TD vAlign=bottom align=center width="9%">1,101 </TD>
    <TD vAlign=bottom align=center width="9%">1,739 </TD>
    <TD vAlign=bottom align=center width="9%">5,538 </TD>
    <TD vAlign=bottom align=center width="9%">3,496 </TD>
    <TD vAlign=bottom align=center width="9%">2,241 </TD>
    <TD vAlign=bottom align=center width="9%">1,151 </TD>
    <TD vAlign=bottom align=center width="9%">6,888 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Corporate stock based compensation </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,064 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>434 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>685 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,183 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,423 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>912 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>468 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,804 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Reclamation - amortization/accretion </TD>
    <TD vAlign=bottom align=center width="9%">21 </TD>
    <TD vAlign=bottom align=center width="9%">12 </TD>
    <TD vAlign=bottom align=center width="9%">73 </TD>
    <TD vAlign=bottom align=center width="9%">106 </TD>
    <TD vAlign=bottom align=center width="9%">16 </TD>
    <TD vAlign=bottom align=center width="9%">4 </TD>
    <TD vAlign=bottom align=center width="9%">19 </TD>
    <TD vAlign=bottom align=center width="9%">39 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Mine site expensed exploration </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>993 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,453 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,687 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>4,133 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,698 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,740 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>3,963 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>8,401 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Capital
      expenditures sustaining </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">9,739 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">7,248 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">21,127 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">38,114 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">10,192 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">9,301 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">21,214 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">40,707 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>All In Sustaining Costs </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$44,170 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$16,388 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$48,634 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$109,192 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$51,546 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$19,794 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$46,164 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$117,504 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Growth exploration </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">2,113 </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">4,147 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Growth capital expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>702 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,438 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>All In Costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$112,007 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$123,089 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Throughput tonnes </TD>
    <TD vAlign=bottom align=center width="9%">431,431 </TD>
    <TD vAlign=bottom align=center width="9%">455,226 </TD>
    <TD vAlign=bottom align=center width="9%">678,850 </TD>
    <TD vAlign=bottom align=center width="9%">1,565,507 </TD>
    <TD vAlign=bottom align=center width="9%">423,251 </TD>
    <TD vAlign=bottom align=center width="9%">567,873 </TD>
    <TD vAlign=bottom align=center width="9%">413,282 </TD>
    <TD vAlign=bottom align=center width="9%">1,404,406 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Payable silver ounces </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>3,406,340 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,389,920 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,195,379 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>6,991,639 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>3,551,763 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,276,278 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,168,875 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>6,996,916 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Sustaining cost per ounce </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$12.97 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$11.79 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$22.15 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$15.62 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$14.51 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$8.70 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$39.49 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$16.79 </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" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$16.02 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$17.59 </TD></TR></TABLE>
<P align=justify><BR>
</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 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=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>
<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" align=left bgColor=#943634
    ><FONT color=#ffffff><B>Expressed in thousands US dollars</B>
      </FONT></TD>
    <TD colspan="4" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended
      December 31, 2015</B> </FONT><FONT
    color=#ffffff>&nbsp;</FONT><FONT
    color=#ffffff>&nbsp;</FONT><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp;<B>Three Months Ended
      December 31, 2014</B> </FONT><FONT
    color=#ffffff>&nbsp;</FONT><FONT
    color=#ffffff>&nbsp;</FONT><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#943634
    ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><STRONG>Bolanitos</STRONG>&nbsp;&nbsp;</FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Direct production costs </TD>
    <TD vAlign=bottom align=center width="9%">$9,228 </TD>
    <TD vAlign=bottom align=center width="9%">$6,977 </TD>
    <TD vAlign=bottom align=center width="9%">$15,828 </TD>
    <TD vAlign=bottom align=center width="9%">$32,033 </TD>
    <TD vAlign=bottom align=center width="9%">$12,580 </TD>
    <TD vAlign=bottom align=center width="9%">$10,873 </TD>
    <TD vAlign=bottom align=center width="9%">$10,947 </TD>
    <TD vAlign=bottom align=center width="9%">$34,400 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Royalties </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>110 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>38 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>89 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>237 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>114 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>193 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>52 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>359 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Special mining duty <SUP>(1)</SUP> </TD>
    <TD vAlign=bottom align=center width="9%">245 </TD>
    <TD vAlign=bottom align=center width="9%">332 </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">577 </TD>
    <TD vAlign=bottom align=center width="9%">178 </TD>
    <TD vAlign=bottom align=center width="9%">646 </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">824 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Opening finished goods </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(1,050) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(455) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(1,249) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(2,754) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(6,984) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(791) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(7,775) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Finished goods NRV adjustment </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">217 </TD>
    <TD vAlign=bottom align=center width="9%">217 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Closing finished goods </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,298 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>619 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>798 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>2,715 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>4,033 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>441 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,042 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>5,516 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Direct production costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">9,831 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">7,511 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">15,466 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">32,808 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">9,921 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">12,153 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">11,467 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">33,541 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee >&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Silver production </TD>
    <TD vAlign=bottom align=center width="9%">761,769 </TD>
    <TD vAlign=bottom align=center width="9%">251,363 </TD>
    <TD vAlign=bottom align=center width="9%">719,633 </TD>
    <TD vAlign=bottom align=center width="9%">1,732,765 </TD>
    <TD vAlign=bottom align=center width="9%">1,024,762 </TD>
    <TD vAlign=bottom align=center width="9%">611,271 </TD>
    <TD vAlign=bottom align=center width="9%">373,139 </TD>
    <TD vAlign=bottom align=center width="9%">2,009,172 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Average realized silver price </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>14.93 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>14.93 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>14.93 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>14.93 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>16.23 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>16.23 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>16.23 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>16.23 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Silver value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">11,373,211 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">3,752,850 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">10,744,121 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">25,870,181 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">16,631,887 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">9,920,928 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">6,056,046 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">32,608,862 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee >&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Gold production </TD>
    <TD vAlign=bottom align=center width="9%">1,775 </TD>
    <TD vAlign=bottom align=center width="9%">5,166 </TD>
    <TD vAlign=bottom align=center width="9%">8,492 </TD>
    <TD vAlign=bottom align=center width="9%">15,433 </TD>
    <TD vAlign=bottom align=center width="9%">2,085 </TD>
    <TD vAlign=bottom align=center width="9%">7,900 </TD>
    <TD vAlign=bottom align=center width="9%">5,142 </TD>
    <TD vAlign=bottom align=center width="9%">15,127 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Average realized gold price </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,105 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,105 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,105 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,105 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,189 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,189 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,189 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,189 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >Gold
      value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">1,961,375 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">&nbsp;5,708,430 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">&nbsp;9,383,660 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">17,053,465 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">2,479,065 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">&nbsp;9,393,100 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">&nbsp;6,113,838 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">17,986,003 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee >&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Total metal value </TD>
    <TD vAlign=bottom align=center width="9%">13,334,586 </TD>
    <TD vAlign=bottom align=center width="9%">9,461,280 </TD>
    <TD vAlign=bottom align=center width="9%">20,127,781 </TD>
    <TD vAlign=bottom align=center width="9%">42,923,646 </TD>
    <TD vAlign=bottom align=center width="9%">19,110,952 </TD>
    <TD vAlign=bottom align=center width="9%">19,314,028 </TD>
    <TD vAlign=bottom align=center width="9%">12,169,884 </TD>
    <TD vAlign=bottom align=center width="9%">50,594,865 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Pro-rated silver costs </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>85% </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>40% </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>53% </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>60% </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>87% </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>51% </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>50% </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>64% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Pro-rated gold costs </TD>
    <TD vAlign=bottom align=center width="9%">15% </TD>
    <TD vAlign=bottom align=center width="9%">60% </TD>
    <TD vAlign=bottom align=center width="9%">47% </TD>
    <TD vAlign=bottom align=center width="9%">40% </TD>
    <TD vAlign=bottom align=center width="9%">13% </TD>
    <TD vAlign=bottom align=center width="9%">49% </TD>
    <TD vAlign=bottom align=center width="9%">50% </TD>
    <TD vAlign=bottom align=center width="9%">36% </TD></TR>
  <TR>
    <TD bgColor=#eeeeee >&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Silver co-product cash costs </TD>
    <TD vAlign=bottom align=center width="9%">$11.01 </TD>
    <TD vAlign=bottom align=center width="9%">$11.85 </TD>
    <TD vAlign=bottom align=center width="9%">$11.47 </TD>
    <TD vAlign=bottom align=center width="9%">$11.41 </TD>
    <TD vAlign=bottom align=center width="9%">$8.43 </TD>
    <TD vAlign=bottom align=center width="9%">$10.21 </TD>
    <TD vAlign=bottom align=center width="9%">$15.29 </TD>
    <TD vAlign=bottom align=center width="9%">$10.76 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#eeeeee
    >Gold co-product cash costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$815 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$877 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$849 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$845 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$617 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$748 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$1,120 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$788 </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 style="BORDER-TOP: #000000 2px solid" align=left bgColor=#943634
    ><FONT color=#ffffff><B>Expressed in thousands US dollars</B>
      </FONT></TD>
    <TD colspan="4" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended December 31,
      2015</B> </FONT></TD>
    <TD colspan="4" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended December 31,
      2014</B> </FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#943634
    ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff>&nbsp;<STRONG>Bolanitos</STRONG> </FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi&nbsp;</B>
      </FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff>&nbsp;<STRONG>Bolanitos</STRONG> </FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Direct production costs </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$38,939 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$31,239 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$54,662 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$124,840 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$39,331 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$46,676 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$39,302 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$125,309 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Royalties </TD>
    <TD vAlign=bottom align=center width="9%">515 </TD>
    <TD vAlign=bottom align=center width="9%">220 </TD>
    <TD vAlign=bottom align=center width="9%">297 </TD>
    <TD vAlign=bottom align=center width="9%">1,032 </TD>
    <TD vAlign=bottom align=center width="9%">425 </TD>
    <TD vAlign=bottom align=center width="9%">521 </TD>
    <TD vAlign=bottom align=center width="9%">200 </TD>
    <TD vAlign=bottom align=center width="9%">1,146 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Special mining duty
      <SUP>(1)</SUP> </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,264 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,126 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,390 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>906 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,018 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,924 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Opening finished goods </TD>
    <TD vAlign=bottom align=center width="9%">(4,033) </TD>
    <TD vAlign=bottom align=center width="9%">(441) </TD>
    <TD vAlign=bottom align=center width="9%">(1,042) </TD>
    <TD vAlign=bottom align=center width="9%">(5,516) </TD>
    <TD vAlign=bottom align=center width="9%">(650) </TD>
    <TD vAlign=bottom align=center width="9%">- </TD>
    <TD vAlign=bottom align=center width="9%">(60) </TD>
    <TD vAlign=bottom align=center width="9%">(710) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Finished goods NRV adjustment    </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>799 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>799 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Closing finished goods </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">1,298 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">619 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">798 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">2,715 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">4,033 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">441 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">1,042 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">5,516 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Direct production costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>37,983 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>32,763 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>54,715 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>125,461 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>44,045 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>49,656 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>41,283 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>134,984 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Silver production </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>3,440,748 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,449,773 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,288,145 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>7,178,666 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>3,587,639 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,396,179 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,228,256 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>7,212,074 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Average realized silver price </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">15.79 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">15.79 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">15.79 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">15.79 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">18.76 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">18.76 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">18.76 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">18.76 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Silver value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>54,329,411 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>22,891,916 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>36,129,810 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>113,351,136 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>67,304,108 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>44,952,318 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>23,042,083 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>135,298,508 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Gold production </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>7,390 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>23,966 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>28,634 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>59,990 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>7,641 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>37,108 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>18,146 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>62,895 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Average realized gold price </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">1,148 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">1,148 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">1,148 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">1,148 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">1,273 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">1,273 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">1,273 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">1,273 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Gold value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>8,485,494 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>27,518,720 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>32,878,704 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>68,882,918 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>9,726,993 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>47,238,484 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>23,099,858 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>80,065,335 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Total metal value </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>62,814,905 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>50,410,636 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>69,008,514 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>182,234,054 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>77,031,101 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>92,190,802 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>46,141,941 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>215,363,843  </TD></TR>
  <TR vAlign=top>
    <TD align=left >Pro-rated silver costs </TD>
    <TD vAlign=bottom align=center width="9%">86% </TD>
    <TD vAlign=bottom align=center width="9%">45% </TD>
    <TD vAlign=bottom align=center width="9%">52% </TD>
    <TD vAlign=bottom align=center width="9%">62% </TD>
    <TD vAlign=bottom align=center width="9%">87% </TD>
    <TD vAlign=bottom align=center width="9%">49% </TD>
    <TD vAlign=bottom align=center width="9%">50% </TD>
    <TD vAlign=bottom align=center width="9%">63% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Pro-rated gold costs </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>14% </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>55% </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>48% </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>38% </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>13% </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>51% </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>50% </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>37% </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Silver co-product cash costs    </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$9.55 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$10.26 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$12.52 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$10.87 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$10.73 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$10.10 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$16.78 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$11.76 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left >Gold
      co-product cash costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$694 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$746 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$910 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$791 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$728 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$686 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$1,139 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$798 </TD></TR></TABLE>
</DIV>
<P align=justify><SUP>(1)</SUP> Special mining duty is an EBITDA royalty tax
presented as a current income tax in accordance with IFRS. <BR>
</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 1px solid" align=center><B><font color="#943634">25</font></B> </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_26></A>
<P align=justify><B><FONT size=3>Quarterly Results and Trends </FONT></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>
<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-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#943634 ><FONT color=#ffffff>&nbsp;
    </FONT></TD>
    <TD colspan="4" align=center
    vAlign=bottom nowrap bgColor=#943634
    style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><FONT
      color=#ffffff>&nbsp; </FONT><FONT
      color=#ffffff><B>2015 </B></FONT><FONT
      color=#ffffff>&nbsp;</FONT><FONT
      color=#ffffff>&nbsp; </FONT></TD>
    <TD colspan="4" align=center
    vAlign=bottom nowrap bgColor=#943634
    style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><FONT
      color=#ffffff>&nbsp; </FONT><FONT
      color=#ffffff><B>2014 </B></FONT><FONT
      color=#ffffff>&nbsp; </FONT><FONT
      color=#ffffff>&nbsp; </FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#943634 ><FONT color=#ffffff><B>Quarterly
      Results </B></FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q4 </B></FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q3 </B></FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q2 </B></FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q1 </B></FONT></TD>
    <TD width="9%" align=center
    vAlign=bottom nowrap bgColor=#943634 style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><B>Q4 </B></FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q3 </B></FONT></TD>
    <TD
    width="9%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q2 </B></FONT></TD>
    <TD width="9%" align=center
    vAlign=bottom nowrap bgColor=#943634
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><B>Q1 </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left >Revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">$41,991 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">$42,737 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">$47,719 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">$51,109 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%">$48,677 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">$40,477 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">$54,774 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%">$53,000 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left bgColor=#eeeeee >Direct cost </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>32,033 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>30,447 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>31,091 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>31,269 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>34,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>28,840 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>34,849 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>27,220 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >Royalties </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">237 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">304 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">243 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">248 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="9%">359 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">175 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">278 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="9%">334 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left bgColor=#eeeeee >Mine operating cash flow </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>9,721 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>11,986 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>16,385 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>19,592 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>13,918 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>11,462 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>19,647 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>25,446 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left >Share-based compensation </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">83 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">109 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">167 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">73 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%">110 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">140 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">219 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%">68 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left bgColor=#eeeeee >Amortization and depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>10,674 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>9,768 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>9,382 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>10,454 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>11,144 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>14,386 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>14,709 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>14,073 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >Write down on inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">234 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">- </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="9%">363 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">527 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">365 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="9%">- </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#eeeeee >Mine operating earnings (loss)</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>($1,270) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$2,109 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$6,836 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$9,065 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>$2,301 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>($3,591) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$4,354 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>$11,305 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left >Net earnings (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">(136,245) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">(14,079) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">($974) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">$1,357 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%">($66,895) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">($11,386) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">($289) </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%">$4,037 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left bgColor=#eeeeee >Impairment charge, net of tax </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>134,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>55,858 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>- </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left >Write down of marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">4,785 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">- </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#eeeeee >(Gain) Loss on derivative
      liability </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,434 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >Adjusted earnings (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">(2,245) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">(9,294) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">($974) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">$1,357 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="9%">($11,037) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">($11,386) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">($289) </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="9%">$5,471 </TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    bgColor=#eeeeee >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left >Basic earnings (loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">($1.33) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">($0.14) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">($0.01) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">$0.01 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%">($0.67) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">($0.11) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">$0.00 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%">$0.04 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left bgColor=#eeeeee >Diluted earnings (loss) per share    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>($1.33) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>($0.14) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>($0.01) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$0.01 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>($0.67) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>($0.11) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$0.00 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>$0.04 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left >Adjusted earnings (loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">($0.02) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">($0.09) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">($0.01) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">$0.01 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%">($0.11) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">($0.11) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">$0.00 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%">$0.05 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#eeeeee >Weighted shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>102,054,670 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>101,976,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>101,976,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%"  bgColor=#eeeeee>101,976,901 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="9%"
      bgColor=#eeeeee>101,881,133 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%"  bgColor=#eeeeee>101,527,951 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%"  bgColor=#eeeeee>101,336,743 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="9%"
      bgColor=#eeeeee>100,494,157 </TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left bgColor=#eeeeee >Net earnings (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>($136,245) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>($14,079) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>($974) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$1,357 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>($66,895) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>($11,386) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>($289) </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>$4,037 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left >Amortization and depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">10,775 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">9,849 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">9,457 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">10,518 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%">11,257 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">14,471 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">14,785 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%">14,146 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left bgColor=#eeeeee >Finance costs </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>331 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>370 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>354 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>313 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>321 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>359 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>256 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>446 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left >Current income tax </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">628 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">2,095 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">954 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">3,176 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%">14,865 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">(171) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%">3,250 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%">2,942 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left bgColor=#eeeeee >Deferred income tax </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(4,014) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>3,110 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,075 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,003 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>(34,870) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(1,039) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>(4,644) </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>(2,274) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >Impairment charges </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">134,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">- </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="9%">83,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="9%">- </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#eeeeee >EBITDA </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$5,475 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$1,345 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$10,866 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$16,367 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>$7,678 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$2,234 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>$13,358 </TD>
  <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="9%" bgColor=#eeeeee>$19,297  </TD></TR></TABLE>
<P align=justify><BR>
</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 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>
<A name=page_27></A>
<P align=justify><B><I>The following table presents selected production
information for each of the most recent eight quarters: </I></B></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-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#943634 ><FONT color=#ffffff><B>Highlights
      </B></FONT></TD>
    <TD colspan="4" align=center
    vAlign=bottom nowrap bgColor=#943634
    style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><FONT
      color=#ffffff>&nbsp; </FONT><FONT
      color=#ffffff>&nbsp; </FONT><FONT
      color=#ffffff><B>2015 </B></FONT><FONT
      color=#ffffff>&nbsp; </FONT></TD>
    <TD colspan="4" align=center
    vAlign=bottom nowrap bgColor=#943634
    style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><FONT
      color=#ffffff>&nbsp; </FONT><FONT
      color=#ffffff><B>2014 </B></FONT><FONT
      color=#ffffff>&nbsp;</FONT><FONT
      color=#ffffff>&nbsp; </FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#943634 ><FONT color=#ffffff>&nbsp;
    </FONT></TD>
    <TD
    width="10%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>Q4 </FONT></TD>
    <TD
    width="10%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q3 </B></FONT></TD>
    <TD
    width="10%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q2 </B></FONT></TD>
    <TD width="10%" align=center
    vAlign=bottom nowrap bgColor=#943634
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><B>Q1 </B></FONT></TD>
    <TD
    width="10%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q4 </B></FONT></TD>
    <TD
    width="10%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q3 </B></FONT></TD>
    <TD
    width="10%" align=center vAlign=bottom nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q2 </B></FONT></TD>
    <TD width="10%" align=center
    vAlign=bottom nowrap bgColor=#943634
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><B>Q1 </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid" ><B>Processed tonnes </B></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">408,092 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">404,878 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">371,745 </TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">380,792 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">374,212 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">344,393 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">339,276 </TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">346,255 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Guanacev&#237; </TD>
    <TD vAlign=bottom align=center width="10%">105,039 </TD>
    <TD vAlign=bottom align=center width="10%">111,469 </TD>
    <TD vAlign=bottom align=center width="10%">108,817 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">106,106 </TD>
    <TD vAlign=bottom align=center width="10%">102,375 </TD>
    <TD vAlign=bottom align=center width="10%">105,241 </TD>
    <TD vAlign=bottom align=center width="10%">108,822 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">106,813 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Bola&#241;itos </TD>
    <TD vAlign=bottom align=center width="10%">103,878 </TD>
    <TD vAlign=bottom align=center width="10%">109,124 </TD>
    <TD vAlign=bottom align=center width="10%">106,148 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">136,076 </TD>
    <TD vAlign=bottom align=center width="10%">145,408 </TD>
    <TD vAlign=bottom align=center width="10%">137,683 </TD>
    <TD vAlign=bottom align=center width="10%">142,370 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">142,142 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >El Cubo </TD>
    <TD vAlign=bottom align=center width="10%">199,175 </TD>
    <TD vAlign=bottom align=center width="10%">184,285 </TD>
    <TD vAlign=bottom align=center width="10%">156,780 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">138,610 </TD>
    <TD vAlign=bottom align=center width="10%">126,429 </TD>
    <TD vAlign=bottom align=center width="10%">101,469 </TD>
    <TD vAlign=bottom align=center width="10%">88,084 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">97,300 </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid" ><B>Silver ounces </B></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">1,732,765 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">1,820,282 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">1,805,569 </TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">1,820,050 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">2,009,172 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">1,634,294 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">1,669,609 </TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">1,898,999 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Guanacev&#237; </TD>
    <TD vAlign=bottom align=center width="10%">761,769 </TD>
    <TD vAlign=bottom align=center width="10%">867,292 </TD>
    <TD vAlign=bottom align=center width="10%">958,581 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">853,106 </TD>
    <TD vAlign=bottom align=center width="10%">1,024,762 </TD>
    <TD vAlign=bottom align=center width="10%">761,272 </TD>
    <TD vAlign=bottom align=center width="10%">795,824 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">1,005,781 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Bola&#241;itos </TD>
    <TD vAlign=bottom align=center width="10%">251,363 </TD>
    <TD vAlign=bottom align=center width="10%">300,988 </TD>
    <TD vAlign=bottom align=center width="10%">376,305 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">521,117 </TD>
    <TD vAlign=bottom align=center width="10%">611,271 </TD>
    <TD vAlign=bottom align=center width="10%">588,159 </TD>
    <TD vAlign=bottom align=center width="10%">623,898 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">572,851 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >El Cubo </TD>
    <TD vAlign=bottom align=center width="10%">719,633 </TD>
    <TD vAlign=bottom align=center width="10%">652,002 </TD>
    <TD vAlign=bottom align=center width="10%">470,683 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">445,827 </TD>
    <TD vAlign=bottom align=center width="10%">373,139 </TD>
    <TD vAlign=bottom align=center width="10%">284,863 </TD>
    <TD vAlign=bottom align=center width="10%">249,887 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">320,367 </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid" ><B>Silver grade </B></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">156 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">163 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">180 </TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">174 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">191 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">175 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">178 </TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">198 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Guanacev&#237; </TD>
    <TD vAlign=bottom align=center width="10%">269 </TD>
    <TD vAlign=bottom align=center width="10%">285 </TD>
    <TD vAlign=bottom align=center width="10%">325 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">300 </TD>
    <TD vAlign=bottom align=center width="10%">358 </TD>
    <TD vAlign=bottom align=center width="10%">278 </TD>
    <TD vAlign=bottom align=center width="10%">272 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">350 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Bola&#241;itos </TD>
    <TD vAlign=bottom align=center width="10%">90 </TD>
    <TD vAlign=bottom align=center width="10%">105 </TD>
    <TD vAlign=bottom align=center width="10%">131 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">139 </TD>
    <TD vAlign=bottom align=center width="10%">148 </TD>
    <TD vAlign=bottom align=center width="10%">149 </TD>
    <TD vAlign=bottom align=center width="10%">152 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">144 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >El Cubo </TD>
    <TD vAlign=bottom align=center width="10%">131 </TD>
    <TD vAlign=bottom align=center width="10%">124 </TD>
    <TD vAlign=bottom align=center width="10%">112 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">113 </TD>
    <TD vAlign=bottom align=center width="10%">106 </TD>
    <TD vAlign=bottom align=center width="10%">102 </TD>
    <TD vAlign=bottom align=center width="10%">103 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">110 </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid" ><B>Silver recovery </B></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">84.6 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">85.7 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">84.0 </TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">85.2 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">87.3 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">84.5 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">86.1 </TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">86.1 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Guanacev&#237; </TD>
    <TD vAlign=bottom align=center width="10%">83.9 </TD>
    <TD vAlign=bottom align=center width="10%">84.9 </TD>
    <TD vAlign=bottom align=center width="10%">84.3 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">83.4 </TD>
    <TD vAlign=bottom align=center width="10%">87.0 </TD>
    <TD vAlign=bottom align=center width="10%">81.0 </TD>
    <TD vAlign=bottom align=center width="10%">83.6 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">83.7 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Bola&#241;itos </TD>
    <TD vAlign=bottom align=center width="10%">83.6 </TD>
    <TD vAlign=bottom align=center width="10%">81.7 </TD>
    <TD vAlign=bottom align=center width="10%">84.2 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">85.7 </TD>
    <TD vAlign=bottom align=center width="10%">88.3 </TD>
    <TD vAlign=bottom align=center width="10%">89.2 </TD>
    <TD vAlign=bottom align=center width="10%">83.1 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">87.1 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >El Cubo </TD>
    <TD vAlign=bottom align=center width="10%">85.8 </TD>
    <TD vAlign=bottom align=center width="10%">88.7 </TD>
    <TD vAlign=bottom align=center width="10%">83.4 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">88.5 </TD>
    <TD vAlign=bottom align=center width="10%">86.6 </TD>
    <TD vAlign=bottom align=center width="10%">85.6 </TD>
    <TD vAlign=bottom align=center width="10%">85.7 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">92.7 </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid" ><B>Gold ounces </B></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">15,433 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">15,319 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">13,430 </TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">15,808 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">15,127 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">14,118 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">15,131 </TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">18,519 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Guanacev&#237; </TD>
    <TD vAlign=bottom align=center width="10%">1,775 </TD>
    <TD vAlign=bottom align=center width="10%">1,792 </TD>
    <TD vAlign=bottom align=center width="10%">1,946 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">1,877 </TD>
    <TD vAlign=bottom align=center width="10%">2,085 </TD>
    <TD vAlign=bottom align=center width="10%">1,627 </TD>
    <TD vAlign=bottom align=center width="10%">1,656 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">2,273 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Bola&#241;itos </TD>
    <TD vAlign=bottom align=center width="10%">5,166 </TD>
    <TD vAlign=bottom align=center width="10%">5,397 </TD>
    <TD vAlign=bottom align=center width="10%">4,982 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">8,421 </TD>
    <TD vAlign=bottom align=center width="10%">7,900 </TD>
    <TD vAlign=bottom align=center width="10%">8,588 </TD>
    <TD vAlign=bottom align=center width="10%">9,980 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">10,640 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >El Cubo </TD>
    <TD vAlign=bottom align=center width="10%">8,492 </TD>
    <TD vAlign=bottom align=center width="10%">8,130 </TD>
    <TD vAlign=bottom align=center width="10%">6,502 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">5,510 </TD>
    <TD vAlign=bottom align=center width="10%">5,142 </TD>
    <TD vAlign=bottom align=center width="10%">3,903 </TD>
    <TD vAlign=bottom align=center width="10%">3,495 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">5,606 </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid" ><B>Gold grade </B></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">1.40 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">1.39 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">1.32 </TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">1.53 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">1.49 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">1.48 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">1.59 </TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">1.92 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Guanacev&#237; </TD>
    <TD vAlign=bottom align=center width="10%">0.61 </TD>
    <TD vAlign=bottom align=center width="10%">0.58 </TD>
    <TD vAlign=bottom align=center width="10%">0.64 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">0.63 </TD>
    <TD vAlign=bottom align=center width="10%">0.70 </TD>
    <TD vAlign=bottom align=center width="10%">0.59 </TD>
    <TD vAlign=bottom align=center width="10%">0.55 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">0.77 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Bola&#241;itos </TD>
    <TD vAlign=bottom align=center width="10%">1.88 </TD>
    <TD vAlign=bottom align=center width="10%">1.95 </TD>
    <TD vAlign=bottom align=center width="10%">1.72 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">2.30 </TD>
    <TD vAlign=bottom align=center width="10%">2.03 </TD>
    <TD vAlign=bottom align=center width="10%">2.20 </TD>
    <TD vAlign=bottom align=center width="10%">2.47 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">2.72 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >El Cubo </TD>
    <TD vAlign=bottom align=center width="10%">1.57 </TD>
    <TD vAlign=bottom align=center width="10%">1.54 </TD>
    <TD vAlign=bottom align=center width="10%">1.51 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">1.46 </TD>
    <TD vAlign=bottom align=center width="10%">1.51 </TD>
    <TD vAlign=bottom align=center width="10%">1.42 </TD>
    <TD vAlign=bottom align=center width="10%">1.44 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">2.01 </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid" ><B>Gold recovery </B></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">83.9 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">84.9 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">85.4 </TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">84.5 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">84.4 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">86.3 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">87.4 </TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">86.6 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Guanacev&#237; </TD>
    <TD vAlign=bottom align=center width="10%">86.2 </TD>
    <TD vAlign=bottom align=center width="10%">86.2 </TD>
    <TD vAlign=bottom align=center width="10%">86.9 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">87.3 </TD>
    <TD vAlign=bottom align=center width="10%">90.1 </TD>
    <TD vAlign=bottom align=center width="10%">82.1 </TD>
    <TD vAlign=bottom align=center width="10%">86.1 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">86.0 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Bola&#241;itos </TD>
    <TD vAlign=bottom align=center width="10%">82.3 </TD>
    <TD vAlign=bottom align=center width="10%">78.9 </TD>
    <TD vAlign=bottom align=center width="10%">84.9 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">83.7 </TD>
    <TD vAlign=bottom align=center width="10%">83.2 </TD>
    <TD vAlign=bottom align=center width="10%">88.2 </TD>
    <TD vAlign=bottom align=center width="10%">82.5 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">85.4 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >El Cubo </TD>
    <TD vAlign=bottom align=center width="10%">84.5 </TD>
    <TD vAlign=bottom align=center width="10%">89.1 </TD>
    <TD vAlign=bottom align=center width="10%">85.4 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">84.7 </TD>
    <TD vAlign=bottom align=center width="10%">83.8 </TD>
    <TD vAlign=bottom align=center width="10%">84.3 </TD>
    <TD vAlign=bottom align=center width="10%">85.7 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">89.0 </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid" ><B>Cash costs per oz </B></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">$9.76 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">$8.11 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">$8.60 </TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$7.17 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">$8.33 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">$10.70 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">$9.87 </TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$4.87 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Guanacev&#237; </TD>
    <TD vAlign=bottom align=center width="10%">$10.57 </TD>
    <TD vAlign=bottom align=center width="10%">$7.98 </TD>
    <TD vAlign=bottom align=center width="10%">$8.14 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">$8.23 </TD>
    <TD vAlign=bottom align=center width="10%">$7.28 </TD>
    <TD vAlign=bottom align=center width="10%">$11.99 </TD>
    <TD vAlign=bottom align=center width="10%">$12.51 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">$8.30 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Bola&#241;itos </TD>
    <TD vAlign=bottom align=center width="10%">$8.09 </TD>
    <TD vAlign=bottom align=center width="10%">$7.68 </TD>
    <TD vAlign=bottom align=center width="10%">$4.82 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">$0.17 </TD>
    <TD vAlign=bottom align=center width="10%">$5.64 </TD>
    <TD vAlign=bottom align=center width="10%">$2.93 </TD>
    <TD vAlign=bottom align=center width="10%">$1.20 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">($2.21) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >El Cubo </TD>
    <TD vAlign=bottom align=center width="10%">$9.45 </TD>
    <TD vAlign=bottom align=center width="10%">$8.48 </TD>
    <TD vAlign=bottom align=center width="10%">$12.59 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">$13.24 </TD>
    <TD vAlign=bottom align=center width="10%">$15.73 </TD>
    <TD vAlign=bottom align=center width="10%">$23.10 </TD>
    <TD vAlign=bottom align=center width="10%">$22.71 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">$6.27 </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid" ><B>Total cost per oz</B><B><SUP>(1) </SUP></B></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">$16.11 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">$13.57 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">$13.88 </TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$12.97 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">$14.36 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">$19.86 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">$19.19 </TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$13.07 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Guanacev&#237; </TD>
    <TD vAlign=bottom align=center width="10%">$13.06 </TD>
    <TD vAlign=bottom align=center width="10%">$10.15 </TD>
    <TD vAlign=bottom align=center width="10%">$10.31 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">$11.16 </TD>
    <TD vAlign=bottom align=center width="10%">$8.77 </TD>
    <TD vAlign=bottom align=center width="10%">$13.22 </TD>
    <TD vAlign=bottom align=center width="10%">$13.95 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">$10.72 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Bola&#241;itos </TD>
    <TD vAlign=bottom align=center width="10%">$17.94 </TD>
    <TD vAlign=bottom align=center width="10%">$15.55 </TD>
    <TD vAlign=bottom align=center width="10%">$11.16 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">$5.81 </TD>
    <TD vAlign=bottom align=center width="10%">$12.74 </TD>
    <TD vAlign=bottom align=center width="10%">$18.36 </TD>
    <TD vAlign=bottom align=center width="10%">$16.57 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">$9.39 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >El Cubo </TD>
    <TD vAlign=bottom align=center width="10%">$18.80 </TD>
    <TD vAlign=bottom align=center width="10%">$17.36 </TD>
    <TD vAlign=bottom align=center width="10%">$23.55 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">$24.92 </TD>
    <TD vAlign=bottom align=center width="10%">$33.02 </TD>
    <TD vAlign=bottom align=center width="10%">$41.38 </TD>
    <TD vAlign=bottom align=center width="10%">$43.00 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">$27.30 </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid" ><B>Costs per tonne </B></TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">$80.39 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">$75.07 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">$82.80 </TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$82.67 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">$89.63 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">$99.02 </TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE">$103.58 </TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$92.93 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Guanacev&#237; </TD>
    <TD vAlign=bottom align=center width="10%">$93.59 </TD>
    <TD vAlign=bottom align=center width="10%">$79.15 </TD>
    <TD vAlign=bottom align=center width="10%">$92.48 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">$87.34 </TD>
    <TD vAlign=bottom align=center width="10%">$96.91 </TD>
    <TD vAlign=bottom align=center width="10%">$105.23 </TD>
    <TD vAlign=bottom align=center width="10%">$109.83 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">$103.90 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Bola&#241;itos </TD>
    <TD vAlign=bottom align=center width="10%">$72.31 </TD>
    <TD vAlign=bottom align=center width="10%">$70.17 </TD>
    <TD vAlign=bottom align=center width="10%">$70.89 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">$74.00 </TD>
    <TD vAlign=bottom align=center width="10%">$83.58 </TD>
    <TD vAlign=bottom align=center width="10%">$87.98 </TD>
    <TD vAlign=bottom align=center width="10%">$93.04 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">$85.27 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >El Cubo </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">$77.65 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">$75.50 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">$84.14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%">$87.61 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">$90.70 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">$107.56 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">$112.88 </TD>
  <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%">$92.08</TD></TR></TABLE>
</DIV><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>Total Production Cost per
ounce</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 1px solid" align=center><B><font color="#943634">27</font></B> </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_28></A>
<P align=justify><B>Key Economic Trends </B></P>
<P align=center><IMG src="exhibit99-2x28x1.jpg" border=0> </P>
<P align=justify>The prices of silver and gold are the largest single factor in
determining 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 Q4, 2015, the
average price of silver was $14.77 per ounce, with silver trading between $13.71
and $16.18 per ounce based on the London Fix silver price. This compares to an
average of $16.47 per ounce during Q4, 2014, with a low of $15.28 and a high of
$17.64 per ounce. During Q4, 2015, the Company realized an average price of
$14.93 per silver ounce compared with $16.23 for the corresponding period in
2014.</P>
<P align=justify>During Q4, 2015, the average price of gold was $1,105 per
ounce, with gold trading between $1,049 and $1,184 per ounce based on the London
Fix PM gold price. This compares to an average of $1,201 per ounce during Q4,
2014, with a low of $1,142 and a high of $1,340 per ounce. During Q4, 2015, the
Company realized an average price of $1,105 per ounce compared with $1,189 for
the corresponding period in 2014. </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
Company realized an average price of $1,148 per ounce compared with $1,273 for
2014. </P>
<P align=justify>The major influences on precious metals prices in the past
eight quarters 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 to the reduction of the US Federal Reserve&#146;s quantitative
easing program in 2014 and the anticipation of rising borrowing rates throughout
2015.<BR>
</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 1px solid" align=center><B><font color="#943634">28</font></B> </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>



<A name="page_29"></A>

<P align="justify">
<B><I>Currency Fluctuations </I></B></P>
<P align="justify">
The Company&rsquo;s operations are located in Mexico and therefore a significant portion of operating costs and 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 Q4, 2015 the Mexican peso continued to depreciate against the US dollar. During Q4, 2015, the average foreign exchange rate was &#36;16.75 Mexican pesos per US dollar, with the peso trading within a range of &#36;16.40 to &#36;17.39. This
compares to an average of &#36;13.87 during Q4, 2014, with a range of &#36;13.34 to &#36;14.78 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 in the most recent quarters. The average foreign exchange rate was &#36;15.86 Mexican Pesos per US dollar, with the peso trading within a range of
&#36;14.52 and &#36;17.39. This compares to an average of &#36;13.30 during 2014, with a range of &#36;12.84 and &#36;14.78 Mexican peso per US dollar.</P>
<P align="center">
<IMG src="exhibit99-2x29x1.jpg" border=0>
</P>
<P align="justify">
During Q4, 2015, the Canadian dollar continued to depreciate relative to the US dollar. During Q4, 2015, the average foreign exchange rate was &#36;1.3351 Canadian dollar per US dollar, with the Canadian dollar trading within a range of &#36;1.289
and &#36;1.3955. This compares to an average of &#36;1.1356 during Q4, 2014, within a range of &#36;1.1116 and &#36;1.1643 Canadian dollar per U.S. dollar.</P>
<P align="justify">
During 2015, the Canadian dollar continued to depreciate relative to the US dollar. During 2015, the average foreign exchange rate was &#36;1.2774 Canadian dollar per US dollar, with the Canadian dollar trading within a range of &#36;1.1599 and
&#36;1.3955. This compares to an average of &#36;1.1041 during 2014, with a range of &#36;1.0627 and &#36;1.1643 US dollar per Canadian dollar. </P>
<P align="center">
<IMG src="exhibit99-2x29x2.jpg" border=0></P>

<P align=justify><BR>
</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 1px solid" align=center><B><font color="#943634">29</font></B> </TD>
  </TR>
</TABLE>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<A name=page_30></A>
<P align=justify><B><I>Cost Trends </I></B></P>
<P align=center><IMG src="exhibit99-2x30x1.jpg" border=0> </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 expenditures. 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.</P>
<P align=justify><B>2016 Outlook </B></P>
<P align=justify><B>Production <BR></B>Endeavour estimates silver production of
4.9 to 5.3 million oz and gold production of 40,000 to 43,000 oz in fiscal 2016.
Silver equivalent production is anticipated to be 7.9 &#150; 8.5 million ounces (at a
silver:gold ratio of 75:1). The projected decrease in production compared to
2015 is due to the Company&#146;s efforts to focus on minimizing all-in sustaining
costs and improving after-tax free cash flow rather than maintaining metal
output. </P>
<DIV>
<TABLE width="80%" border=0 align="center" cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; ">

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#943634><FONT color=#ffffff><B>Mine</B> </FONT></TD>
    <TD width="20%"
    align=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Ag (M
      oz)</B> </FONT></TD>
    <TD width="20%"
    align=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Au (K
      oz)</B> </FONT></TD>
    <TD width="20%"
    align=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Ag Eq (M
      oz) </B></FONT></TD>
    <TD width="20%"
    align=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><STRONG>Tonnes/Day (tpd)</STRONG> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>GUANACEV&Iacute;</TD>
    <TD align=center width="20%">3.1-3.3 </TD>
    <TD align=center width="20%">6.0-7.0 </TD>
    <TD align=center width="20%">3.6-3.8 </TD>
    <TD align=center width="20%">1,200-1,300 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>BOLA&#209;ITOS </TD>
    <TD align=center width="20%" bgColor=#eeeeee>0.6-0.7 </TD>
    <TD align=center width="20%" bgColor=#eeeeee>19.0-20.0 </TD>
    <TD align=center width="20%" bgColor=#eeeeee>2.0-2.2 </TD>
    <TD align=center width="20%" bgColor=#eeeeee>800-900 </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="20%">1.2-1.3 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="20%">15.0-16.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="20%">2.3-2.5 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="20%">2,000-500 </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="20%"
    bgColor=#eeeeee>4.9-5.3 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%"
    bgColor=#eeeeee>40.0-43.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%"
    bgColor=#eeeeee>7.9-8.5 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%"
    bgColor=#eeeeee>4,000-2,700 </TD></TR></TABLE></DIV>
<P align=justify>At Guanacev&#237;, production will continue at the 1,200 tonne per
day (tpd) plant capacity primarily from the Santa Cruz, Porvenir Norte, and
Porvenir Centro deposits. Underground exploration and mine development will
continue to be funded from cash flow, and additional mine development is
scheduled for permitting and development subject to financing from existing
sources. <BR>
</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 1px solid" align=center><B><font color="#943634">30</font></B> </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_31></A>
<P align=justify>At Bola&#241;itos, mine production will continue at 850 tpd
primarily from the LL-Asunci&#243;n deposit. The plant will operate closer to its
1,600 tpd capacity in the first half in order to process the 75,000 tonne ore
stockpile. No exploration or mine development is planned at the current metal
prices but that could change during the year if metal prices improve. </P>
<P align=justify>At El Cubo, investments on exploration and mine development
have been suspended until metal prices improve. Production will continue from
the V-Asunci&#243;n, Dolores, Villalpando, San Nicolas and Santa Cecilia veins but
will decline each month until only V-Asunci&#243;n is producing prior to going on
care and maintenance in the fourth quarter.</P>
<P align=justify><B>Operating Costs <BR></B>Consolidated cash cost of
production, net of gold by-product credits, is expected to be $8-9 per oz of
silver in 2016, slightly higher than the 2015 cash cost due to the lower value
of the gold credit. 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. </P>
<P align=justify>All-in sustaining cost (AISC) of production, net of gold
by-product credits, in accordance with the World Gold Council standard, is
estimated to be $12-13 per oz of silver in 2016, substantially lower than our
estimated 2015 AISC due to the lower Mexican peso to U.S. dollar exchange rate
and lower sustaining capital and exploration investments. When non-cash items
such as stock based compensation are excluded, AISC, net of gold by-product
credits, is forecast in the $11.50 -$12.50 range. On a co-product basis, AISC's
are predicted to be $13-14 per oz silver and $950-$1,050 per oz gold. Direct
operating costs are estimated to be in the $77-81 per tonne range. </P>
<P align=justify><B>Capital Investments <BR></B>Endeavour plans to invest $11.3
million on Guanacev&#237; capital projects in 2016, primarily for mine development,
in order to access reserves for mining and replace reserves by converting
measured and indicated resources. Endeavour does not estimate reserves based on
drill holes, only around underground workings. The Company also has a contingent
budget to invest $4.5 million on additional mine development at Guanacev&#237;,
subject to financing from existing sources. Any capital investments at Bola&#241;itos
and El Cubo will be subject to higher free cash flows and higher metal prices.
</P>
<P align=justify><B>Exploration Expenditures <BR></B>In 2016, Endeavour plans to
spend $2.5 million on exploration drilling at Guanacev&#237; and property holding
costs in Mexico. The Company also has a contingent budget to invest $7.0 million
on additional exploration, engineering and land acquisition, primarily at
Terronera, subject to financing from existing sources. Any exploration
investments at Bola&#241;itos and El Cubo will be subject to higher free cash flows
and higher metal prices. </P>
<P align=justify><B>Liquidity and Capital Resources</B></P>
<P align=justify>Cash and cash equivalents decreased from $31.0 million at
December 31, 2014 to $20.4 million at December 31, 2015, while the amount drawn
on the revolving credit facility decreased by $7.0 million to $22.0 million. The
Company had working capital of $17.3 million at December 31, 2015 (December 31,
2014 - $21.2 million). The $3.9 million decrease in working capital was
primarily generated from operating activities. </P>
<P align=justify>Operating activities provided cash of $32.6 million during 2015
compared to $38.8 million during 2014. The significant non-cash adjustments to
the net loss of $149.9 million were impairment of non-currents assets of $134
million, amortization and depletion of $40.6 million, share-based compensation
of $2.9 million, a deferred income tax expense of $1.2 million, finance costs of
$1.2 million, a write down of marketable securities of $4.8 million and a change
in non-cash working capital of $2.6 million. The change in non-cash working
capital was primarily due to payment of income taxes and special mining duty
during the period and the increase in IVA receivable offset by a decrease in
trade receivables and inventories and an increase in accounts payable.</P>
<P align=justify>Investing activities during the period used $35.7 million
compared to $41.8 million in 2014. The investments in 2015 primarily relate to
significant mine development at each operation. In 2014, the Company invested
similarly at each operation. <BR>
</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 1px solid" align=center><B><font color="#943634">31</font></B> </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>



<A name="page_32"></A>

<P align="justify">
In 2015, capital investments totalled &#36;37.6 million in property, plant and equipment. Of this amount, &#36;9.6 million was invested at Guanacev&iacute;, with &#36;7.0 million spent on 4.6 kilometres of mine development, &#36;0.6 million spent on
the tailings dam and &#36;2.0 million on various mine equipment. At Bola&ntilde;itos, the Company invested &#36;6.5 million, including &#36;5.6 million on underground development of 5.4 kilometres to access the LL-Asunci&oacute;n ore body, &#36;0.7
million on tailings expansion and &#36;0.2 million on mine equipment. At El Cubo, the Company invested &#36;20.9 million, with &#36;16.6 million on development of 12.6 kilometres underground and improving the ventilation system. An additional
&#36;4.3 million was spent on various equipment as the mine increased output to 2,200 tpd. The Company spent &#36;0.2 million on corporate equipment and &#36;0.4 million on land acquisition agreements. The described capital expenditures, include
four equipment lease agreements totaling &#36;1.6 million in capital asset additions, &#36;0.5 million at Guanacev&iacute; and &#36;1.1 million at El Cubo.</P>
<P align="justify">
As at December, 2015, the Company held &#36;0.6 million in available for sale investments consisting of marketable securities (December 31, 2014 - &#36;0.8 million). </P>
<P align="justify">
Financing activities during 2015 reduced cash by &#36;7.3 million, compared to &#36;0.5 million being reduced during 2014. During 2015 the Company paid &#36;7.0 million to reduce its credit facility, paid &#36;0.9 million in interest, reduced its
finance lease obligation by &#36;0.4 million and raised net proceeds through an at-the-market financing of &#36;1.0 million. By comparison, during 2014, the Company had a net reduction in its credit facility of &#36;4.0 million, paid &#36;1.0
million of interest, and realized &#36;4.4 million from the exercise of stock options and warrants. </P>
<P align="justify">
In July 2014, the Company filed a short form base shelf prospectus (the &ldquo;Base Shelf&rdquo;) that qualifies the distribution of up to CDN&#36; 200 million of common shares, warrants or units of the Company comprising any combination of common
shares and warrants (&ldquo;Securities&rdquo;). 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 &ldquo;At-The-Market&rdquo; offering through an &ldquo;At-The-Market&rdquo; facility (&ldquo;ATM&rdquo;) 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&#36;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 &#36;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 &#36;1.43 per share for net
proceeds of &#36;1.1 million. </P>
<P align="justify">
Subsequent to December 31, 2015, the Company issued an additional 3,616,043 shares under the ATM facility at an average price of &#36;1.57 per share for net proceeds of &#36;5.5 million. The common shares were issued in at-the-market distributions
on the New York Stock Exchange pursuant to our effective registration statement on Form F-10, which registers the offer and sale of the common shares under our ATM facility. </P>
<P align="justify">
The Company believes that operating cash flow, existing working capital and proceeds from the public offering will be sufficient to cover 2016 capital requirements and commitments. </P>
<P align="justify">
As at December 31, 2015 the Company&rsquo;s issued share capital was &#36;368.9 million, representing 102,776,470 common shares (December 31, 2014: &#36;367.9 million representing 101,976,901 common shares). </P>
<P align="justify">
As at December 31, 2015, the Company had options outstanding to purchase 6,322,050 common shares with a weighted average exercise price of CAN &#36;3.80. <BR>
</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 1px solid" align=center><B><font color="#943634">32</font></B> </TD>
  </TR>
</TABLE>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<A name=page_33></A>
<P align=justify>On July 24, 2012, the Company entered into a $75 million
revolving credit facility (&#147;the Facility&#148;) that was originally scheduled to
reduce to $50 million in July 2013 and reduce to $25 million in July 2015. The
purpose of the Facility was for general corporate purposes and is principally
secured by a pledge of the Company&#146;s equity interests in its material operating
subsidiaries, including Refinadora Plata Guanacev&#237; S.A de C.V., Minas Bola&#241;itos
S.A. de C.V. and Compania Minera del Cubo S.A. de C.V. The interest rate margin
on the Facility ranges from 2.75% to 4.25% over LIBOR based on the Company&#146;s net
debt to EBITDA ratio, where EBITDA is adjusted for gains or losses on derivative
liabilities and any extraordinary items. The Company agreed to pay a commitment
fee of between 0.69% and 1.05% on undrawn amounts under the facility based on
the Company&#146;s net a debt to EBITDA ratio. The Facility is subject to various
qualitative and quantitative covenants, including EBITDA leverage ratio, an
interest service coverage ratio and tangible net worth calculation. During the
year ended December 31, 2013, the Company extended the Facility until July 24,
2016, with a requirement to reduce the credit limit from $50 million to $25
million by July 24, 2015. At December 31, 2015, the Company had $22.0
outstanding million on this Facility. </P>
<P align=justify>In March 2015, the Facility was amended requiring the Tangible
Net Worth of the Company (as defined in the Facility) to be greater than 85% of
&#147;Equity&#148; (as defined by the Facility) as at December 31, 2014, plus 50% of
subsequent quarterly earnings.</P>
<P align=justify>Subsequent to year end, the Company has entered into an amended
restated credit agreement with Scotia Capital, including an amended Tangible Net
Worth covenant requiring the tangible net worth to be greater than $45,900,
subject to final satisfaction of conditions precedent, to convert the $22
million which remains outstanding under the existing line of credit into a two
year term loan amortized quarterly and expiring December 31, 2017. The Company
repaid $3 million on signing the amended and restated credit agreement and will
pay $2.5 million each quarter. </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; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=left bgColor=#943634 ><FONT
      color=#ffffff><B>Facility Financial Covenants</B> </FONT></TD>
    <TD width="18%" align=center
    vAlign=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><B>Facility Financial</B> <BR>
      <B>Requirements</B> </FONT></TD>
    <TD width="18%" align=center
    vAlign=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><B>2015</B> </FONT></TD>
    <TD width="18%" align=center
    vAlign=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><B>2014</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Leverage ratio </TD>
    <TD align=center width="18%"><U>&lt;</U> 3.00:1 </TD>
    <TD align=center width="18%">0.53 </TD>
    <TD align=center width="18%">0.64 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Interest service coverage
      ratio </TD>
    <TD align=center width="18%" bgColor=#eeeeee><U>&gt;</U> 4.00:1 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>42 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>40 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Tangible net worth (000's) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="18%">&gt;45,900 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="18%">51,020 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="18%">197,031 </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
     bgColor=#eeeeee>&nbsp;</TD></TR></TABLE></DIV>
<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. An assessment by the Tax Court was made, however the Tax
Court did not follow the Superior Court directive as required by law. Therefore
the Company filed another Nullity action for the Tax Court to follow the
Superior Court directive during the year. The Company expects the Tax Court to
make a final assessment based on the Superior Court directive in 2017. The
Company estimates the impact of the Superior Court ruling will result in an
additional tax expense of MXN 31.7 million (~USD $1.8 million) to MSCG for
fiscal 2006 when the Tax Court rules on a final assessment. As of December 31,
2015, the Company estimates additional interest and penalties payable on overdue
taxes by MSCG to be MXN 65.7 million (~USD $3.8 million). 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 22.6 million (~USD $1.3 million) on the MXN 31.7 million
estimated tax assessment.<BR>
</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 1px solid" align=center><B><font color="#943634">33</font></B> </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_34></A>
<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. As of September 30, 2015, 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,
however the Tax Court assessment must be received before any negotiation can be
finalized or a decision is made.</P>
<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 December 31, 2015, 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>Endeavour plans to invest $11.3 million on Guanacev&#237; capital
projects in 2016, primarily for mine development, in order to access reserves
for mining and replace reserves by converting measured and indicated resources.
Endeavour does not estimate reserves based on drill holes, only around
underground workings. The Company also has a contingent budget to invest $4.5
million on additional mine development at Guanacev&#237;, subject to financing from
existing sources. Any capital investments at Bola&#241;itos and El Cubo will be
subject to higher free cash flows and higher metal prices. </P>
<P align=justify>C<B><I>ontractual Obligations </I></B></P>
<P align=justify>The Company had the following contractual obligations at
December 31, 2015: </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" align=left bgColor=#943634
    ><FONT color=#ffffff><B>Payments due by period (in thousands
      of dollars)</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
     bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="2%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="2%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="2%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="2%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="10%" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
     bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=left
    bgColor=#943634 ><FONT color=#ffffff><B>Contractual
      Obligations</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=left
    width="1%"  bgColor=#943634><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="10%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD
    width="2%" align=center vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=center vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="10%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Less than <BR>
      1</B>
      <B>year</B> </FONT></TD>
    <TD
    width="2%" align=center vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=center vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="10%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>1 - 3 years</B>
    </FONT></TD>
    <TD
    width="2%" align=center vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=center vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="10%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>3 - 5 years</B>
    </FONT></TD>
    <TD
    width="2%" align=center vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=center vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="10%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>More than</B> <BR>
      <B>5
      years</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="2%"  bgColor=#943634><FONT
    color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left >Capital Assets purchases </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%">&nbsp;- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Finance lease obligation </TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>1,180 </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>1,180 </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>- </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>- </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>- </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Operating lease </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">329 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">208 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">121 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Revolving credit facility </TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>22,000 </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>22,000 </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>- </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 style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Other Long-Term Liabilities </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%">7,762
    </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%">- </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%">7,513
    </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%">249
    </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%">- </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 </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;31,271 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#eeeeee>&nbsp;23,388 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#eeeeee>&nbsp;7,634 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#eeeeee>&nbsp;249 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#eeeeee>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD></TR></TABLE></DIV>
<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. 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
$43,000 for the year ended December 31, 2015 (2014 - $89,000). The Company had
an $111,000 net receivable related to administration costs outstanding as at
December 31, 2015 (December 31, 2014 &#150; $180,000).</P>
<P align=justify>During 2015, the Company was charged $151,000 (2014 - $150,000)
for legal services by Koffman Kalef LLP, a firm in which the Company&#146;s corporate
secretary is a partner. As of December 31, 2015, the Company had a payable
outstanding of $12,000 relating to these legal services (December 31, 2014 -
$3,000).<BR>
</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 1px solid" align=center><B><font color="#943634">34</font></B> </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_35></A>
<P align=justify><B><I>Financial Assets and Liabilities </I></B></P>
<P align=justify>As at December 31, 2015, 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 style="BORDER-TOP: #000000 2px solid" align=left bgColor=#943634><FONT
      color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
     bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>As at December 31, 2015</B>
    </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="2%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>As at December 31, 2014</B>
    </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=right width="2%"
     bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=left
    bgColor=#943634><FONT color=#ffffff><BR><B>Expressed in thousands US
      dollars</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=left
    width="1%"  bgColor=#943634><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="12%" align=right vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Carrying value</B>
      </FONT></TD>
    <TD
    width="2%" align=left vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="12%" align=right vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Estimated</B>
      <BR>
    <B>Fair value</B> </FONT></TD>
    <TD
    width="2%" align=left vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="12%" align=right vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Carrying</B>
      <BR>
    <B>value</B> </FONT></TD>
    <TD
    width="2%" align=left vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="1%" align=left vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD
    width="12%" align=right vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Estimated</B>
      <BR>
    <B>Fair value</B> </FONT></TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=left
    width="2%"  bgColor=#943634><FONT
    color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Financial assets:</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&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>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>&nbsp;20,413 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>&nbsp;20,413 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>&nbsp;31,045 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>&nbsp;31,045 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Available for sale securities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">614 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">614 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">786 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">786 </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="12%" 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="12%" 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="12%" bgColor=#eeeeee>7,394 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#eeeeee>7,394 </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="12%">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="12%">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="12%">12,321 </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="12%">12,321 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#eeeeee>&nbsp;45,370 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#eeeeee>&nbsp;51,546 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#eeeeee>&nbsp;51,546 </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" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%">&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="12%">&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="12%">&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="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Financial liabilities:</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE">Accounts payable and accrued liabiities </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >$</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE">&nbsp;18,949 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >$</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE">&nbsp;18,949 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >$</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE">&nbsp;17,408 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" >$</TD>
    <TD width="12%" align=right bgcolor="#EEEEEE">&nbsp;17,408 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Revolving credit facility </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">22,000 </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="12%">22,000 </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="12%">29,000 </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="12%">29,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">Total financial
      liabilities </TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid"
    >$</TD>
    <TD
      width="12%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;40,949 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid"
    >$</TD>
    <TD
      width="12%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;40,949 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid"
    >$</TD>
    <TD
      width="12%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;46,408 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid"
    >$</TD>
    <TD
      width="12%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;46,408 </TD>
    <TD width="2%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid"
    >&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 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 style="BORDER-TOP: #000000 2px solid" align=left bgColor=#943634><FONT
      color=#ffffff><B>As at December 31, 2015</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
     bgColor=#943634>&nbsp;</TD>
    <TD width="12%" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="2%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="2%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="2%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp; </FONT></TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
     bgColor=#943634>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634><FONT color=#ffffff><B>Expressed in thousands US
      dollars</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#943634>&nbsp;</TD>
    <TD width="12%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD width="2%" align=center nowrap
     bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=center nowrap
     bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Level 1</B> </FONT></TD>
    <TD width="2%" align=center nowrap
     bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=center nowrap
     bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp; &nbsp;<B>Level 2</B> </FONT></TD>
    <TD width="2%" align=center nowrap
     bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=center nowrap
     bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Level 3</B> </FONT></TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#943634>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Financial assets:</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Available for sale securities </TD>
    <TD align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>&nbsp;614 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>&nbsp;614 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD align=right width="12%"
      bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
</TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Trade 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="12%">1,704
    </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="12%">1,704
    </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="12%">- </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="12%">- </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#eeeeee>&nbsp;2,318 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#eeeeee>&nbsp;2,318 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#eeeeee>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD></TR></TABLE>
<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. During 2015, the Company reviewed the value of its investments for
objective evidence of impairment based on both quantitative and qualitative
criteria. Accordingly, the Company has recorded a write down through the income
statement of $4.8 million (2014 - $nil) on its marketable securities, which was
re-classed from other comprehensive income (loss).<BR>
</P>
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<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, receivables and available cash under
the revolving credit facility. 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 (plus 2.75% to 4.25% depending on financial and
operating measures) payable according to the quoted rate term. The interest rate
charge for the year was approximately 3.64%. As at December 31, 2015, with
other variables unchanged, a 10% increase in the LIBOR rate would be result in
additional interest expense of $220,000. </P>
<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 December 31, 2015 there are 629,226 ounces of silver and 9,274 ounces of gold
which do not have a final settlement price and the estimated revenues have been
recognized at current market prices. As at December 31, 2015, with other
variables unchanged, a 10% decrease in the market value of silver and gold would
result in a reduction of revenue of $1.9 million.<BR>
</P>
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<P align=justify><B><I>Outstanding Share Data </I></B></P>
<P align=justify>As of March 2, 2016, the Company had the following securities
issued and outstanding: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>106,392,513 common shares
  <LI>6,322,050 common shares issuable under stock options with a weighted
  average exercise price of CAN$3.80 per share expiring between June 29, 2016
  and May 13, 2020. </LI></UL>
<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>Changes in Accounting Policies and Critical Accounting
Estimates </B></P>
<P align=justify><B><I>Accounting standards adopted during the period:
</I></B></P>
<P align=justify>IAS 17, <I>Leases <BR></I>Assets held by the Company under
leases that transfer to the Company substantially all of the risks and rewards
of ownership are classified as finance leases. The leased assets are recognized
in the statement of financial position and measured initially at an amount equal
to the lower of their fair value and the present value of the minimum lease
payments. Subsequent to initial recognition, the assets are accounted for in
accordance with the accounting policy applicable to that asset (e.g. property,
plant and equipment). </P>
<P align=justify>Assets held under other leases are classified as operating
leases and are not recognized in the statement of financial position. Payments
made under operating leases are recognized in the profit or loss as incurred
over the term of the lease. </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>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>.<BR>
</P>
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<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>The Company intends to adopt IFRS 15 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>
<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>IFRS 16, <I>Leases (&#147;IFRS 16&#148;)</I> <BR>On January 13, 2016 the
International Accounting Standards Board 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><I>Mineralized Reserves and Impairment of Non-Current Assets
<BR></I>Management periodically reviews the carrying value of its mineral
properties with internal and external mining related professionals. A decision
to abandon, reduce or expand a specific project is based upon many factors
including general and specific assessments of reserves, anticipated future
prices, anticipated future costs of exploring, developing and operating a
producing mine, expiration term and ongoing expense of maintaining leased
mineral properties and the period for properties with unproven reserves.
However, properties which have not demonstrated suitable mineral concentrations
at the conclusion of each phase of an exploration program are re-evaluated to
determine if future exploration is warranted and their carrying values are
appropriate. </P>
<P align=justify>The recoverable amounts of the Company&#146;s CGUs, which include
mining properties, plant and equipment and allocated goodwill, if any, are
determined on an annual basis and circumstances result in impairment indicators.
As at December 31, 2015, the Company determined there were several indicators of
potential impairment of its producing mineral properties which include the
sustained decline in precious metal prices and updates of the estimated reserves
and resources. The recoverable amounts are based on each CGUs future cash flows
expected to be derived from the Company&#146;s mining properties and represent each
CGUs fair value in use. The cash flows are determined based on the life-of-mine
after tax cash flow forecast which incorporate management&#146;s best estimates of
future metal prices, production based on current estimates of recoverable
reserves and resources, exploration potential, future operating costs and
non-expansionary capital expenditures. <BR>
</P>
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<P align=justify>If an area of interest is abandoned or it is determined that
its carrying value cannot be supported by future production or sale, the related
costs are charged against operations in the period of abandonment or
determination that the carrying value exceeds its fair value. The amounts
recorded as mineral properties represent costs incurred to date and do not
necessarily reflect present or future values. </P>
<P align=justify><I>Provision for Reclamation and Rehabilitation
<BR></I>Reclamation and closure costs have been estimated based on the Company&#146;s
interpretation of current regulatory requirements, however changes in regulatory
requirements and new information may result in revisions to estimates. The
Company recognized the present value of liabilities for reclamation and closure
costs in the period in which they are incurred. These obligations are measured
initially at fair value and the resulting costs capitalized to the carrying
value of the related asset. In subsequent periods, the liability is adjusted for
any changes in the amount or timing and for the accretion of discounted
underlying future cash flows. The capitalized asset retirement cost is amortized
to operations over the life of the asset. </P>
<P align=justify><I>Deferred Income Taxes <BR></I>The Company follows the asset
and liability method of accounting for income taxes. Under this method, future
tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of
existing assets and liabilities and their respective tax bases, and losses
carried forward. Future tax assets and liabilities are measured using
substantively enacted or enacted tax rates expected to apply to taxable income
in the years in which those temporary differences are expected to be recovered
or settled. The effect on future tax assets and liabilities of a change in tax
rates is recognized in income in the period that includes the substantive
enactment date. Future tax assets are recognized to the extent that they are
considered more likely than not to be realized. </P>
<P align=justify>The future income tax provision also incorporates management&#146;s
estimates regarding the utilization of tax loss carry forwards, which are
dependent on future operating performance and transactions. </P>
<P align=justify><I>Share-based Compensation <BR></I>The Company has a share
option plan and records all share-based compensation for options using the fair
value method. The fair value of each option award is estimated on the date of
the grant using the Black-Scholes option pricing model, with expected volatility
based on historical volatility of Endeavour&#146;s shares. The Company uses
historical data to estimate the term of the option and the risk free rate for
the expected term of the option is based on the Government of Canada yield curve
in effect at the time of the grant.</P>
<P align=justify><I>Warrant Derivative Liability <BR></I>The Company completed
equity offerings in previous periods whereby warrants were issued with exercise
prices denominated in Canadian dollars. As the warrants had an exercise price
denominated in a currency which is different to the functional currency of the
Company (US dollar), the warrants were treated as a financial liability. The
Company&#146;s share purchase warrants were classified and accounted for as a
financial liability at fair value with adjustments recognized through net
earnings. The publicly traded warrants and warrants with similar characteristics
were valued using the quoted market price as of exercise or at period end. For
the non-publicly traded warrants, the Company uses Black-Scholes option pricing
model to determine the fair value of the Canadian dollar denominated warrants.
</P>
<P align=justify><I>Business Combinations <BR></I>On the acquisition of a
business, the acquisition method of accounting is used, whereby the purchase
consideration is allocated to the identifiable assets, liabilities and
contingent liabilities (identifiable net assets) on the basis of fair value at
the date of acquisition. When the cost of acquisition exceeds the fair values
attributable to the Company&#146;s share of identifiable net assets, the difference
is treated as purchased goodwill, which is not amortized but is reviewed for
impairment annually or more frequently where there is an indication of
impairment. If the fair value attributable to the Company&#146;s share of the
identifiable net assets exceeds the cost of acquisition, the difference is
immediately recognized in the income statement. Incremental costs related to
acquisitions are expensed as incurred. <BR>
</P>
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<P align=justify>Determination of the fair value of assets acquired and
liabilities assumed and the resulting goodwill, if any, requires that management
make estimates based on the information provided by the acquiree. Changes to the
provisional values of assets acquired and liabilities assumed, deferred income
taxes and resulting goodwill, if any, will be adjusted when the final
measurements are determined (within one year of acquisition date). </P>
<P align=justify>When purchase consideration is contingent on future events, the
initial cost of the acquisition recorded includes an estimate of the fair value
of the contingent amounts expected to be payable in the future. When the fair
value of contingent consideration as at the date of acquisition is finalized,
before the end of the 12 month measurement period, the adjustment is allocated
to the identifiable assets acquired and liabilities assumed. Changes to the
estimated fair value of contingent consideration subsequent to the acquisition
date are recorded in the consolidated statement of comprehensive income. </P>
<P align=justify><B>RISKS AND UNCERTAINTIES <BR></B><B><I>Precious and Base
Metal Price Fluctuations<BR></I></B>The profitability of the precious metals
operations in which the Company has an interest is significantly affected by
changes in the market prices of precious metals. Prices for precious metals
fluctuate on a daily basis, have historically been subject to wide fluctuations
and are affected by numerous factors beyond the control of the Company such as
the level of interest rates, the rate of inflation, central bank transactions,
world supply of the precious metals, foreign currency exchange rates,
international investments, monetary systems, speculative activities,
international economic conditions and political developments. The exact effect
of these factors cannot be accurately predicted, but the combination of these
factors may result in the Company not receiving adequate returns on invested
capital or the investments retaining their respective values. Declining market
prices for these metals could materially adversely affect the Company&#146;s
operations and profitability.</P>
<P align=justify><B><I>Fluctuations in the price of consumed
commodities<BR></I></B>Prices and availability of commodities consumed or used
in connection with exploration, development and mining, such as natural gas,
diesel, oil, electricity, cyanide and other re-agents fluctuate affecting the
costs of production at our operations. These fluctuations can be unpredictable,
can occur over short periods of time and may have a materially adverse impact on
our operating costs or the timing and costs of various projects. Our general
policy is not to hedge our exposure to changes in prices of the commodities that
we use in our business.</P>
<P align=justify><B><I>Foreign Exchange Rate Fluctuations<BR></I></B>Operations
in Mexico and Canada are subject to foreign currency exchange fluctuations. The
Company raises its funds through equity issuances which are generally priced in
Canadian dollars, and the majority of the exploration costs of the Company are
denominated in United States dollars and Mexican pesos. The Company may suffer
losses due to adverse foreign currency fluctuations.</P>
<P align=justify><B><I>Competitive Conditions<BR></I></B>Significant competition
exists for natural resource acquisition opportunities. As a result of this
competition, some of which is with large, well established mining companies with
substantial capabilities and significant financial and technical resources, the
Company may be unable to either compete for or acquire rights to exploit
additional attractive mining properties on terms it considers acceptable.
Accordingly, there can be no assurance that the Company will be able to acquire
any interest in additional projects that would yield reserves or results for
commercial mining operations.</P>
<P align=justify><B><I>Operating Hazards and Risks<BR></I></B>Mining operations
generally involve a high degree of risk, which even a combination of experience,
knowledge and careful evaluation may not be able to overcome. These risks
include, but are not limited to, the following: environmental hazards,
industrial accidents, third party accidents, unusual or unexpected geological
structures or formations, fires, power outages, labour disruptions, floods,
explosions, cave-ins, land-slides, acts of God, periodic interruptions due to
inclement or hazardous weather conditions, earthquakes, war, rebellion,
revolution, delays in transportation, inaccessibility to property, restrictions
of courts and/or government authorities, other restrictive matters beyond the
reasonable control of the Company, and the inability to obtain suitable or
adequate machinery, equipment or labour and other risks involved in the
operation of mines.<BR>
</P>
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<P align=justify>Operations in which the Company has a direct or indirect
interest will be subject to all the hazards and risks normally incidental to
exploration, development and production of precious and base metals, any of
which could result in work stoppages, delayed production and resultant losses,
increased production costs, asset write downs, damage to or destruction of mines
and other producing facilities, damage to life and property, environmental
damage and possible legal liability for any or all damages. The Company may
become subject to liability for pollution, cave-ins or hazards against which it
cannot insure or against which it may elect not to insure. Any compensation for
such liabilities may have a material, adverse effect on the Company&#146;s financial
position.</P>
<P align=justify>Our property, business interruption and liability insurance may
not provide sufficient coverage for losses related to these or other hazards.
Insurance against certain risks, including certain liabilities for environmental
pollution, may not be available to us or to other companies within the industry
at reasonable terms or at all. In addition, our insurance coverage may not
continue to be available at economically feasible premiums, or at all. Any such
event could have a material adverse effect on our business.</P>
<P align=justify><B><I>Mining Operations<BR></I></B>The capital costs required
by the Company&#146;s projects may be significantly higher than anticipated. Capital
and operating costs, production and economic returns, and other estimates
contained in the Company&#146;s current technical reports, may differ significantly
from those provided for in future studies and estimates and from management
guidance, and there can be no assurance that the Company&#146;s actual capital and
operating costs will not be higher than currently anticipated. In addition,
delays to construction and exploration schedules may negatively impact the net
present value and internal rates of return of the Company&#146;s mineral properties
as set forth in the applicable technical report. Similarly, there can be no
assurance that historical rates of production, grades of ore processed, rates of
recoveries or mining cash costs will not experience fluctuations or differ
significantly from current levels over the course of the mining operations
conducted by the Company.</P>
<P align=justify>In addition, there can be no assurance that the Company will be
able to continue to extend the production from its current operations through
exploration and drilling programs.</P>
<P align=justify><B><I>Infrastructure<BR></I></B>Mining, processing, development
and exploration activities depend, to one degree or another, on adequate
infrastructure. Reliable roads, bridges, power sources and water supply are
important determinants, which affect capital and operating costs. The lack of
availability on acceptable terms or the delay in the availability of any one or
more of these items could prevent or delay exploitation or development of the
Company&#146;s projects. If adequate infrastructure is not available in a timely
manner, there can be no assurance that the exploitation or development of the
Company&#146;s projects will be commenced or completed on a timely basis, if at all;
the resulting operations will achieve the anticipated production volume, or the
construction costs and ongoing operating costs associated with the exploitation
and/or development of the Company&#146;s advanced projects will not be higher than
anticipated. In addition, unusual or infrequent weather phenomena, sabotage,
government or other interference in the maintenance or provision of such
infrastructure could adversely affect the Company&#146;s operations and
profitability.</P>
<P align=justify><B><I>Exploration and Development<BR></I></B>There is no
assurance that the Company&#146;s exploration and development programs and properties
will result in the discovery, development or production of a commercially viable
ore body or yield new reserves to replace or expand current reserves.</P>
<P align=justify>The business of exploration for minerals and mining involves a
high degree of risk. Few properties that are explored are ultimately developed
into producing mines. At this time, apart from the mineral reserves on the
Company&#146;s Guanacev&#237; Mines, Bola&#241;itos Mines and El Cubo Mines, none of the
Company&#146;s properties have any defined ore-bodies with proven reserves.</P>
<P align=justify>The economics of developing silver, gold and other mineral
properties are affected by many factors including capital and operating costs,
variations of the tonnage and grade of ore mined, fluctuating mineral markets,
and such other factors as government regulations, including regulations relating
to royalties, allowable production, importing and exporting of minerals and
environmental protection. Depending on the prices of silver, gold or other
minerals produced, the Company may determine that it is impractical to commence
or continue commercial production. Substantial expenditures are required to
discover an ore-body, to establish reserves, to identify the appropriate
metallurgical processes to extract metal from ore, and to develop the mining and
processing facilities and infrastructure. <BR>
</P>
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<P align=justify>The marketability of any minerals acquired or discovered may be
affected by numerous factors which are beyond the Company&#146;s control and which
cannot be accurately foreseen or predicted, such as market fluctuations,
conditions for precious and base metals, the proximity and capacity of milling
and smelting facilities, and such other factors as government regulations,
including regulations relating to royalties, allowable production, importing and
exporting minerals and environmental protection. In order to commence
exploitation of certain properties presently held under exploration concessions,
it is necessary for the Company to apply for an exploitation concession. There
can be no guarantee that such a concession will be granted. Unsuccessful
exploration or development programs could have a material adverse impact on the
Company&#146;s operations and profitability.</P>
<P align=justify><B><I>Calculation of Reserves and Resources and Precious Metal
Recoveries<BR></I></B>There is a degree of uncertainty attributable to the
calculation and estimation of reserves and resources and their corresponding
metal grades to be mined and recovered. Until reserves or resources are actually
mined and processed, the quantities of mineralization and metal grades must be
considered as estimates only. Any material change in the quantity of mineral
reserves, mineral resources, grades and recoveries may affect the economic
viability of the Company&#146;s properties.</P>
<P align=justify><B><I>Replacement of Reserves and Resources<BR></I></B>The
Guanacev&#237;, Bola&#241;itos and El Cubo mines are the Company&#146;s current sources of
production. Current life-of-mine plans provide for a defined production life for
mining at the Company&#146;s mines. If the Company&#146;s mineral reserves and resources
are not replaced either by the development or discovery of additional reserves
and/or extension of the life-of-mine at its current operating mines or through
the acquisition or development of an additional producing mine, this could have
an adverse impact on the Company&#146;s future cash flows, earnings, financial
performance and financial condition, including as a result of requirements to
expend funds for reclamation and decommissioning.</P>
<P align=justify><B><I>Acquisition Strategy<BR></I></B>As part of the Company&#146;s
business strategy, it has sought and will continue to seek new mining and
development opportunities in the mining industry. In pursuit of such
opportunities, it may fail to select appropriate acquisition candidates,
negotiate appropriate acquisition terms, conduct sufficient due diligence to
determine all related liabilities or to negotiate favourable financing terms.
The Company cannot assure that it can complete any acquisition or business
arrangement that it had pursued, or is pursuing, on favourable terms, or that
any acquisitions or business arrangements completed will ultimately benefit its
business.</P>
<P align=justify><B><I>Integration of New Acquisitions<BR></I></B>The Company&#146;s
success at completing any acquisitions will depend on a number of factors,
including, but not limited to: identifying acquisitions which fit the Company&#146;s
strategy; negotiating acceptable terms with the seller of the business or
property to be acquired; and obtaining approval from regulatory authorities in
the jurisdictions of the business or property to be acquired.</P>
<P align=justify>The positive effect on the Company&#146;s results arising from past
and future acquisitions will depend on a variety of factors, including, but not
limited to: assimilating the operations of an acquired business or property in a
timely and efficient manner including the existing work force, union
arrangements and existing contracts; maintaining the Company&#146;s financial and
strategic focus while integrating the acquired business or property;
implementing uniform standards, controls, procedures and policies at the
acquired business, as appropriate; and to the extent that the Company makes an
acquisition outside of markets in which it has previously operated, conducting
and managing operations in a new operating environment and under a new
regulatory regime where it has no direct experience.</P>
<P align=justify>Past and future business or property acquisitions could place
increased pressure on the Company&#146;s cash flow if such acquisitions involve cash
consideration or the assumption of obligations requiring cash payments. The
integration of the Company&#146;s existing operations with any acquired business will
require significant expenditures of time, attention and funds. Achievement of
the benefits expected from consolidation would require the Company to incur
significant costs in connection with, among other things, implementing financial
and planning systems.<BR>
</P>
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<P align=justify>The Company may not be able to integrate the operations of a
recently acquired business or restructure the Company&#146;s previously existing
business operations without encountering difficulties and delays. In addition,
this integration may require significant attention from the Company&#146;s management
team, which may detract attention from the Company&#146;s day-to-day operations. Over
the short-term, difficulties associated with integration could have a material
adverse effect on the Company&#146;s business, operating results, financial condition
and the price of the Company&#146;s common shares. In addition, the acquisition of
mineral properties may subject the Company to unforeseen liabilities, including
environmental liabilities.</P>
<P align=justify><B><I>Foreign Operations<BR></I></B>The Company&#146;s operations
are currently conducted through subsidiaries principally in Mexico and, as such,
its operations are exposed to various levels of political, economic and other
risks and uncertainties which could result in work stoppages, blockades of the
Company&#146;s mining operations and appropriation of assets. Some of the Company&#146;s
operations are located in areas where Mexican drug cartels operate. These risks
and uncertainties vary from region to region and include, but are not limited
to, terrorism; hostage taking; local drug gang activities; military repression;
expropriation; extreme fluctuations in currency exchange rates; high rates of
inflation; labour unrest; the risks of war or civil unrest; renegotiation or
nullification of existing concessions, licenses, permits and contracts; illegal
mining; changes in taxation policies; restrictions on foreign exchange and
repatriation; and changing political conditions, currency controls and
governmental regulations that favour or require the awarding of contracts to
local contractors or require foreign contractors to employ citizens of, or
purchase supplies from, a particular jurisdiction.</P>
<P align=justify>Local opposition to mine development projects could arise in
Mexico, and such opposition could be violent. There can be no assurance that
such local opposition will not arise with respect to the Company&#146;s Mexican
operations. If the Company were to experience resistance or unrest in connection
with its Mexican operations, it could have a material adverse effect on its
operations and profitability. To the extent the Company acquires mineral
properties in other jurisdictions; it may be subject to similar and additional
risks with respect to its operations in those jurisdictions.</P>
<P align=justify><B><I>Government Regulation<BR></I></B>The Company&#146;s
operations, exploration and development activities are subject to extensive
foreign federal, state and local laws and regulations governing such matters as
environmental protection, management and use of toxic substances and explosives,
management of natural resources, health, exploration and development of mines,
production and post-closure reclamation, safety and labour, mining law reform,
price controls import and export laws, taxation, maintenance of claims, tenure,
government royalties and expropriation of property. There is no assurance that
future changes in such regulation, if any, will not adversely affect the
Company&#146;s operations. The activities of the Company require licenses and permits
from various governmental authorities.</P>
<P align=justify>The costs associated with compliance with these laws and
regulations are substantial and possible future laws and regulations, changes to
existing laws and regulations and more stringent enforcement of current laws and
regulations by governmental authorities, could cause additional expenses,
capital expenditures, restrictions on or suspensions of the Company&#146;s operations
and delays in the development of its properties. Moreover, these laws and
regulations may allow governmental authorities and private parties to bring
lawsuits based upon damages to property and injury to persons resulting from the
environmental, health and safety practices of the Company&#146;s past and current
operations, or possibly even those actions of parties from whom the Company
acquired its mines or properties, and could lead to the imposition of
substantial fines, penalties or other civil or criminal sanctions. The Company
retains competent and well trained individuals and consultants in jurisdictions
in which it does business, however, even with the application of considerable
skill the Company may inadvertently fail to comply with certain laws. Such
events can lead to financial restatements, fines, penalties, and other material
negative impacts on the Company.</P>
<P align=justify><B><I>Mexican Tax Assessments<BR></I></B>As disclosed under
&#147;Contingencies&#148;, one subsidiary of the Company in Mexico has received a tax
assessment from Mexican fiscal authorities. While the Company is of the view
that the tax assessment has no legal merit and is contesting it, there is no
assurance that the Company will be successful or that the Company will not have
to pay the full amount of the assessment plus interest and penalties. If the
Company is unsuccessful this could negatively impact the Company&#146;s financial
position and create difficulties for the Company in dealing with Mexican fiscal
authorities in the future. As a result of a detailed review of the Company&#146;s
financial information and delivery of appropriate requested documents to the
Mexican fiscal authorities, the Company has estimated that there is no material
potential tax exposure arising under the assessment. <BR>
</P>
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<P align=justify><B><I>Obtaining and Renewing of Government
Permits<BR></I></B>In the ordinary course of business, the Company is required
to obtain and renew government permits for the operation and expansion of
existing operations or for the development, construction and commencement of new
operations. Obtaining or renewing the necessary governmental permits is a
complex and time-consuming process involving numerous jurisdictions and possibly
involving public hearings and costly undertakings on the Company&#146;s part. The
duration and success of the Company&#146;s efforts to obtain and renew permits are
contingent upon many variables not within its control including the
interpretation of applicable requirements implemented by the permitting
authority. The Company may not be able to obtain or renew permits that are
necessary to its operations, or the cost to obtain or renew permits may exceed
what the Company believes it can recover from a given property once in
production. Any unexpected delays or costs associated with the permitting
process could delay the development or impede the operation of a mine, which
could adversely impact the Company&#146;s operations and profitability.</P>
<P align=justify><B><I>Environmental Factors<BR></I></B>All phases of the
Company&#146;s operations are subject to environmental regulation in the various
jurisdictions in which it operates. Environmental legislation is evolving in a
manner which will require stricter standards and enforcement, increased fines
and penalties for non-compliance, more stringent environmental assessments of
proposed projects and a heightened degree of responsibility for companies and
their officers, directors and employees. There is no assurance that any future
changes in environmental regulation will not adversely affect the Company&#146;s
operations. The costs of compliance with changes in government regulations have
the potential to reduce the profitability of future operations. Environmental
hazards that may have been caused by previous or existing owners or operators
may exist on the Company&#146;s mineral properties, but are unknown to the Company at
present.</P>
<P align=justify><B><I>Title to Assets<BR></I></B>Although the Company obtains
title opinions for material properties in which it has a material interest,
there is no guarantee that title to such properties will not be challenged or
impugned. The Company has not conducted surveys of the claims in which it holds
direct or indirect interests and, therefore, the precise area and location of
such claims may be in doubt. The Company&#146;s claims may be subject to prior
unregistered agreements or transfers or native land claims and title may be
affected by unidentified or unknown defects. The Company conducts a thorough
investigation on the title to material properties that it has acquired or will
be acquiring for assurance that there are no other claims or agreements that
could affect its title to the concessions or claims. If title to the Company&#146;s
properties is disputed, it may result in the Company paying substantial costs to
settle the dispute or clear title and could result in the loss of the property,
which events may affect the economic viability of the Company.</P>
<P align=justify><B><I>Employee Recruitment and Retention<BR></I></B>Recruiting
and retaining qualified personnel is critical to the Company&#146;s success. The
Company is dependent on the services of key executives including the Company&#146;s
President and Chief Executive Officer and other highly skilled and experienced
executives and personnel focused on managing the Company&#146;s interests. The number
of persons skilled in acquisition, exploration, development and operation of
mining properties are limited and competition for such persons is intense. As
the Company&#146;s business activity grows, the Company will require additional key
financial, administrative and mining personnel as well as additional operations
staff. We could experience increases in our recruiting and training costs and
decreases in our operating efficiency, productivity and profit margins. If we
are not able to attract, hire and retain qualified personnel, the efficiency of
our operations could be impaired, which could have an adverse impact on the
Company&#146;s future cash flows, earnings, financial performance and financial
condition.</P>
<P align=justify><B><I>Potential Conflicts of Interest<BR></I></B>The directors
and officers of the Company serve as directors and officers of other public and
private companies and may devote a portion of their time to manage other
business interests. This may result in certain conflicts of interest. To the
extent that such other companies may participate in ventures in which the
Company is also participating, such directors and officers of the Company may
have a conflict of interest in negotiating and reaching an agreement with
respect to the extent of each company&#146;s participation. The laws of British
Columbia, Canada, require the directors and officers to act honestly, in good
faith, and in the best interests of the Company and its shareholders. However,
in conflict of interest situations, directors and officers of the Company may
owe the same duty to another company and will need to balance the competing
obligations and liabilities of their actions.<BR>
</P>
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<P align=justify>There is no assurance that the needs of the Company will
receive priority in all cases. From time to time, several companies may
participate together in the acquisition, exploration and development of natural
resource properties, thereby allowing these companies to: (i) participate in
larger properties and programs; (ii) acquire an interest in a greater number of
properties and programs; and (iii) reduce their financial exposure to any one
property or program. A particular company may assign, at its cost, all or a
portion of its interests in a particular program to another affiliated company
due to the financial position of the company making the assignment. In
determining whether or not the Company will participate in a particular program
and the interest therein to be acquired by it, it is expected that the directors
and officers of the Company will primarily consider the degree of risk to which
the Company may be exposed and its financial position at that time.</P>
<P align=justify><B><I>Third Party Reliance<BR></I></B>The Company&#146;s rights to
acquire interests in certain mineral properties have been granted by third
parties who themselves may hold only an option to acquire such properties. As a
result, the Company may have no direct contractual relationship with the
underlying property holder.</P>
<P align=justify><B><I>Assurance on Financial Statements<BR></I></B>We prepare
our financial reports in accordance with accounting policies and methods
prescribed by IFRS. In the preparation of financial reports, management may need
to rely upon assumptions, make estimates or use their best judgment in
determining the financial condition of the Company. Significant accounting
policies and practices are described in more detail in the notes to our annual
consolidated financial statements for the year ended December 31, 2015. In order
to have a reasonable level of assurance that financial transactions are properly
authorized, assets are safeguarded against unauthorized or improper use and
transactions are properly recorded and reported, we have implemented and
continue to analyze our internal control systems for financial reporting.
Although we believe our financial reporting and financial statements are
prepared with reasonable safeguards to ensure reliability, we cannot provide
absolute assurance in that regard.</P>
<P align=justify><B><I>General Economic Conditions<BR></I></B>The unprecedented
events in global financial markets since 2008 have had a profound effect on the
global economy. Many industries, including the gold and silver mining industry,
are affected by these market conditions. Some of the key effects of the current
financial market turmoil include contraction in credit markets resulting in a
widening of credit risk, devaluations and high volatility in global equity,
commodity, foreign exchange and precious metal markets, and a lack of market
liquidity. A continued or worsened slowdown in the financial markets or other
economic conditions, including but not limited to, consumer spending, employment
rates, business conditions, inflation, fuel and energy costs, consumer debt
levels, lack of available credit, the state of the financial markets, interest
rates, and tax rates may adversely affect the Company&#146;s growth and
profitability.</P>
<P align=justify>Specifically:<BR>&#149;the global credit/liquidity crisis could
affect the cost and availability of financing and our overall liquidity;
<BR>&#149;the volatility of gold and silver prices affects our revenues, profits and
cash flow;<BR>&#149;volatile energy prices, commodity and consumables prices and
currency exchange rates affect our production costs; <BR>&#149;the devaluation and
volatility of global stock markets affects the valuation of our equity
securities.</P>
<P align=justify>These factors could have a material adverse effect on the
Company&#146;s financial condition and financial performance.</P>
<P align=justify><B><I>Substantial Volatility of Share Price<BR></I></B>In
recent years, the securities markets in the United States and Canada have
experienced a high level of price and volume volatility, and the securities of
many mineral exploration companies have experienced wide fluctuations in price
which have not necessarily been related to the operating performance, underlying
asset values or prospects of such companies. The price of the Company&#146;s common
shares has been significantly affected by the recent drop in precious metal
prices and is likely to continue to be significantly affected by changes in
precious metal prices and in the Company&#146;s financial condition or financial
performance as reflected in its quarterly financial reports.<BR>
</P>
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<P align=justify>Other factors unrelated to the Company&#146;s performance that may
have an effect on the price of its common shares include the following: the
extent of analytical coverage available to investors concerning the Company&#146;s
business may be limited if investment banks with research capabilities do not
follow the Company&#146;s securities; decreased trading volume and general market
interest in the Company&#146;s securities may affect liquidity of the Company&#146;s
common shares; the size of the Company&#146;s public float may limit the ability of
some institutions to invest in the Company&#146;s securities; and any substantial
decline in the price of the Company&#146;s common shares that persists for a
significant period of time could result in the Company&#146;s securities being
delisted from the Toronto Stock Exchange and/ or NYSE MKT, which would further
reduce market liquidity.</P>
<P align=justify><B><I>Differences in U.S. and Canadian reporting of reserves
and resources<BR></I></B>The Company&#146;s reserve and resource estimates are not
directly comparable to those made in filings subject to SEC reporting and
disclosure requirements as the Company generally reports reserves and resources
in accordance with Canadian practices. It is Canadian practice to report
measured, indicated and inferred resources, which are not permitted in
disclosures filed with the SEC by United States reporting issuers. Under SEC
rules, mineralization may not be classified as a "reserve" unless a
determination has been made that the mineralization could be economically and
legally produced or extracted at the time the reserve determination is made.
United States investors are cautioned not to assume that all or any part of
measured or indicated resources will ever be converted into reserves.</P>
<P align=justify>Further, "inferred resources" have a great amount of
uncertainty as to their existence and as to whether they can be mined legally or
economically. In addition, disclosure of "contained ounces" is permitted
disclosure under Canadian regulations; however, the SEC permits issuers to
report "resources" only as in-place tonnage and grade without reference to unit
of metal measures.</P>
<P align=justify>Accordingly, information concerning descriptions of
mineralization, reserves and resources contained in this MD&amp;A, or in the
Company&#146;s other continuous disclosure documents, may not be comparable to
information made public by United States issuers subject to the reporting
requirements of the SEC.</P>
<P align=justify><B><I>Adequacy of internal control over financial reporting as
per the requirements of the U.S. Sarbanes-Oxley Act<BR></I></B>The Company
documented and tested, during its most recent fiscal year, its internal control
procedures in order to satisfy the requirements of Section 404 of the U.S.
Sarbanes-Oxley Act ("SOX"). SOX requires an annual assessment by management of
the effectiveness of the Company&#146;s internal control over financial reporting and
an attestation report by the Company&#146;s independent auditor addressing this
assessment. The Company may fail to achieve and maintain the adequacy of its
internal control over financial reporting as such standards are modified,
supplemented, or amended from time to time, and the Company may not be able to
ensure that it can conclude on an ongoing basis that it has effective internal
control over financial reporting in accordance with Section 404 of SOX. The
Company&#146;s failure to satisfy the requirements of Section 404 of SOX on an
ongoing, timely basis could result in the loss of investor confidence in the
reliability of its financial statements, which in turn could harm the Company&#146;s
business and negatively affect the trading price of its common shares or market
value of its other securities.</P>
<P align=justify>In addition, any failure to implement required new or improved
controls, or difficulties encountered in their implementation, could harm the
Company&#146;s operating results or cause it to fail to meet its reporting
obligations. Future acquisitions of companies may provide the Company with
challenges in implementing the required processes, procedures and controls for
acquired operations where acquired companies do not have disclosure controls and
procedures or internal control over financial reporting that are as thorough or
effective as those required by securities laws currently applicable to the
Company.</P>
<P align=justify>No evaluation can provide complete assurance that the Company&#146;s
internal control over financial reporting will detect or uncover all failures of
persons within the Company to disclose material information required to be
reported. The effectiveness of the Company&#146;s control and procedures could also
be limited by simple errors or faulty judgments. In addition, as the Company
continues to expand, the challenges involved in implementing appropriate
internal control over financial reporting will increase and will require that
the Company continue to improve its internal control over financial reporting.
Although the Company intends to devote substantial time and incur substantial
costs, as necessary, to ensure ongoing compliance, the Company cannot be certain
that it will be successful in complying with Section 404 of SOX.<BR>
</P>
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<P align=justify><B><I>Potential dilution of present and prospective
shareholdings<BR></I></B>In order to finance future operations and development
efforts, the Company may raise funds through the issue of common shares or the
issue of securities convertible into common shares. The Company cannot predict
the size of future issues of common shares or the issue of securities
convertible into common shares or the effect, if any, that future issues and
sales of the Company&#146;s common shares will have on the market price of its common
shares. Any transaction involving the issue of shares, or securities convertible
into shares, could result in dilution, possibly substantial, to present and
prospective holders of shares.</P>
<P align=justify><B><I>Lack of Dividends\<BR></I></B>No dividends on the
Company&#146;s common shares have been declared and paid to date. The Company
currently plans to retain all future earnings and other cash resources, if any,
for the future operation and development of its business. Declaration and
payment of any future dividends, if any, will be at the discretion of the Board
of Directors after taking into account many factors, including the Company&#146;s
operating results, financial condition, and current and anticipated cash
needs.</P>
<P align=justify><B><I>Future Sales of Common Shares by Existing
Shareholders<BR></I></B>Sales of a large number of the Company&#146;s common shares
in the public markets, or the potential for such sales, could decrease the
trading price of the common shares and could impair the Company&#146;s ability to
raise capital through future sales of common shares.</P>
<P align=justify><B><I>Claims Under U.S. Securities Laws<BR></I></B>The
enforcement by investors of civil liabilities under the federal securities laws
of the United States may be affected adversely by the fact that the Company is
incorporated under the laws of British Columbia, Canada, that the independent
registered chartered accountants who have audited the Company&#146;s financial
statements and some or all of the Company&#146;s directors and officers may be
residents of Canada or elsewhere, and that all or a substantial portion of the
Company&#146;s assets and said persons are located outside the United States. As a
result, it may be difficult for holders of the Company&#146;s common shares to effect
service of process within the United States upon people who are not residents of
the United States or to realize in the United States upon judgments of courts of
the United States predicated upon civil liabilities under the federal securities
laws of the United States</P>
<P align=justify><B><I>Financial Instruments<BR></I></B>From time to time, the
Company may use certain financial instruments to manage the risks associated
with changes in silver prices, interest rates and foreign currency exchange
rates. The use of financial instruments involves certain inherent risks
including, among other things: (i) credit risk, the risk of default on amounts
owing to the Company by the counterparties with which Company has entered into
such transaction; (ii) market liquidity risk, the risk that the Company has
entered into a position that cannot be closed out quickly, either by liquidating
such financial instrument or by establishing an offsetting position; (iii)
unrealized mark-to-market risk, the risk that, in respect of certain financial
instruments, an adverse change in market prices for commodities, currencies or
interest rates will result in the Company incurring an unrealized mark-to-market
loss in respect of such derivative products.</P>
<P align=justify><B>CONTROLS AND PROCEDURES <BR></B>The Company&#146;s officers and
management are responsible for establishing and maintaining disclosure controls
and procedures for the Company. Disclosure controls and procedures are designed
to provide reasonable assurance that material information required to be
disclosed by the Company under securities legislation is recorded, processed,
summarized and reported within the applicable time periods and to ensure that
required information is gathered and communicated to the Company&#146;s management,
including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) as
is appropriate to permit timely decisions regarding public disclosure. There are
inherent limitations to the effectiveness of any system of disclosure controls
and procedures. Accordingly, even effective disclosure controls and procedures
can only provide reasonable assurance of achieving their control objectives.
<BR>
</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 1px solid" align=center><B><font color="#943634">47</font></B> </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_48></A>
<P align=justify>At the end of the period covered by this MD&amp;A management,
including the CEO and CFO, conducted an evaluation of the effectiveness of the
Company&#146;s disclosure controls and procedures pursuant to National Instrument
52-109 &#147;Certification of Disclosure in Issuers Annual and Interim Filings&#148; (&#147;NI
52-109&#148;) and Rule 13a -15(b) of the U.S. Securities Exchange Act of 1934, as
amended (the &#147;U.S. Exchange Act&#148;). Based upon that evaluation, the Company&#146;s
Chief Executive Officer and Chief Financial Officer have concluded that as of
the end of the period covered by this MD&amp;A the Company&#146;s disclosure controls
and procedures were effective to give reasonable assurance that the information
required to be disclosed by the Company in reports that it files or submits is
(i) recorded, processed, summarized and reported, within the time periods
specified under applicable securities legislation in Canada and in the U.S.
Securities and Exchange Commission&#146;s rules and forms, and (ii) accumulated and
communicated to management, including its principal executive and principal
financial officers, or persons performing similar functions, as appropriate to
allow timely decisions regarding required disclosure. </P>
<P align=justify><B>Management&#146;s Report on Internal Controls over Financial
Reporting </B></P>
<P align=justify>Management is responsible for establishing and maintaining
adequate internal control over financial reporting (as defined in NI 52-109 and
in Rules 13a-15(b) of the U.S. Exchange Act). A company&#146;s internal control over
financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with applicable
generally accepted accounting principles.</P>
<P align=justify>A company&#146;s internal control over financial reporting includes
those policies and procedures that (i) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (ii) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (iii) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company&#146;s assets that could have a
material effect on the financial statements. It should be noted that a control
system, no matter how well conceived or operated, can only provide reasonable
assurance, not absolute assurance, that the objectives of the control system are
met. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with policies and procedures may
deteriorate. </P>
<P align=justify>Management, including our Chief Executive Officer and Chief
Financial Officer, assessed the effectiveness of our internal control over
financial reporting as of December 31, 2015. In making this assessment,
management used the criteria set forth in the Internal Control Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO). Based on its assessment, management has concluded
that, as of December 31, 2015, the Company&#146;s internal control over financial
reporting is effective. Also, management determined that there were no material
weaknesses in the Company&#146;s internal control over financial reporting as at
December 31, 2015. </P>
<P align=justify><B>Changes in Internal Control over Financial Reporting
<BR></B>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. During the first quarter
of 2015, the Company enhanced its internal control system by adopting a policy
to consult with a professional valuation company with experience and knowledge
in assessing the financial impact of future impairments of non-current assets.
Other than the change described, there have been no other changes that occurred
during the period that have materially affected, or are reasonably likely to
materially affect, Endeavour&#146;s internal controls over financial reporting.<BR>
</P>
<TABLE
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    <TD style="BORDER-TOP: #000000 1px solid" align=center><B><font color="#943634">48</font></B> </TD>
  </TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp. - Exhibit 99.5 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=right><B>Exhibit 99.5 </B></P>
<P align=center><B>CERTIFICATION</B> </P>
<P align=justify>I, Bradford Cooke, certify that:</P>
<P
align=justify>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
have reviewed this annual report on Form 40-F of Endeavour Silver Corp.; </P>
<P
align=justify>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report; </P>
<P
align=justify>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the issuer as of, and for,
the periods presented in this report; </P>
<P
align=justify>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issuer&#146;s other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as
defined in Exchange Act Rules 13a-15(f) and 15d-5(f) for the issuer and have:
</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designed
such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material
information relating to the issuer, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly during the period
in which this report is being prepared; </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Designed such internal control over financial reporting, or caused such internal
control over financial reporting 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 generally accepted accounting principles; </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the
issuer&#146;s disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in
the issuer&#146;s internal control over financial reporting that occurred during the
period covered by the annual report that has materially affected, or is
reasonably likely to materially affect, the issuer&#146;s internal control over
financial reporting; and </P>
<P
align=justify>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issuer&#146;s other certifying officer(s) and I have disclosed, based on our most
recent evaluation of internal control over financial reporting, to the issuer&#146;s
auditors and the audit committee of the issuer&#146;s board of directors (or persons
performing the equivalent functions): </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the issuer&#146;s ability
to record, process, summarize and report financial information; and </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any fraud, whether or not material, that involves management or other employees
who have a significant role in the issuer&#146;s internal control over financial
reporting. </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>Date: March 9, 2016 </TD>
    <TD align=left width="5%">By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">/s/
      Bradford Cooke </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="45%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="45%">Bradford Cooke </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="45%">Chief Executive Officer </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="45%">(Principal Executive Officer)
</TD></TR></TABLE><BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>exhibit99-6.htm
<DESCRIPTION>EXHIBIT 99.6
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp. - Exhibit 99.6 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
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<P align=right><B>Exhibit 99.6 </B></P>
<P align=center><B>CERTIFICATION</B></P>
<P align=justify>I, Dan Dickson, certify that:</P>
<P align=justify>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this annual report on Form
40-F of Endeavour Silver Corp.; </P>
<P
align=justify>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report; </P>
<P
align=justify>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the issuer as of, and for,
the periods presented in this report; </P>
<P align=justify>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The issuer&#146;s other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-5(f) for the issuer and
have: </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that
material information relating to the issuer, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared; </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Designed such internal control over financial reporting, or caused such internal
control over financial reporting 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 generally accepted accounting principles; </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the
issuer&#146;s disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in
the issuer&#146;s internal control over financial reporting that occurred during the
period covered by the annual report that has materially affected, or is
reasonably likely to materially affect, the issuer&#146;s internal control over
financial reporting; and </P>
<P
align=justify>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issuer&#146;s other certifying officer(s) and I have disclosed, based on our most
recent evaluation of internal control over financial reporting, to the issuer&#146;s
auditors and the audit committee of the issuer&#146;s board of directors (or persons
performing the equivalent functions): </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the issuer&#146;s ability
to record, process, summarize and report financial information; and </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that
involves management or other employees who have a significant role in the
issuer&#146;s internal control over financial reporting. </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>Date: March 9, 2016 </TD>
    <TD align=left width="5%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    >/s/ Dan Dickson </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="45%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%" >Dan Dickson </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%" >Chief Financial Officer </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%" >(Principal Financial and
      Accounting Officer) </TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>8
<FILENAME>exhibit99-7.htm
<DESCRIPTION>EXHIBIT 99.7
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp. - Exhibit 99.7 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
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<P align=right><B>Exhibit 99.7 </B></P>
<P align=center>CERTIFICATION PURSUANT TO </P>
<P align=center>18 U.S.C. &#167;1350, </P>
<P align=center>AS ADOPTED PURSUANT TO </P>
<P align=center>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </P>
<P align=justify>In connection with the annual report of Endeavour Silver Corp.
(the &#147;Company&#148;) on Form 40-F for the period ended December 31, 2015 as filed
with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;),
I, Bradford Cooke, Chief Executive Officer of the Company, certify, pursuant to
18 U.S.C. &#167;1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that: </P>
<P style="MARGIN-LEFT: 5%"
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Report fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and </P>
<P style="MARGIN-LEFT: 5%"
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information contained in this
Report fairly presents, in all material respects, the financial condition and
results of operations of the Company. </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>March 9, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">/s/
      Bradford Cooke </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Bradford Cooke </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Chief Executive Officer </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">(Principal Executive Officer)
</TD></TR></TABLE></DIV>
<P align=justify>A signed original of this written statement required by Section
906 has been provided to Endeavour Silver Corp. and will be retained by
Endeavour Silver Corp. and furnished to the Securities and Exchange Commission
or its staff upon request.<B> </B></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.8
<SEQUENCE>9
<FILENAME>exhibit99-8.htm
<DESCRIPTION>EXHIBIT 99.8
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp. - Exhibit 99.8 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=right><B>Exhibit 99.8 </B></P>
<P align=center>CERTIFICATION PURSUANT TO <BR>18 U.S.C. &#167;1350, <BR>AS ADOPTED
PURSUANT TO <BR>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 <BR></P>
<P align=justify>In connection with the annual report of Endeavour Silver Corp.
(the &#147;Company&#148;) on Form 40-F for the period ended December 31, 2015 as filed
with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;),
I, Dan Dickson, Chief Financial Officer of the Company, certify, pursuant to 18
U.S.C. &#167;1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that: </P>
<P style="MARGIN-LEFT: 5%"
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Report fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and </P>
<P style="MARGIN-LEFT: 5%"
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;The information contained in this
Report fairly presents, in all material respects, the financial condition and
results of operations of the Company. </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>March 9, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">/s/
      Dan Dickson </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Dan Dickson </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Chief Financial Officer </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">(Principal Financial and Accounting Officer)
  </TD></TR></TABLE></DIV>
<P align=justify>A signed original of this written statement required by Section
906 has been provided to Endeavour Silver Corp. and will be retained by
Endeavour Silver Corp. and furnished to the Securities and Exchange Commission
or its staff upon request. </P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.9
<SEQUENCE>10
<FILENAME>exhibit99-9.htm
<DESCRIPTION>EXHIBIT 99.9
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Exhibit 99.9 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>CONSENT of AUTHOR </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 >TO: </TD>
    <TD align=left width="95%">British Columbia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Alberta Securities Commission </TD></TR>
  <TR vAlign=bottom>
    <TD align=center></TD>
    <TD align=center width="95%" >
      <P align=justify>Saskatchewan Financial Services Commission </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Manitoba Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Ontario Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Autorit&#233; des march&#233;s financiers </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">New Brunswick Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Nova Scotia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Prince Edward Island Securities Office </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Securities Commission of Newfoundland and
      Labrador </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">U.S. Securities and Exchange Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Toronto Stock Exchange </TD></TR></TABLE>
<P align=justify>Dears Sirs/Mesdames:</P>
<P align=justify>I, Zachary J. Black, SME-RM consent to the public filing of the
technical report titled <I>&#147;NI 43</I><I>-101 Technical Report Updated Resource
and Reserve Estimates for the Bola&#241;itos Project, Guanajuato </I><I>State,
Mexico&#148;</I> effective December 31, 2015 and dated March 3, 2016 (the "Technical
Report") prepared for Endeavour Silver Corp. (the &#147;Company&#148;). </P>
<P align=justify>I also consent to any extracts from or a summary of the
Technical Report contained in, or incorporated by reference in, the Annual
Information Form dated March 8, 2016, the Annual Report of the Company on Form
40-F dated March 8, 2016, the Registration Statement on Form F-10 (File No.
333-196981), the Management Discussion &amp; Analysis dated March 2, 2016 and
the news release dated January 21, 2016 of Endeavour Silver Corp. (collectively
the &#147;Disclosure Documents&#148;). </P>
<P align=justify>I certify that I have read the Disclosure Documents of the
Company and that they fairly and accurately represent the information in the
sections of the Technical Report for which I am responsible. I also hereby
consent to the use of my name in the Disclosure Documents. </P>
<P align=justify>Dated this 8<SUP>th</SUP> day of March, 2016 </P>
<P align=justify><I>&#147;</I><I>signature</I><I>&#148; {signed and sealed}</I><I>
</I></P>
<P align=justify><IMG src="exhibit99-9x1x1.jpg" border=0></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center><B>CONSENT of AUTHOR </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 >TO: </TD>
    <TD align=left width="95%">British Columbia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Alberta Securities Commission </TD></TR>
  <TR vAlign=bottom>
    <TD align=center></TD>
    <TD align=center width="95%" >
      <P align=justify>Saskatchewan Financial Services Commission </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Manitoba Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Ontario Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Autorit&#233; des march&#233;s financiers </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">New Brunswick Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Nova Scotia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Prince Edward Island Securities Office </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Securities Commission of Newfoundland and
      Labrador </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">U.S. Securities and Exchange Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Toronto Stock Exchange </TD></TR></TABLE>
<P align=justify>Dears Sirs/Mesdames:</P>
<P align=justify>I, Zachary J. Black, SME-RM consent to the public filing of the
technical report titled <I>&#147;NI 43</I><I>-101 Technical Report Updated Resource
and Reserve Estimates for the El Cubo Project, Guanajuato State,
</I><I>Mexico&#148;</I> effective December 31, 2015 and dated March 3, 2016 effective
December 31, 2015 and dated March 3, 2016 (the "Technical Report") prepared for
Endeavour Silver Corp. (the &#147;Company&#148;). </P>
<P align=justify>I also consent to any extracts from or a summary of the
Technical Report contained in, or incorporated by reference in, the Annual
Information Form dated March 8, 2016, the Annual Report of the Company on Form
40-F dated March 8, 2016, the Registration Statement on Form F-10 (File No.
333-196981), the Management Discussion &amp; Analysis dated March 2, 2016 and
the news release dated January 21, 2016 of Endeavour Silver Corp. (collectively
the &#147;Disclosure Documents&#148;). </P>
<P align=justify>I certify that I have read the Disclosure Documents of the
Company and that they fairly and accurately represent the information in the
sections of the Technical Report for which I am responsible. I also hereby
consent to the use of my name in the Disclosure Documents. </P>
<P align=justify>Dated this 8<SUP>th</SUP> day of March, 2016 </P>
<P align=justify><I>&#147;</I><I>signature</I><I>&#148; {si</I><I>gned and sealed}
</I></P>
<P align=justify><IMG src="exhibit99-9x1x1.jpg" border=0></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=center><B>CONSENT of AUTHOR </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 >TO: </TD>
    <TD align=left width="95%">British Columbia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Alberta Securities Commission </TD></TR>
  <TR vAlign=bottom>
    <TD align=center></TD>
    <TD align=center width="95%" >
      <P align=justify>Saskatchewan Financial Services Commission </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Manitoba Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Ontario Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Autorit&#233; des march&#233;s financiers </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">New Brunswick Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Nova Scotia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Prince Edward Island Securities Office </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Securities Commission of Newfoundland and
      Labrador </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">U.S. Securities and Exchange Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Toronto Stock Exchange </TD></TR></TABLE>
<P align=justify>Dears Sirs/Mesdames:</P>
<P align=justify>I, Zachary J. Black, SME-RM consent to the public filing of the
technical report titled <I>&#147;NI 43</I><I>-101 Technical Report Updated Resource
and Reserve Estimates for the Guanacev&#237; Project, Durango State,
</I><I>Mexico&#148;</I> effective December 31, 2015 and dated March 3, 2016 effective
December 31, 2015 and dated March 3, 2016 (the "Technical Report") prepared for
Endeavour Silver Corp. (the &#147;Company&#148;). </P>
<P align=justify>I also consent to any extracts from or a summary of the
Technical Report contained in, or incorporated by reference in, the Annual
Information Form dated March 8, 2016, the Annual Report of the Company on Form
40-F dated March 8, 2016, the Registration Statement on Form F-10 (File No.
333-196981), the Management Discussion &amp; Analysis dated March 2, 2016 and
the news release dated January 21, 2016 of Endeavour Silver Corp. (collectively
the &#147;Disclosure Documents&#148;). </P>
<P align=justify>I certify that I have read the Disclosure Documents of the
Company and that they fairly and accurately represent the information in the
sections of the Technical Report for which I am responsible. I also hereby
consent to the use of my name in the Disclosure Documents. </P>
<P align=justify>Dated this 8<SUP>th</SUP> day of March, 2016 </P>
<P align=justify><I>&#147;</I><I>signature</I><I>&#148; {si</I><I>gned and sealed}
</I></P>
<P align=justify><IMG src="exhibit99-9x1x1.jpg" border=0></P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.10
<SEQUENCE>11
<FILENAME>exhibit99-10.htm
<DESCRIPTION>EXHIBIT 99.10
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Exhibit 99.10 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>CONSENT of AUTHOR </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 >TO: </TD>
    <TD align=left width="95%">British Columbia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Alberta Securities Commission </TD></TR>
  <TR vAlign=bottom>
    <TD align=center></TD>
    <TD align=center width="95%" >
      <P align=justify>Saskatchewan Financial Services Commission </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Manitoba Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Ontario Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Autorit&#233; des march&#233;s financiers </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">New Brunswick Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Nova Scotia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Prince Edward Island Securities Office </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Securities Commission of Newfoundland and
      Labrador </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">U.S. Securities and Exchange Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Toronto Stock Exchange </TD></TR></TABLE>
<P align=justify>Dears Sirs/Mesdames:</P>
<P align=justify>I, Jeffery W. Choquette, P.E., consent to the public filing of
the technical report titled <I>&#147;NI 43</I><I>-101 Technical Report Updated
Resource and Reserve Estimates for the Guanacev&#237; Project, Durango State,
</I><I>Mexico&#148;</I> effective December 31, 2015 and dated March 3, 2016 (the
"Technical Report") prepared for Endeavour Silver Corp. (the &#147;Company&#148;). </P>
<P align=justify>I also consent to any extracts from or a summary of the
Technical Report contained in, or incorporated by reference in, the Annual
Information Form dated March 8, 2016, the Annual Report of the Company on Form
40-F dated March 8, 2016, the Registration Statement on Form F-10 (File No.
333-196981), the Management Discussion &amp; Analysis dated March 2, 2016 and
the news release dated January 21, 2016 of Endeavour Silver Corp. (collectively
the &#147;Disclosure Documents&#148;). </P>
<P align=justify>I certify that I have read the Disclosure Documents of the
Company and that they fairly and accurately represent the information in the
sections of the Technical Report for which I am responsible. I also hereby
consent to the use of my name in the Disclosure Documents. </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>
      <P>Dated this 8<SUP>th </SUP>day of March, 2016 </P>
      <P><I>&#147;</I><I>signature</I><I>&#148; {signed and sealed}</I> </P>
      <P><IMG
      src="exhibit99-10x1x1.jpg"
      border=0></P></TD>
    <TD align=right width="50%" ><IMG
      src="exhibit99-10x1x2.jpg"
      border=0></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center><B>CONSENT of AUTHOR </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 >TO: </TD>
    <TD align=left width="95%">British Columbia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Alberta Securities Commission </TD></TR>
  <TR vAlign=bottom>
    <TD align=center></TD>
    <TD align=center width="95%" >
      <P align=justify>Saskatchewan Financial Services Commission </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Manitoba Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Ontario Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Autorit&#233; des march&#233;s financiers </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">New Brunswick Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Nova Scotia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Prince Edward Island Securities Office </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Securities Commission of Newfoundland and
      Labrador </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">U.S. Securities and Exchange Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Toronto Stock Exchange </TD></TR></TABLE>
<P align=justify>Dears Sirs/Mesdames:</P>
<P align=justify>I, Jeffery W. Choquette, P.E., consent to the public filing of
the technical report titled <I>&#147;NI 43</I><I>-101 Technical Report Updated
Resource and Reserve Estimates for the El Cubo Project, Guanajuato State,
</I><I>Mexico&#148;</I> effective December 31, 2015 and dated March 3, 2016 (the
"Technical Report") prepared for Endeavour Silver Corp. (the &#147;Company&#148;). </P>
<P align=justify>I also consent to any extracts from or a summary of the
Technical Report contained in, or incorporated by reference in, the Annual
Information Form dated March 8, 2016, the Annual Report of the Company on Form
40-F dated March 8, 2016, the Registration Statement on Form F-10 (File No.
333-196981), the Management Discussion &amp; Analysis dated March 2, 2016 and
the news release dated January 21, 2016 of Endeavour Silver Corp. (collectively
the &#147;Disclosure Documents&#148;). </P>
<P align=justify>I certify that I have read the Disclosure Documents of the
Company and that they fairly and accurately represent the information in the
sections of the Technical Report for which I am responsible. I also hereby
consent to the use of my name in the Disclosure Documents. </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>
      <P>Dated this 8<SUP>th </SUP>day of March, 2016 </P>
      <P><I>&#147;</I><I>signature</I><I>&#148; {signed and sealed}</I> </P>
      <P><IMG
      src="exhibit99-10x1x1.jpg"
      border=0></P></TD>
    <TD align=right width="50%" ><IMG
      src="exhibit99-10x1x2.jpg"
      border=0></TD></TR></TABLE><br>

<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=center><B>CONSENT of AUTHOR </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 >TO: </TD>
    <TD align=left width="95%">British Columbia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Alberta Securities Commission </TD></TR>
  <TR vAlign=bottom>
    <TD align=center></TD>
    <TD align=center width="95%" >
      <P align=justify>Saskatchewan Financial Services Commission </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Manitoba Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Ontario Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Autorit&#233; des march&#233;s financiers </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">New Brunswick Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Nova Scotia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Prince Edward Island Securities Office </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Securities Commission of Newfoundland and
      Labrador </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">U.S. Securities and Exchange Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Toronto Stock Exchange </TD></TR></TABLE>
<P align=justify>Dears Sirs/Mesdames:</P>
<P align=justify>I, Jeffery W. Choquette, P.E., consent to the public filing of
the technical report titled <I>&#147;NI 43</I><I>-101 Technical Report Updated
Resource and Reserve Estimates for the Bola&#241;itos Project, Guanajuato
</I><I>State, Mexico&#148;</I> effective December 31, 2015 and dated March 3, 2016
(the "Technical Report") prepared for Endeavour Silver Corp. (the &#147;Company&#148;).
</P>
<P align=justify>I also consent to any extracts from or a summary of the
Technical Report contained in, or incorporated by reference in, the Annual
Information Form dated March 8, 2016, the Annual Report of the Company on Form
40-F dated March 8, 2016, the Registration Statement on Form F-10 (File No.
333-196981), the Management Discussion &amp; Analysis dated March 2, 2016 and
the news release dated January 21, 2016 of Endeavour Silver Corp. (collectively
the &#147;Disclosure Documents&#148;). </P>
<P align=justify>I certify that I have read the Disclosure Documents of the
Company and that they fairly and accurately represent the information in the
sections of the Technical Report for which I am responsible. I also hereby
consent to the use of my name in the Disclosure Documents. </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>
      <P>Dated this 8<SUP>th </SUP>day of March, 2016 </P>
      <P><I>&#147;</I><I>signature</I><I>&#148; {signed and sealed}</I> </P>
      <P><IMG
      src="exhibit99-10x1x1.jpg"
      border=0></P></TD>
    <TD align=right width="50%" ><IMG
      src="exhibit99-10x1x2.jpg"
      border=0></TD></TR></TABLE><br>

<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.11
<SEQUENCE>12
<FILENAME>exhibit99-11.htm
<DESCRIPTION>EXHIBIT 99.11
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Exhibit 9.11 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>CONSENT of AUTHOR </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 >TO: </TD>
    <TD align=left width="95%">British Columbia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Alberta Securities Commission </TD></TR>
  <TR vAlign=bottom>
    <TD align=center></TD>
    <TD align=center width="95%" >
      <P align=justify>Saskatchewan Financial Services Commission </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Manitoba Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Ontario Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Autorit&#233; des march&#233;s financiers </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">New Brunswick Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Nova Scotia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Prince Edward Island Securities Office </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Securities Commission of Newfoundland and
      Labrador </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">U.S. Securities and Exchange Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Toronto Stock Exchange </TD></TR></TABLE>
<P align=justify>Dears Sirs/Mesdames:</P>
<P align=justify>I, Jennifer J. (J.J.) Brown, P.G., consent to the public filing
of the technical report titled <I>&#147;NI 43</I><I>-101 Technical Report Updated
Resource and Reserve Estimates for the Bola&#241;itos Project, Guanajuato
</I><I>State, Mexico&#148;</I> effective December 31, 2015 and dated March 3, 2016
(the "Technical Report") prepared for Endeavour Silver Corp. (the &#147;Company&#148;).
</P>
<P align=justify>I also consent to any extracts from or a summary of the
Technical Report contained in, or incorporated by reference in, the Annual
Information Form dated March 8, 2016, the Annual Report of the Company on Form
40-F dated March 8, 2016, the Registration Statement on Form F-10 (File No.
333-196981), the Management Discussion &amp; Analysis dated March 2, 2016 and
the news release dated January 21, 2016 of Endeavour Silver Corp. (collectively
the &#147;Disclosure Documents&#148;). </P>
<P align=justify>I certify that I have read the Disclosure Documents of the
Company and that they fairly and accurately represent the information in the
sections of the Technical Report for which I am responsible. I also hereby
consent to the use of my name in the Disclosure Documents. </P>
<P align=justify>Dated this 8<SUP>th</SUP> day of March, 2016
<BR><I>&#147;</I><I>signature</I><I>&#148; {signed and sealed}</I><I> </I></P>
<P align=justify><IMG src="exhibit99-11x1x1.jpg" border=0></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center><B>CONSENT of AUTHOR </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 >TO: </TD>
    <TD align=left width="95%">British Columbia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Alberta Securities Commission </TD></TR>
  <TR vAlign=bottom>
    <TD align=center></TD>
    <TD align=center width="95%" >
      <P align=justify>Saskatchewan Financial Services Commission </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Manitoba Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Ontario Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Autorit&#233; des march&#233;s financiers </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">New Brunswick Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Nova Scotia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Prince Edward Island Securities Office </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Securities Commission of Newfoundland and
      Labrador </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">U.S. Securities and Exchange Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Toronto Stock Exchange </TD></TR></TABLE>
<P align=justify>Dears Sirs/Mesdames:</P>
<P align=justify>I, Jennifer J. (J.J.) Brown, P.G., consent to the public filing
of the technical report titled <I>&#147;NI 43</I><I>-101 Technical Report Updated
Resource and Reserve Estimates for the El Cubo Project, Guanajuato State,
</I><I>Mexico&#148;</I> effective December 31, 2015 and dated March 3, 2016 (the
"Technical Report") prepared for Endeavour Silver Corp. (the &#147;Company&#148;). </P>
<P align=justify>I also consent to any extracts from or a summary of the
Technical Report contained in, or incorporated by reference in, the Annual
Information Form dated March 8, 2016, the Annual Report of the Company on Form
40-F dated March 8, 2016, the Registration Statement on Form F-10 (File No.
333-196981), the Management Discussion &amp; Analysis dated March 2, 2016 and
the news release dated January 21, 2016 of Endeavour Silver Corp. (collectively
the &#147;Disclosure Documents&#148;). </P>
<P align=justify>I certify that I have read the Disclosure Documents of the
Company and that they fairly and accurately represent the information in the
sections of the Technical Report for which I am responsible. I also hereby
consent to the use of my name in the Disclosure Documents. </P>
<P align=justify>Dated this 8<SUP>th</SUP> day of March, 2016
<BR><I>&#147;</I><I>signature</I><I>&#148; {signed and sealed}</I><I> </I></P>
<P align=justify><IMG src="exhibit99-11x1x1.jpg" border=0></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=center><B>CONSENT of AUTHOR </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 >TO: </TD>
    <TD align=left width="95%">British Columbia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Alberta Securities Commission </TD></TR>
  <TR vAlign=bottom>
    <TD align=center></TD>
    <TD align=center width="95%" >
      <P align=justify>Saskatchewan Financial Services Commission </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Manitoba Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Ontario Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Autorit&#233; des march&#233;s financiers </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">New Brunswick Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Nova Scotia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Prince Edward Island Securities Office </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Securities Commission of Newfoundland and
      Labrador </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">U.S. Securities and Exchange Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Toronto Stock Exchange </TD></TR></TABLE>
<P align=justify>Dears Sirs/Mesdames:</P>
<P align=justify>I, Jennifer J. (J.J.) Brown, P.G., consent to the public filing
of the technical report titled <I>&#147;NI 43</I><I>-101 Technical Report Updated
Resource and Reserve Estimates for the Guanacev&#237; Project, Durango State,
</I><I>Mexico&#148;</I> effective December 31, 2015 and dated March 3, 2016 (the
"Technical Report") prepared for Endeavour Silver Corp. (the &#147;Company&#148;). </P>
<P align=justify>I also consent to any extracts from or a summary of the
Technical Report contained in, or incorporated by reference in, the Annual
Information Form dated March 8, 2016, the Annual Report of the Company on Form
40-F dated March 8, 2016, the Registration Statement on Form F-10 (File No.
333-196981), the Management Discussion &amp; Analysis dated March 2, 2016 and
the news release dated January 21, 2016 of Endeavour Silver Corp. (collectively
the &#147;Disclosure Documents&#148;). </P>
<P align=justify>I certify that I have read the Disclosure Documents of the
Company and that they fairly and accurately represent the information in the
sections of the Technical Report for which I am responsible. I also hereby
consent to the use of my name in the Disclosure Documents. </P>
<P align=justify>Dated this 8<SUP>th</SUP> day of March, 2016
<BR><I>&#147;</I><I>signature</I><I>&#148; {signed and sealed}</I><I> </I></P>
<P align=justify><IMG src="exhibit99-11x1x1.jpg" border=0></P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.12
<SEQUENCE>13
<FILENAME>exhibit99-12.htm
<DESCRIPTION>EXHIBIT 99.12
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Exhibit 99.12 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><IMG
src="exhibit99-12x1x1.jpg"
border=0></P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.13
<SEQUENCE>14
<FILENAME>exhibit99-13.htm
<DESCRIPTION>EXHIBIT 99.13
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Exhibit 99.13 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><IMG
src="exhibit99-13x1x1.jpg"
border=0></P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.14
<SEQUENCE>15
<FILENAME>exhibit99-14.htm
<DESCRIPTION>EXHIBIT 99.14
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Exhibit 99.14 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A><BR><IMG
src="pande-logo.jpg" border=0> <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>201 County Court Blvd., Suite 401, Brampton, Ontario, L6W
      4L2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>800 West Pender St, Suite 410, Vancouver , BC, V6C 2V6
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ph: 905-595-0575&nbsp;&nbsp;&nbsp; &nbsp;Fax:
      905-595-0578&nbsp;&nbsp;&nbsp; &nbsp;www.peconsulting.ca
</TD></TR></TABLE>
<P align=center><B>CONSENT OF QUALIFIED PERSON </B></P>
<P align=justify>I, Jarita Barry, P.Geo. do hereby consent to extracts from or a
summary of, the technical report titled &#147;NI 43-101 Technical Report Preliminary
Economic Assessment for the Terronera Project, Jalisco State, Mexico&#148; effective
March 25, 2015 and dated April 30, 2015 (the &#147;Technical Report&#148;) contained in,
or incorporated by reference in, the Annual Information Form dated March 8,
2016, the Annual Report of the Company on Form 40-F dated March 8, 2016, the
Registration Statement on Form F-10 (File No. 333-196981), and the Management
Discussion &amp; Analysis dated March 2, 2016 (collectively the Disclosure
Documents&#148;). </P>
<P align=justify>I also hereby consent to the use of my name in the Disclosure
Documents. </P>
<P align=justify>Dated this 9<SUP>th</SUP> day of March, 2016 </P> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left >&nbsp;<IMG
      src="exhibit99-14x1x2.jpg"
      border=0></TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Jarita Barry, P.Geo. </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Associate Geologist </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.15
<SEQUENCE>16
<FILENAME>exhibit99-15.htm
<DESCRIPTION>EXHIBIT 99.15
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Exhibit 99.15 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A><BR><IMG
src="pande-logo.jpg" border=0> <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>201 County Court Blvd., Suite 401, Brampton, Ontario, L6W
      4L2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>800 West Pender St, Suite 410, Vancouver , BC, V6C 2V6
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ph: 905-595-0575&nbsp;&nbsp;&nbsp; &nbsp;Fax:
      905-595-0578&nbsp;&nbsp;&nbsp;&nbsp;
www.peconsulting.ca</TD></TR></TABLE>
<P align=center><B>CONSENT OF QUALIFIED PERSON </B></P>
<P align=justify>I, David Burga, P.Geo. do hereby consent to extracts from or a
summary of, the technical report titled &#147;NI 43-101 Technical Report Preliminary
Economic Assessment for the Terronera Project, Jalisco State, Mexico&#148; effective
March 25, 2015 and dated April 30, 2015 (the &#147;Technical Report&#148;) contained in,
or incorporated by reference in, the Annual Information Form dated March 8,
2016, the Annual Report of the Company on Form 40-F dated March 8, 2016, the
Registration Statement on Form F-10 (File No. 333-196981), and the Management
Discussion &amp; Analysis dated March 2, 2016 (collectively the Disclosure
Documents&#148;). </P>
<P align=justify>I also hereby consent to the use of my name in the Disclosure
Documents. </P>
<P align=justify>Dated this 9<SUP>th</SUP> day of March, 2016 </P><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left>&nbsp;<IMG src="exhibit99-15x1x2.jpg" border=0></TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>David Burga, P.Geo. </TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Associate Geologist </TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.16
<SEQUENCE>17
<FILENAME>exhibit99-16.htm
<DESCRIPTION>EXHIBIT 99.16
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Exhibit 99.16 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A><BR><IMG
src="pande-logo.jpg" border=0> <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>201 County Court Blvd., Suite 401, Brampton, Ontario, L6W
      4L2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>800 West Pender St, Suite 410, Vancouver , BC, V6C 2V6
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ph: 905-595-0575&nbsp;&nbsp;&nbsp;&nbsp; Fax:
      905-595-0578&nbsp;&nbsp;&nbsp;&nbsp;
www.peconsulting.ca</TD></TR></TABLE>
<P align=center><B>CONSENT OF QUALIFIED PERSON </B></P>
<P align=justify>I, Richard Routledge, P.Geo. do hereby consent to extracts from
or a summary of, the technical report titled &#147;NI 43-101 Technical Report
Preliminary Economic Assessment for the Terronera Project, Jalisco State,
Mexico&#148; effective March 25, 2015 and dated April 30, 2015 (the &#147;Technical
Report&#148;) contained in, or incorporated by reference in, the Annual Information
Form dated March 8, 2016, the Annual Report of the Company on Form 40-F dated
March 8, 2016, the Registration Statement on Form F-10 (File No. 333-196981),
and the Management Discussion &amp; Analysis dated March 2, 2016 (collectively
the Disclosure Documents&#148;). </P>
<P align=justify>I also hereby consent to the use of my name in the Disclosure
Documents. </P>
<P align=justify>Dated this 9<SUP>th</SUP> day of March, 2016 </P><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left>&nbsp;<IMG src="exhibit99-16x1x2.jpg" border=0></TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Richard Routledge, P.Geo. </TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Sr. Associate Geologist </TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.17
<SEQUENCE>18
<FILENAME>exhibit99-17.htm
<DESCRIPTION>EXHIBIT 99.17
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Exhibit 99.17 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A><BR><IMG
src="pande-logo.jpg" border=0> <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>201 County Court Blvd., Suite 401, Brampton, Ontario, L6W
      4L2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>800 West Pender St, Suite 410, Vancouver , BC, V6C 2V6
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ph: 905-595-0575&nbsp;&nbsp;&nbsp;&nbsp; Fax:
      905-595-0578&nbsp;&nbsp;&nbsp;&nbsp;
www.peconsulting.ca</TD></TR></TABLE>
<P align=center><B>CONSENT OF QUALIFIED PERSON </B></P>
<P align=justify>I, Richard Sutcliffe, P.Geo. do hereby consent to extracts from
or a summary of, the technical report titled &#147;NI 43-101 Technical Report
Preliminary Economic Assessment for the Terronera Project, Jalisco State,
Mexico&#148; effective March 25, 2015 and dated April 30, 2015 (the &#147;Technical
Report&#148;) contained in, or incorporated by reference in, the Annual Information
Form dated March 8, 2016, the Annual Report of the Company on Form 40-F dated
March 8, 2016, the Registration Statement on Form F-10 (File No. 333-196981),
and the Management Discussion &amp; Analysis dated March 2, 2016 (collectively
the Disclosure Documents&#148;). </P>
<P align=justify>I also hereby consent to the use of my name in the Disclosure
Documents. </P>
<P align=justify>Dated this 9<SUP>th</SUP> day of March, 2016 </P> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left >&nbsp;<IMG
      src="exhibit99-17x1x2.jpg"
      border=0></TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Richard Sutcliffe, P.Geo. </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>VP Geology </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.18
<SEQUENCE>19
<FILENAME>exhibit99-18.htm
<DESCRIPTION>EXHIBIT 99.18
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Exhibit 99.18 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A><BR><IMG
src="pande-logo.jpg" border=0> <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>201 County Court Blvd., Suite 401, Brampton, Ontario, L6W
      4L2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>800 West Pender St, Suite 410, Vancouver , BC, V6C 2V6
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ph: 905-595-0575&nbsp;&nbsp;&nbsp; &nbsp;Fax:
      905-595-0578&nbsp;&nbsp;&nbsp;&nbsp;
www.peconsulting.ca</TD></TR></TABLE>
<P align=center><B>CONSENT OF QUALIFIED PERSON </B></P>
<P align=justify>I, James Pearson, P.Eng. do hereby consent to extracts from or
a summary of, the technical report titled &#147;NI 43-101 Technical Report
Preliminary Economic Assessment for the Terronera Project, Jalisco State,
Mexico&#148; effective March 25, 2015 and dated April 30, 2015 (the &#147;Technical
Report&#148;) contained in, or incorporated by reference in, the Annual Information
Form dated March 8, 2016, the Annual Report of the Company on Form 40-F dated
March 8, 2016, the Registration Statement on Form F-10 (File No. 333-196981),
and the Management Discussion &amp; Analysis dated March 2, 2016 (collectively
the Disclosure Documents&#148;). </P>
<P align=justify>I also hereby consent to the use of my name in the Disclosure
Documents. </P>
<P align=justify>Dated this 9<SUP>th</SUP> day of March, 2016 </P> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left >&nbsp;<IMG
      src="exhibit99-18x1x2.jpg"
      border=0></TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>James Pearson, P.Eng. </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Sr. Associate Mine Engineer </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
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<DOCUMENT>
<TYPE>EX-99.19
<SEQUENCE>20
<FILENAME>exhibit99-19.htm
<DESCRIPTION>EXHIBIT 99.19
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Exhibit 99.19 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A><BR><IMG
src="pande-logo.jpg" border=0> <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>201 County Court Blvd., Suite 401, Brampton, Ontario, L6W
      4L2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>800 West Pender St, Suite 410, Vancouver , BC, V6C 2V6
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ph: 905-595-0575&nbsp;&nbsp;&nbsp;&nbsp; Fax:
      905-595-0578&nbsp;&nbsp;&nbsp;&nbsp;
www.peconsulting.ca</TD></TR></TABLE>
<P align=center><B>CONSENT OF QUALIFIED PERSON </B></P>
<P align=justify>I, Eugene Puritch, P.Eng. do hereby consent to extracts from or
a summary of, the technical report titled &#147;NI 43-101 Technical Report
Preliminary Economic Assessment for the Terronera Project, Jalisco State,
Mexico&#148; effective March 25, 2015 and dated April 30, 2015 (the &#147;Technical
Report&#148;) contained in, or incorporated by reference in, the Annual Information
Form dated March 8, 2016, the Annual Report of the Company on Form 40-F dated
March 8, 2016, the Registration Statement on Form F-10 (File No. 333-196981),
and the Management Discussion &amp; Analysis dated March 2, 2016 (collectively
the Disclosure Documents&#148;). </P>
<P align=justify>I also hereby consent to the use of my name in the Disclosure
Documents. </P>
<P align=justify>Dated this 9<SUP>th</SUP> day of March, 2016 </P> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left >&nbsp;<IMG
      src="exhibit99-19x1x2.jpg"
      border=0></TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Eugene Puritch, P.Eng. </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>President </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.20
<SEQUENCE>21
<FILENAME>exhibit99-20.htm
<DESCRIPTION>EXHIBIT 99.20
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Exhibit 99.20 - Filed by newsfilecorp.com</TITLE>
</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="exhibit99-20x1x1.jpg"
border=0></P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.21
<SEQUENCE>22
<FILENAME>exhibit99-21.htm
<DESCRIPTION>EXHIBIT 99.21
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp. - Exhibit 99.21 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A><br>
<IMG
src="kpmglogo.jpg"
border=0> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap><B>KPMG LLP </B></TD>
    <TD width="11%" align=left nowrap >Telephone </TD>
  <TD width="11%" align=left nowrap >(604) 691-3000 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap><B>Chartered Accountants </B></TD>
    <TD width="11%" align=left nowrap >Fax </TD>
  <TD width="11%" align=left nowrap >(604) 691-3031 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap>PO Box 10426 777 Dunsmuir Street </TD>
    <TD width="11%" align=left nowrap >Internet </TD>
  <TD width="11%" align=left nowrap >www.kpmg.ca </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap>Vancouver BC V7Y 1K3 </TD>
    <TD width="11%" align=left nowrap >&nbsp; </TD>
  <TD width="11%" align=left nowrap >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="38%" align=left nowrap>Canada </TD>
    <TD width="11%" align=left nowrap >&nbsp; </TD>
  <TD width="11%" align=left nowrap >&nbsp; </TD>
  </TR></TABLE>
<P align=center>&nbsp;</P>
<P align=center><B><FONT size=4>Consent of Independent Registered Public Accounting Firm</FONT></B><B><FONT size=4></FONT></B></P>
<P align=justify>The Board of Directors of Endeavour Silver Corp.</P>
<P align=justify>We consent to the use of our reports, each dated March 9, 2016, with respect to the consolidated
  financial statements and the effectiveness of internal control over financial reporting included in this
  annual report on Form 40-F.</P>
<P align=justify><b>//s// KPMG LLP</b></P>
<P align=justify>Chartered Professional Accountants</P>
<P align=justify>March 9, 2016<br>
  Vancouver, Canada</P>
<P style="MARGIN-LEFT: 30%" align=justify><FONT size=1>KPMG LLP is a Canadian
limited liability partnership and a member firm of the KPMG </FONT><BR><FONT
size=1>network of independent member firms affiliated with KPMG International
Cooperative </FONT><BR><FONT size=1>(&#147;KPMG International&#148;), a Swiss entity.
</FONT><BR><FONT size=1>KPMG Canada provides services to KPMG LLP. </FONT></P>
<HR align=center width="100%" color=black noShade SIZE=5>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
